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EXISTENCE OF COMPETITIVE EQUILIBRIUM OF LARGE SECURITY-SPOT MARKET WITH INCOMPLETE ASSET STRUCTURE
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作者 Guosheng ZHANG 《Journal of Systems Science & Complexity》 SCIE EI CSCD 2007年第3期386-396,共11页
With the concept of security-spot market or security market with measurable space of agents, which was first given by Zhang (1998, 2000), we continue to discuss the existence of equilibrium in such large economies. ... With the concept of security-spot market or security market with measurable space of agents, which was first given by Zhang (1998, 2000), we continue to discuss the existence of equilibrium in such large economies. Under common conditions, we have claimed the existence of equilibrium in incomplete security-spot market with a continuum of traders. Because of the development from complete market to incomplete market, we have not only generalized Aumann's results in 1966, but also achieved a breakthrough on researching methods. 展开更多
关键词 EQUILIBRIUM incomplete asset structure large economy security-spot market with measurable space of agents.
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Reform and evolution of finance in China:evidence from China’s reform and opening-up in the past 40 years
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作者 Xiaoqiu Wu 《Economic and Political Studies》 2019年第4期377-412,共36页
Over the past 40 years since the launch of reform and openingup,China’s finance has undergone substantial and fundamental changes in terms of size,structure and pattern as well as function,competitiveness,and intern... Over the past 40 years since the launch of reform and openingup,China’s finance has undergone substantial and fundamental changes in terms of size,structure and pattern as well as function,competitiveness,and international influence.Therefore,an accurate and comprehensive understanding of the current situation of China’s finance and its history in the last four decades is a prerequisite for deepening the reform and opening-up of finance and a foundation for establishing a modern financial system in China.This paper reviews the historical evolution of China’s finance over the past 40 years,focussing on the volume and market share of different types of financial assets,financing tools and mechanisms,patterns in and functions of finance,the risk structure in the financial system,financial opening,and the financial regulation model.It further proposes that in the future,China should establish a modern financial system characterised by‘large-economy finance’. 展开更多
关键词 Financial reform financial regulation modern financial system largeeconomy finance
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Trilemma,RMB exchange rate regime reform,and policy orientation after August 2015
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作者 Feng Ming Cheng Hao 《China Finance and Economic Review》 2016年第3期3-19,共17页
The discussions on RMB exchange rate could not depart from the ongoing reform of RMB exchange rate regime,which must be designed and promoted as an integral part of the large open economy macroeconomic policy framewor... The discussions on RMB exchange rate could not depart from the ongoing reform of RMB exchange rate regime,which must be designed and promoted as an integral part of the large open economy macroeconomic policy framework.As a large open economy facing the trilemma,China should explicitly establish the principle of domestic monetary policy dominance in the impossible trinity,with the exchange rate policy and capital account management should both conform to this fundamental principle.Simplistically pegging RMB to the US dollar will result in lack of flexibility and violate this principle.Especially against the backdrop of unsynchronized economic cycles of major economies and the prospect of further Fed tighten up,that the real effective exchange rate of RMB moves passively along with the US dollar cannot reflect the relative changes in economic fundamentals in China and abroad,which will cause distortions,resulting in resource misallocations and loss of welfare.The reform of RMB exchange rate regime should be market-oriented,towards a direction with more flexibility. 展开更多
关键词 TRILEMMA RMB exchange rate regime large open economy
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