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Monetary policy, financial development and the financing of zombie firms: evidence from China

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Economic and Political Studies 2020年第2期8卷 141-164页

作者： Liping Lu Xiaoyang Li zongxin qian School of Finance Renmin University of ChinaBeijingChina

This paper examines the financing channels for zombie firms in *** find that equity markets and suppliers provide substan-tial financing support for zombie firms,while banks and other financing channels are less *** also find that the amount of investment does not increase accordingly after zombie firms obtain external financing,which indicates an inefficient use of funds by these zombie *** results are robust to various definitions of zombie firms,and also to a propensity score match-ing method.

关键词： Zombie firms external financing equity market trade credit

International policy coordination and RMB internationalisation:theory and historical experience

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Economic and Political Studies 2019年第1期7卷 87-105页

作者： zongxin qian Jingyun Gan Yonghong Tu Fang Wang School of Finance Renmin University of ChinaBeijingChina

Based on theoretical logics derived from the literature and the historical experience,we take a deep look at the relationship between international policy coordination and RMB *** policy coordination and RMB internationalisation are *** the one hand,an effective policy coordination mechanism needs the support of an efficient international monetary system,thus calling for diversification of international vehicle ***,supported by solid economic fundamentals,can be a good candidate as one of the international vehicle currencies in the diversified international monetary *** the other hand,due to the existence of policy spill-over effects,an appropriate coordination mechanism improves policy effectiveness in China,which promotes RMB internationalisation by enhancing China’s economic and financial strength.

关键词： Policy coordination RMB internationalisation spillover effect Introduction

Monetary Policy and Systemic Risk in China

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Monetary Policy and Systemic Risk in China

作者： GANG JIANHUA qian zongxin IMI School of Finance Renmin University of China

1 Introduction In recent years,China‘s policy reactions to the global financial crisis significantly increased the *** to IMF(2013),the stock of total social financing has increased by 60 percent of GDP in four years... 详细信息

关键词： Monetary Policy and Systemic Risk in China

Monetary Policy and Systemic Risk in China

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Monetary Policy and Systemic Risk in China

作者： GANG JIANHUA qian zongxin Research fellow of IMI School of Finance Renmin University of China

*** In recent years,China’s policy reactions to the global financial crisis significantly increased the *** to IMF(2013),the stock of total social financing has increased by 60 percent of GDP in four years since *** ...

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Monetary Policy Transmission with Two Exchange Rates and a Single Currency: The Chinese Experience

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Monetary Policy Transmission with Two Exchange Rates and a S...

作者： QING HE IIKKA KORHONEN zongxin qian IMI School of Finance Renmin University of China Bank of Finland Institute for Economies in Transition

In emerging market economies, transmission of monetary policy through the foreign exchange market is complicated by the coexistence of financial restrictions and arbitrages. Using China as an example, we show that the coexistence of exchange rate interventions, capital controls and an on-shore-offshore exchange rate differential makes the long run equilibrium in the currency market *** to this nonlinear long run equilibrium could offset the impact of monetary policy actions on domestic price stability. Omitting such nonlinearity leads to biased inference on the effectiveness of monetary policy.

关键词： CNY CNH monetary policy capital controls

Regime-dependent Determinants of Euro Area Sovereign CDS Spreads

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Regime-dependent Determinants of Euro Area Sovereign CDS Spr...

作者： HANS BLOMMESTEIN SYLVESTER EIJFFINGER zongxin qian OECD CentER Tilburg University School of Finance Renmin University of China

We study the determinants of sovereign CDS spreads of five Euro area countries(Greece,Ireland,Italy,Portugal,and Spain)after the collapse of Lehman *** find that global and/or European Monetary Union(EMU)-wide factors are the main drivers of changes in the sovereign CDS spreads in our ***,the impacts of those factors change with market

关键词： Regime-dependent Determinants of Euro Area Sovereign CDS Spreads

FinTechs in China: With a Special Focus on Peer to Peer Lending

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FinTechs in China: With a Special Focus on Peer to Peer Lend...

作者： CAROLINE STEM MIKKO MAKINEN zongxin qian IMI School of Finance RUC

This paper studies the development of financial technology companies (FinTechs) in *** describe the recent development of payment services and P2P lending and analyze empirically the determinants of P2P lending in different regions in China in 2014-2017. Our descriptive analysis shows that the surge in the number of the P2P platforms in China follows an inverted U-shaped phenomenon. However, the outstanding balances of P2P lenders is still increasing, while average yields of P2P lenders have sharply plunged. Our empirical findings indicate:(i) P2P lending is more extensive in region with more mobile phone subscriptions;(ii)outstanding balance of P2P lenders in region is negatively associated with the size of traditional banking sector;and (iii) the number of the P2P platforms in negatively related to the fixed assets investments in region, whereas average yield is a positively associated with the fixed assets investments.

关键词： FinTechs financial technology P2P peer to peer lending China

The Effect of Changes in the U.S. Monetary Policy on China's Capital Market Stability and Trade between China and Korea

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The Effect of Changes in the U.S. Monetary Policy on China's...

作者： Gang Jianhua qian zongxin Zhang Chao Zhang Jiarui IMI

This paper first reviews the trade structure between China and the Republic of Korea(hereafter referred as Korea) and the two countries' international capital flow. Then it discusses the effect of the Federal Reserve rate on UIP in both China and Korea, which turns out to be uninfluential through our analysis. Then we use VAR model and the extended model, the multivariate GARCH-DCC model to examine interaction between different factors. The result shows that positive-legged equity return would induce outflow and flow positively affects equity return. Sharp offshore RMB devaluation would cause domestic market plummets and higher legged spread means higher carry trade return. Besides, in the respect of capital control effects, offshore RMB devaluation would cause spread to be wider because of inelasticity of the onshore RMB rate. Carry trade return has positive and significant intercept. Finally, we argue that although the appreciation of USD has little impact on bilateral trade between China and Korea in short time, in long run, currency risk exists and it may cause significant fluctuations in the trade. We suggest that China and Korea should gradually use local currency to price their trade.

关键词： Bilateral trade UIP VAR model multivariate GARCH-DCC model RMB Capital flow

中国系统性金融风险的度量--基于实体经济的视角

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金融研究 2018年第4期 53-70页

作者：何青钱宗鑫刘伟中国人民大学中国财政金融政策研究中心/财政金融学院北京100872 中国建设银行股份有限公司北京100033

本文综合考虑机构个体风险、联动和传染效应、波动和不稳定性以及流动性与信用等风险因素,采用主成分分析分位数回归法(PCQR)构造出可以全面反映实体经济运行情况的系统性金融风险指数,并对系统性风险影响实体经济的传导途径进行了探究... 详细信息

本文综合考虑机构个体风险、联动和传染效应、波动和不稳定性以及流动性与信用等风险因素,采用主成分分析分位数回归法(PCQR)构造出可以全面反映实体经济运行情况的系统性金融风险指数,并对系统性风险影响实体经济的传导途径进行了探究。实证结果表明,该指数能较为准确、有效地预测未来宏观经济冲击的分布情形。系统性金融风险主要通过信贷这一渠道传导至实体部门,进而对宏观经济产生负面影响。依据本文构建的指数,当前中国的系统性金融风险处于中高位,防范和化解系统性风险,保持信贷的稳健,是当前中国宏观经济调控的重要任务。

关键词：系统性风险主成分分析分位数回归法实体经济