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Frontiers of History in China 2018年第4期13卷 558-576页

作者： Bo Chen Economic and Management School Wuhan UniversityWuhan 430072China

In the New Policies period of the late Qing, the central government’s power had declined due to an expansion of power at the local-government level. After gaining the right to independently fundraise during the Self-Strengthening Movement, local governments also obtained the privilege of issuing currency. Following a downward trend in China’s fiscal power, the issuance of banknotes by local government had become a noticeable problem. The influence of foreign banks in China, meanwhile, was continuing to expand, the increasing number of countries involved as well as the growing number of banks being just two examples. Because the central government lacked strong supervision, the rate of issuance of banknotes by foreign banks thus gradually increased, leading to growing prices. In addition, this dispersion of financial power further boosted inflation. Since the Qing government focused on reforming its approaches to finance and strengthening its central role during the New Policies, reorganizing its banknote policy was its primary agenda. However, to a large extent, the policy was guided by the idea that monetary policy should be subordinate to financial needs. Thus, the very limited effect of the Qing government’s banknote-reorganization policy also marked the regime’s failure to bring about the modernization of China.

关键词： financial crises banknotes New Policies late Qing

Roles of commodity futures derivatives and financial crises in global food security

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Economic and Political Studies 2021年第3期9卷 336-357页

作者： Victor Edem Sosoo David Iheke Okorie Haiqiang Chen Wang Yanan Institute for Studies in Economics Xiamen UniversityXiamenP.R.China School of Economics Xiamen UniversityXiamenP.R.China

Commodity futures have been largely blamed for the price hikes in 2007/mid-2008 and 2010/2011 and the decreased food security around the world,especially in less developed *** still exist serious disagreements between most economists and policymakers as to whether this is the *** run time-series regressions for all samples and subsamples for lower-income,middle-income,and high-income countries *** empirical results show that commodity futures have a more significant negative impact on food security in low-income countries than in middle-income and high-income *** crises,however,have a significant impact on food security in all the regional divisions as a whole and are seen to exasperate the negative effect of some of the commodity futures on food *** also find evidence that a certain degree of speculation in some commodities stabilises prices of those commodities as expected by *** results have important policy implications as policymakers must control these speculations but should also be careful not to overregulate the market.

关键词： Food security financial crises futures market speculation

The Pattern of financial crises in Greece＇ A Historical Perspective

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History Research 2012年第1期2卷 36-56页

作者： Sophia Lazaretou Economic Research Department Bank of Greece Athens Greece

The main goal of this paper is to trace the long record of financial crises from the perspective of an emerging economy. Two questions are addressed. First, what explains the incidence and severity of financial crises in an emerging market economy？ And, second, what is the role of learning; how does the country learn from its past experience in financial crises to improve institutions and develop better techniques so as to successfully manage successive crisis events？ To the best of our knowledge, this is the first attempt to provide a crisis event taxonomy looking at a systematic categorisation of the crises episodes that the country experienced over its 200-year life span, from its independence and the foundation of the Modem Greek state in 1829 to the recent 2008 crisis. To answer the above questions, I first present evidence on financial crises in Greece over a long time span of two centuries. Greece is chosen as our working template since it is a country with a rich history in financial crises. In particular, we try to identify different varieties of crises events, providing thus a crisis chronology. Moreover, we present some stylised facts on the incidence, the frequency and the severity of crises events. And second, we discuss the key determinants of the crises episodes, closely related to country specific factors, such as credit expansion, fiscal imbalances and the limited reserve coverage of the monetary base.

关键词： financial crises emerging economies sudden stops country specific factors.

A Comparative Study of the Two Global financial crises

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China Economist 2013年第4期8卷 58-69页

作者：刘鹤 Office of the Central Leading Group on financial and Economic Affairs

This paper examines the differences and similarities of the two global financial crises to find out the fundamental reasons why these two crises have occurred and what we can learn from these two crises. In 2010, we launched a comparative study on the Great Depression of the 1930s and today＇s international financial crisis. This paper is the main summary of the project we have accomplished together. This research draws on the historical event and data to analyze the true reasons behind these two global crises. It concludes that the endogenous conflicts of capitalism, with the inability to self-adjust have caused these crises to take place.

关键词： financial crises economic development growth historical comparison

Dynamics of oil price shocks and stock market behavior in Pakistan:evidence from the 2007 financial crisis period

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financial Innovation 2017年第1期3卷 25-36页

作者： Khalil Jebran Shihua Chen Gohar Saeed Alam Zeb School of Accounting Dongbei University of Finance and EconomicsDalianChina School of Business Administration Dongbei University of Finance and EconomicsDalianChina PARD(Pakistan Academy of Rural Development) PeshawarPakistan Department of Management Studies University of MalakandMalakandPakistan

Background:The aim of this study is to investigate the effect of the oil price and its volatility on the stock market of Pakistan before and after the 2007 financial crisis ***:The analyses are carried out on daily data for the period from July 31,2000 to July 31,*** study uses several econometric techniques for the analyses,namely,the Johansen-Juselius cointegration test,generalized autoregressive conditional heteroskedasticity(GARCH)model,exponential generalized autoregressive conditional heteroskedasticity(EGARCH)model,variance decomposition method,and impulse response ***:The results of the cointegration method indicate a significant long-run association between stock market and oil prices in the pre-crisis *** EGARCH model shows that oil price returns have a significant effect on stock market returns in both sub-periods,while the result for the GARCH model is significant only in the postcrisis *** find a significant effect of oil price volatility on the stock market in both sub-periods from the GARCH ***,the EGARCH model shows an asymmetric effect of oil price volatility on the stock market in the pre-crisis *** decomposition shows that stock market variations are mostly explained by ***,the impulse response function results show that oil price shocks affected the stock market adversely in the pre-crisis period but positively in the postcrisis ***:This study suggests that economic policymakers and investors should consider the oil price as an important factor affecting stock market returns.

关键词： Oil price shocks EGARCH GARCH financial crises Pakistan

Effects of Trade and financial Links on the Transmission of GDP Growth

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2014年第4期9卷 556-572页

作者： Paul Armstrong-Taylor Hopkins-Nanjmg Center Nanjing University Nanjing 210093 China

Using panel analysis of quarterly data from 14 developed countries between 1980 and 2012, I examine the channels by which GDP growth transmission has taken place, and how the transmission of growth has varied with time and global growth. I find that countries with large, open banking sectors and trade deficits tend to transmit growth more strongly than other countries. Transmission effects seem to have become stronger over time and are stronger in periods of slow economic growth.

关键词： trade links fmancial links contagion financial crises global recessions

A Statistical Measure of Global Equity Market Risk

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Applied Mathematics 2020年第11期11卷 1053-1060页

作者： Daniel Felix Ahelegbey Department of Economics and Management University of Pavia Pavia Italy

We construct a new index of global equity market risk (EMR) using market interconnectedness and volatilities. We study the relationship between our EMR and the VIX over the last two decades. The EMR is shown to be a novel approach to measuring global market risk, and an alternative to the VIX. Using data of 20 major stock markets, including G10 economies, we find spikes in our EMR index during the dotcom bubble, the global financial crisis, the European sovereign debt crisis, and the novel coronavirus pandemic. The result shows that the global financial crisis and the COVID-19 induced crisis record the historic highest spikes in financial market risk, suggesting stronger evidence of contagion in both periods.

关键词： COVID-19 financial crises financial Markets Market Risk Mahalanobis Distance Volatility Index

An Empirical Study on financial Crisis Contagion of Emerging Markets

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An Empirical Study on Financial Crisis Contagion of Emerging...

2011 International Conference on Engineering and Information Management (ICEIM 2011)

作者： Liu Yang School of Finance Dongbei University of Finance and Economics School of Management City Institute Dalian University of Technology

The contagion effect has been the typical feature of financial crises in emerging markets. This article studies on the contagion effect of four representative financial crises in emerging markets empirically to find o... 详细信息

关键词： financial crises contagion effect common causes

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虚拟资本运行与经济泡沫形成