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The Influence of Bond Market Opening in Trade Field on RMB Internationalization foreign exchange rate

经济管理学刊（中英文版） 2020年第1期9卷 31-36页

作者： Yuxuan Zhao School of international economics and trade Anhui University of Finance and economicsBengbuAnhui 233030China

In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.

关键词： Bond Markets RMB foreign exchange rate The Empirical Analysis

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Premiums between Cross-listed Shares:Determinants and Assessment of Financial Reform Policy Effectiveness

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China & World Economy 2022年第3期30卷 75-99页

作者： Xuechun Zhang Ruihui Xu Xue Liu Research Bureau People's Bank of ChinaChina Research Institute People's Bank of ChinaChina

This paper explores determinants of price premiums between A-share and American depositary receipts(ADR)or H-share and sheds light on policies using daily data from cross-listed companies from 2002-2020.Market sentiment and financial openness are critical in explaining both types of price premiums.Expected exchange rate changes significantly impact the A-share versus ADR premium but liquidity is essential for the A-share versus H-share premium.The introduction of Shanghai-Hong Kong Stock Connect in November 2014 has effectively increased the price discovery capacity of the A-share market,and investors were more adaptive to the RMB foreign exchange rate volatility after Chinese exchange rate system reform in 2015.The paper provides insights into future capital market reform in China.

关键词： American depositary receipt A-share cross-listing financial openness foreign exchange rate H-share

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A Bayesian Nonparametric Investigation of the Predictive Effect of exchange rates on Commodity Prices

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Frontiers of Economics in China-Selected Publications from Chinese Universities 2020年第2期15卷 179-210页

作者： Xin Jin School of Economics Shanghai University of Finance and Economics(SUFE)Shanghai 200433China Key Laboratory of Mathematical Economics(SUFE) Ministry of EducationShanghai 200433China

This study proposes a full Bayesian nonparametric procedure to investigate the predictive power of exchange rates in relation to commodity prices for three commodity-exporting countries:Canada,Australia,and New Zealand.We propose a new time-dependent infinite mixture of a normal linear regression model of the conditional distribution of the commodity price index.The mixing weights follow a set of Probit stick-breaking priors that are time-varying.We find that exchange rates have a positive predictive effect in general,but accounting for time variation does not improve forecasting performance.By contrast,the intercept in the regression and the lagged dependent variable show signs of parameter change over time in most cases,which is important in forecasting both the mean and the density of commodity prices one period ahead.The results also suggest that the variance is a large source of the time variation in the conditional distribution of commodity prices.

关键词： Bayesian nonparametrics Dirichlet process mixture stick-breaking process Markov China Monte Carlo(MCMC) predictive likelihood foreign exchange rate commodity price

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汇率制度选择的政治经济分析

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国际政治 2007年第1期

作者：王正毅曲博

自从20世纪70年代布雷顿森林体系解体以来，汇率制度选择一直是学术界和政治决策者关注的重要议题。在过去30多年中，国际政治经济学对汇率制度选择问题进行了富有开创性的研究。国际政治经济学关于汇率制度选择的三种重要解释模式，对... 详细信息

自从20世纪70年代布雷顿森林体系解体以来，汇率制度选择一直是学术界和政治决策者关注的重要议题。在过去30多年中，国际政治经济学对汇率制度选择问题进行了富有开创性的研究。国际政治经济学关于汇率制度选择的三种重要解释模式，对于我们评估当代国际货币体系、设计地区货币合作安排以及选择本国汇率制度，具有重要的借鉴意义。

关键词：汇率制度霸权利益集团国内政治制度 foreign exchange rate hegemony interest group political institution

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