China Finance and Economic Review最新文献_第2页

Fintech, Macroprudential Supervision and Systematic Risk in China’s Banks 金融科技、宏观审慎监管与中国银行系统风险

China Finance and Economic Review Pub Date : 2022-12-01 DOI: 10.1515/cfer-2022-0025

Daoping Wang, Yangjingzhuo Liu, Yuxuan Xu, Linlin Liu

{"title":"Fintech, Macroprudential Supervision and Systematic Risk in China’s Banks","authors":"Daoping Wang, Yangjingzhuo Liu, Yuxuan Xu, Linlin Liu","doi":"10.1515/cfer-2022-0025","DOIUrl":"https://doi.org/10.1515/cfer-2022-0025","url":null,"abstract":"Abstract In recent years, the rapid development of fintech has brought far-reaching changes to the financial sector. At the same time, fintech may cause potential systemic risk in the financial sector, which has aroused special concerns from financial regulatory authorities. Based on the micro data of China’s listed banks from 2013 to 2020, this paper analyzes the impact of fintech development on systemic risk in China’s banking industry and its mechanism. It reveals that for a micro bank, fintech progress increases its risk-taking and enhances inter-bank linkages, which results in significantly amplified systemic risk, and the impact is time-lagged and persistent. In addition, the heterogeneity analysis shows that the impacts of fintech on state-owned banks and other banks are heterogeneous and the margining risk of state-owned banks is lower when the fintech improves. It is also found that enhancing macroprudential supervision can reduce the systemic risk spillover of fintech. Robustness analyses including GMM regression and the method of instrumental variables prove that the conclusion is robust. This paper is of theoretical and policy significance for the prevention of systemic risk in the banking industry as China develops fintech.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":" ","pages":"110 - 129"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46696231","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Coordination of Income Distribution System and Promotion of Common Prosperity Path 协调收入分配制度，推进共同富裕道路

China Finance and Economic Review Pub Date : 2022-12-01 DOI: 10.1515/cfer-2022-0021

Hao Sun, Xiao Cao

{"title":"Coordination of Income Distribution System and Promotion of Common Prosperity Path","authors":"Hao Sun, Xiao Cao","doi":"10.1515/cfer-2022-0021","DOIUrl":"https://doi.org/10.1515/cfer-2022-0021","url":null,"abstract":"Abstract This paper aims at summarizing the evolutionary law of income distribution system and providing a reference for the coordination arrangement of primary distribution, redistribution and third distribution policies. Based on policies, this paper refines the evolutionary law of income distribution and estimates the proportional relationship among primary distribution, redistribution and third distribution by using the national income data. Its new insight lies in abstracting the evolutionary logic of the income distribution system shifting from emphasizing efficiency to prioritizing equity and estimating the proportional relationship among the primary distribution, redistribution and third distribution. The study found that China’s income distribution system follows the evolutionary logic of shifting from efficiency to equity. In addition, China has overcome egalitarianism, given priority to efficiency with due consideration to equity, and placed more emphasis on equity while balancing the relationship between equity and efficiency, promoting the four stages of common prosperity. Primary distribution, the dominant mechanism for income distribution, is required to provide an equitable distribution order. Redistribution, an important means of income distribution, needs to increase expenditures on people’s living and social security. Third distribution, a useful supplement to income distribution, needs to design a policy system for incentive compatibility. This paper provides policy references for promoting common prosperity and conducting fundamental institutional arrangements for primary distribution, redistribution and third distribution.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"11 1","pages":"23 - 43"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41919985","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Financial Shocks, Deleveraging and Macroeconomic Fluctuations in China 金融冲击、去杠杆化与中国宏观经济波动

China Finance and Economic Review Pub Date : 2022-11-01 DOI: 10.1515/cfer-2022-0015

Ziguan Zhuang, Jinbu Zou, Ding Liu

{"title":"Financial Shocks, Deleveraging and Macroeconomic Fluctuations in China","authors":"Ziguan Zhuang, Jinbu Zou, Ding Liu","doi":"10.1515/cfer-2022-0015","DOIUrl":"https://doi.org/10.1515/cfer-2022-0015","url":null,"abstract":"Abstract To deleverage is one of the major tasks for the supply-side structural reform in China, and to steadily deleverage in order is the key to fending off and defusing financial risks. This paper uses the economic statistics of China around 2016 to depict the “expansion–contraction” fluctuations with Chinese macroeconomy during the deleveraging. In this realistic context, it constructs a financial business cycle model based on the financial accelerator theory and attempts to use default cost changes to introduce financial shocks and understand China’s macroeconomic fluctuations in the deleveraging context in the perspective of unanticipated and anticipated shocks. Results of the numerical model simulation show that before and after the deleveraging, the fluctuations of credit, leverage ratio, credit spread and other major macroeconomic variables originate not only from the changes with unanticipated default cost. Anticipated changes with default cost can similarly explain the “expansion–contraction” macroeconomic fluctuations in recent years and offer a new perspective into the fluctuations during deleveraging. Accordingly, government, when practicing deleveraging policies, is advised to take into full consideration not only the actual changes with default cost, but also anticipated factors of financial institutions.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"11 1","pages":"23 - 45"},"PeriodicalIF":0.0,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42834288","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Exchange Rate Change, Factor Market Distortion and Company Performance 汇率变动、要素市场扭曲与公司绩效

China Finance and Economic Review Pub Date : 2022-11-01 DOI: 10.1515/cfer-2022-0018

Yaqi Wang, B. Lu, Shengjie Hong

引用次数: 0

Theoretical Logic and Empirical Facts of Consumption Structure Upgrade and Domestic Value Chain Circulation under the New Development Pattern 新发展模式下消费结构升级与国内价值链流通的理论逻辑与实证

China Finance and Economic Review Pub Date : 2022-11-01 DOI: 10.1515/cfer-2022-0014

B. Liu, Chuanchuan Li, Qiujing Li

引用次数: 0

Policy Innovation Diffusion and PPP Spatial Distribution 政策创新扩散与PPP空间分布

China Finance and Economic Review Pub Date : 2022-11-01 DOI: 10.1515/cfer-2022-0019

S. Qin, Yaling Wang, Xiaowen Yang

引用次数: 0

Distance Puzzle: An Explanation from Global Value Chain Perspective 距离之谜：全球价值链视角的解释

China Finance and Economic Review Pub Date : 2022-11-01 DOI: 10.1515/cfer-2022-0017

Yuwan Duan, Binhan Hong, Binkai Chen

引用次数: 0

Local Government Borrowing’s Expansionary Monetary Effect and Its Policy Synergy 地方政府借贷的扩张性货币效应及其政策协同效应

China Finance and Economic Review Pub Date : 2022-11-01 DOI: 10.1515/cfer-2022-0016

Na Li, Rongmao Liu

{"title":"Local Government Borrowing’s Expansionary Monetary Effect and Its Policy Synergy","authors":"Na Li, Rongmao Liu","doi":"10.1515/cfer-2022-0016","DOIUrl":"https://doi.org/10.1515/cfer-2022-0016","url":null,"abstract":"Abstract All governments face increasingly frequent issues arising from aggregate supply and demand against currency circulation and financial stability, and public finance and banking authorities employ a variety of policy instruments to keep the economy stable and coordinated. How to avoid policy conflicts and maximize effectiveness in policy portfolio of local government borrowing, which is taken as a major macro-control instrument, is a subject that needs in-depth study. This paper probes into local government borrowing’s monetary effect and transmission mechanism and its best synergistic model with monetary policy by the construction of a NK-DSGE model covering financial frictions, multi-period bonds and borrowing rules. The findings are as follows. (1) The shocks of one-percent local government borrowing (bond duration=5 years) push up the money multiplier by 0.39% to produce expansionary monetary effect, and the longer the bond duration, the greater the effect. (2) In the context of physical and financial shocks, monetary policy adopts a moderately tight reverse synergy with local government borrowing, effectively restraining its expansionary monetary effect for better economic stability and recovery. (3) For bonds with longer maturities, raising the risk sensitivity of local government borrowing rules benefits the improvement of welfare.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"11 1","pages":"46 - 65"},"PeriodicalIF":0.0,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43045035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Fiscal Transfer, Education Investment and Long-Term Educational Performance 财政转移、教育投资与长期教育绩效

China Finance and Economic Review Pub Date : 2022-09-01 DOI: 10.1515/cfer-2022-0010

Yueguang Gao, Ziying Fan

{"title":"Fiscal Transfer, Education Investment and Long-Term Educational Performance","authors":"Yueguang Gao, Ziying Fan","doi":"10.1515/cfer-2022-0010","DOIUrl":"https://doi.org/10.1515/cfer-2022-0010","url":null,"abstract":"Abstract Reasonable allocation of educational powers and expenditure responsibilities between central and local government is crucial to the development of education. The reason lies in the fact that local governments have relatively insufficient incentives to invest in education by using local fiscal revenues, while the central government, which pursues the maximization of the interests of the whole society, could promote education and other public services with spatial spilloves. The fiscal transfer payment has made up for the shortage of local investment in education. This paper uses 2010 census (micro data) and macro fiscal data to verify the effects above. Based on the year of birth and place, this paper constructs the proportion of fiscal transfers for compulsory education in the total fiscal revenue (local fiscal revenue and fiscal transfers) to reflect its structural effect. It is found that every 10% increase in the proportion of fiscal transfers brings at least additional 0.2 year of schoolings for local residents, and the effect of special transfer payments accounts for a larger share, among the three types of transfer payment. In the mechanism test, we find that transfer payment can effectively increase local education expenditure and produce an obvious structural effect. Based on this, in order to further improve the long-term educational performance of individuals, we believe that it is necessary to improve the incentive effect of the transfer payment system on common power and the division of expenditure responsibilities in the field of education.","PeriodicalId":66259,"journal":{"name":"China Finance and Economic Review","volume":"11 1","pages":"68 - 84"},"PeriodicalIF":0.0,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41930212","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Impact of Logistics Mode Innovation on Quality Consumption and Countermeasures 物流模式创新对质量消费的影响及对策

China Finance and Economic Review Pub Date : 2022-09-01 DOI: 10.1515/cfer-2022-0012

Shao Yi

引用次数: 0