———— 教授观点 ————

PROFESSORS' VIEWPOINTS

徐忠:加快推进由数量向价格的货币政策调控方式转型

央行研究局局长、深高金特聘教授徐忠发布署名论文称,加快推进由数量向价格的货币政策调控方式转型,正是当...

国际宏观审慎政策与资本管制

王健教授认为,新兴市场的资本管制政策会随着美国货币政策的变化而变化。资本管制的收紧也会降低资本的净流...

特别国债滚动发行不会对金融市场和银行体系流动性产生影响

人民银行研究局局长徐忠接受《金融时报》记者采访时表示,此次特别国债滚动发行基本上比照2007年的做法,不...

企业债务风云之企业破产专题

刘明康教授从具体案例谈起,将现代破产法、中美两国破产法异同、我国破产法执行中的问题等剥丝抽茧,一一阐...

———— 研究成果 ————

RESEARCHES

Credit Expansion and Neglected Crash Risk

作者 : 熊伟,Matthew Baron

By analyzing 20 developed economies over 1920–2012, we find the following evidence of overoptimism and neglect of crash risk by bank equity investors during credit expansions.The recent financial crisis in 2007–2008 has renewed economists’ interest in the causes and consequences of credit expansions.

Understanding the Effect of Productivity Changes on International Rela

作者 : 王健,Deokwoo Nam

The US real exchange rate and terms of trade have been found to appreciate when its labor productivity increases relative to the rest of the world. This finding is at odds with predictions from standard international macroeconomic models.