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Observers have often characterized asset markets as being subject to periods of tranquility and periods of turbulence. Until recently, however, researchers were unable to produce closed-form asset pricing formulas in a model environment of time-varying risk. Some work by Abel provided us with...
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This paper analyzes the dynamics of the real exchange rate and the price of equity for a small open economy using an optimizing model in which the process of capital accumulation entails adjustment costs. The analysis demonstrates that along an adjustment path toward long-run equilibrium,...
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longer term. The China Insurance Regulatory Commission (CIRC) has been undertaking far-reaching reforms and modernization … the solvency standards into a modern, risk-based approach. The China-Risk Oriented Solvency Standards (C-ROSS) draw on …
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The China Banking Regulatory Commission (CBRC) has maintained its momentum in regulation and supervision in the face of … considerations. The China Banking Regulatory Commission (CBRC) has achieved a high degree of compliance with the Basel Core …
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China's landscape for Financial Market Infrastructures (FMIs) is one of the largest and most complex in the world. It …
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China has made significant progress in financial inclusion. High levels of account penetration, savings, and usage of … bankcard programs. Account penetration in China is quite high, with estimates ranging from over 80 to 90 percent, which …
Persistent link: https://www.econbiz.de/10012645374
This report summarizes the findings of the Financial Sector Assessment Program (FSAP) exercise for China undertaken in … covering a range of topics relevant to China's financial sector. This report points out near-term risks, reform challenges and … development opportunities China confronts as it continues to modernize its financial sector. China faces potential vulnerabilities …
Persistent link: https://www.econbiz.de/10012559963