This paper investigates macroprudential policies and their role in containing systemic risk in China. It shows that … China faces systemic risk in both the time (procyclicality) and cross-sectional (contagion) dimensions. The former is … in China. …

application of these findings, the paper explores the possible effects of liberalization on China by applying the coefficients of … explanatory variables to the corresponding variables of China in 2012–16. …

sector, local governments, and sovereign balance sheet. This paper argues that LGFPs were a fortune for China in the past …