English Abstract: The author proposes a new type of asset-backed security, called Exchange Traded Pieced Loan (ETPL), designed to address a variety of major issues for savers, lenders, borrowers, authorities and other stakeholders in China's markets for investment and credit. An ETPL's...

English Abstract: The authors review the availability and allocation of commercial credit in China, the investment options presented to savers and the funding options available to Chinese banks. They highlight the markets intrinsic deficiencies, vast externalities and tremendous potentials for...

After the Covid-19 pandemic broke out, the authorities have introduced a number of measures aimed at the business sector. Support has largely been given to the sectors hardest hit by the pandemic and measures to contain it. A considerable share of banks' loan customers in these sectors have...

After the Covid-19 pandemic broke out, the authorities have introduced a number of measures aimed at the business sector. Support has largely been given to the sectors hardest hit by the pandemic and measures to contain it. A considerable share of banks' loan customers in these sectors have...

We present a macroprudential stress testing framework. While traditional stress testing assesses the level of banks' capital adequacy relative to regulatory requirements through a hypothetical crisis, macroprudential stress testing assesses macroeconomic consequences of the impact of banks'...

We present a macroprudential stress testing framework. While traditional stress testing assesses the level of banks' capital adequacy relative to regulatory requirements through a hypothetical crisis, macroprudential stress testing assesses macroeconomic consequences of the impact of banks'...

Chinese Abstract: 摘要：中共中央政治局在 3 月 27 日召开会议中多次强调通过发行特别国债和地方债应对此 次疫情，助力复工复产。为保障“抗疫”的特别债券发行，需要研究并学习已发行债券的...