This paper develops a multi-sector DSGE model incorporating a housing market and a bank sector with financial frictions to study the transmission mechanism of monetary policy affecting the housing market and reveal the impact of policy about reducing social financing costs on financial accelerator effect in housing market. The results display the following features: first, when the social financing cost is high, monetary policy of reducing interest rate makes housing prices rise significantly; second, the government reducing social financing costs can effectively weaken financial accelerator effect in housing market; third, monetary policy pegging volatility of housing prices can improve the social welfare, but the effect of this monetary policy will be weakened due to the reduction of social financing costs.

Based on highly disaggregate transaction level data, we explore the effect of exchange rate volatility on Chinese export during 2002-2009. We find that both the export value and the scope of products decrease for destinations with higher exchange rate volatility. Meanwhile, exports are more focused on the products with core competency. This effect is dampened when the level of financial marketization is higher. When the level of financial marketization increases by 10% from the average value,the exchange rate volatility elasticities of export value,product scope and product skewness reduce by 30.4%,37.5%and 35.7% respectively.Our results provide a micro-level support for the financial marketization and the relaxation of credit constraint.

With the time varying parameter regression, this paper finds that since the global financial crisis, the East Asian currencies have moved towards basket-peg. Nevertheless, whether there is a convergence among the selection of currency anchors in the baskets remains doubtful. In addition, the dollar still plays a dominant role in the baskets, and renminbi’s influence increases slightly. Opposite to the conventional view, the US dollar’s position weakened mainly before the sub-prime crisis. While the global financial crisis enhances the role of dollar and euro and undermines the role of renminbi and yen. But different from yen, renminbi’s position restored and became even more important after that.

With the multiple threshold panel data model, this paper investigates the economic growth effect of capital account openness from both country level and provincial level empirical studies. Three sets of findings are obtained. Firstly, there is indeed a threshold effect of capital account openness on economic growth in China, and the effect for China is positive. Secondly, there is a non-monotonic relationship between the economic enhancing effect of capital account openness and trade dependency. Finally, this effect has significant provincial differences. To better utilize the benefit of capital account openness, China as a whole should further increase the level of opening up, but for individual provinces, some should take measures to further increase the national income, but others should reduce trade dependency by upgrading the industrial structures.

This paper, by matching the sewage discharge data of city level and personal health status data, using Grossman model examines the effect of sewage discharge for mid-aged and elderly health in rural areas. We found that sewage discharge will significantly increase the probability of illness and reduce the health status of the mid-aged and elderly in rural areas. Further found that: these sewage discharge has a great impact on the poor economic conditions, lower education level and there is no significant difference on the impact of different age groups. This paper also found the main reason of such problem is sewage contaminating people's drinking water source. By estimating the healthy pricing of sewage discharge, we found that residents willing to reduce ￥87.5 income per year. Finally, through using the instrumental variable and solving endogenous problem, the results is still strong.

Based on CCA model,we analyze the relationship between leverage and systemic risk theoretically and empirically. It shows that rising leverage could push up risk level across all economic sectors, and further accumulate risk in the financial sector which is the keynote of all economic sectors. As a result, systemic risk will be generated and transmitted through both debt channel and equity channel. Empirical study based on China data indicates that the remarkable rise of leverage, especially in the non-financial corporate sector, has significantly pushed up systemic risk. We suggest transferring leverage between sectors and developing equity financing to improve the robustness of the macro economy and financial system.

After the financial crisis, the international financial regulatory organization, national regulatory authorities and academia attach great importance to the development and application of systemic risk monitoring technology, new technology and new methods are constantly emerging, SCCA is one of the representative technology. In this paper, considering the practical situation of China banking, we try to optimize the key steps of SCCA and use non-parametric statistical methods to estimate the time varying dependent function. We also introduce a new systemic risk monitoring indicator: Joint -Value at Risk. On this basis, this paper monitors the evolution process of systemic risk in China banking in the post crisis era dynamically. The research results show, optimized SCCA has good applicability and time varying dependence structure is important to study on systemic risk.

We investigate the effect of collateral value on firms’ risk-taking by using the exogenous variation in the market value of a firm’s real estate assets caused by fluctuations of the local real estate prices. The rise of house price can increase corporate collateral value. Theoretically, on one hand, managers would allocate the resources resulting from the increasing of collateral value into projects of bubble industries (e.g. the real estate industry) that can make high profit in the short run. This could ultimately decrease corporate risk-taking. On the other hand, the increasing of collateral value can relax firms’ financial constraints. This could in turn lead to more investment in projects with high risks as well as positive profit, and ultimately result in higher corporate risk-taking. Our empirical findings lend support to the first hypothesis. Further analysis indicates that firms put resources into real estate industry is the reason of above conclusion. Our results still hold after a series of robustness checks.

Control of corruption is an important dimension of institutional quality. Contract-intensive financial business could reinforce the friction of corruption on foreign banks entry, and as pure new-entrants of market, foreign banks would commit high cost of “efficient corruption”, so corruption would prevent foreign banks entry, and improving institutional quality through control of corruption could significantly promote banking openness. Using China's province-level data about subjective perception and applying county-level population size and mineral resource abundance as instrument variables, this paper has identified the effect on foreign banks entry of institutional quality. This paper suggests, that insisting on anti-corruption as a core policy to improve institutional quality will certainly advance the open process of banking and wider financial system.

Using the data of Chinese listed companies from 2009 to 2012, we study how the "eating and drinking corruption (CEDC)" affects the efficiency of financing and investment. We find that CEDC index increases financing amounts, on average, debt financing increases 101 million Yuan when eating and drinking expenses increase 67,000 Yuan. Further study shows that CEDC decreases investment efficiency. That is, for the under-investment firms, investment efficiency decreases 5.89-9.76% when CEDC expenses increases 1%; while for the over-investment firms, the efficiency decreases 12.29-15.10%. We also find that absence of corporate governance is an important factor decreases investment inefficiency. Firms can alleviate the under investment problem by increase CEDC expenses. This paper casts meaningful lights on the microeconomic effect of corruption on listed companies in the post-crisis period.

Using Internet search and computer text analysis techniques, we empirically investigate the informativeness of Sina Weibo. The results are as follows: (1) Capital market reacts significantly to the Weibo disclosure, indicating its informativeness. (2) The noise in weibo will reduce the capital market’s reaction which caused by weibo disclosure. (3) Weibo disclosure has more effect on the behavior of small investors, and small/new list firms. The results indicate comprehensively that Weibo, as an emerging “We Media”, the disclosure through which is informative, which may lays an empirical foundation for further relative researches.

Using the operation of “Hudongyi” online communication system of Shenzhen Stock Exchange as an exogenous impact in the year of 2010, this paper investigates whether investors’ online communication with listed firms improves the information efficiency of the stock market. We find that both the stock return synchronicity and the analysts’ forecast error have decreased significantly for the firms listed in Shenzhen stock market since the operation of “Hudongyi” system. In addition, we find that the synchronicity and the analysts’ forecast error decrease much more for firms listed in Shenzhen stock market than those in Shanghai stock market after the year of 2010. These findings show that the online communication between investors and listed firms improves the information accuracy and hence enhances the information efficiency of the stock market.

To investigate the financialization of Chinese commodity future market, this paper examines the dynamic spillovers and time-varying characters between Chinese commodity future market and international stock market in terms of returns and volatilities by introducing the spillover index. We find that there exist significant return and volatility spillovers between Chinese commodity future market and international stock markets, especially during the 2008 global financial crisis and 2011 European debt crisis. Moreover, Chinese commodity future are net receivers of the shocks from international stock markets in both returns and volatility level. These findings suggest that the spillover mechanism of Chinese commodity future market performs as efficiently as that of international market, while the degree of financialization in Chinese market is still progressing.