| 来源类型 | Working Paper
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| 规范类型 | 报告
|
| DOI | 10.3386/w25549
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| 来源ID | Working Paper 25549
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| Chinese Bond Market and Interbank Market |
| Marlene Amstad; Zhiguo He
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| 发表日期 | 2019-02-18
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| 出版年 | 2019
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| 语种 | 英语
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| 摘要 | Over the past twenty years, especially the past decade, China has taken enormous strides to develop its bond market as an integral step of financial reform. This paper aims to provide the most up-to-date overview of Chinese bond markets, by highlighting two distinct and largely segmented markets: Over-the-Counter based interbank market, and centralized exchange market. We explain various bond instruments traded in these two markets, highlighting their inherent connection with the banking system, and many multi-layer regulatory bodies who are interacting with each other in an intricate way. We also covers the credit ratings and rating agencies in Chinese market, and offer an account of ever-rising default incidents in China starting 2014. Finally, we discuss the recent regulatory tightening of shadow banking since late 2017 and its impact on bond investors, and the forces behind the internalization of Chinese bond markets in the near future. |
| 主题 | International Economics
; International Macroeconomics
; Financial Economics
; Financial Institutions
; Development and Growth
; Development
; Country Studies
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| URL | https://www.nber.org/papers/w25549
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583223
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推荐引用方式
GB/T 7714 |
Marlene Amstad,Zhiguo He. Chinese Bond Market and Interbank Market. 2019.
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文件名：
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w25549.pdf
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格式：
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Adobe PDF
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