| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27171 |
| 来源ID | Working Paper 27171 |
| China's Model of Managing the Financial System | |
| Markus K. Brunnermeier; Michael Sockin; Wei Xiong | |
| 发表日期 | 2020-05-18 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | China's economic model involves active government intervention in financial markets. We develop a theoretical framework in which interventions prevent a market breakdown and a volatility explosion caused by the reluctance of short-term investors to trade against noise traders. In the presence of information frictions, the government can alter market dynamics since the noise in its intervention program becomes an additional factor driving asset prices. More importantly, this may divert investor attention away from fundamentals and totally toward government interventions (as a result of complementarity in investors' information acquisition). A trade-off arises: government's objective to reduce asset price volatility may worsen, rather than improve, information efficiency of asset prices. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w27171 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584844 |
| 推荐引用方式 GB/T 7714 | Markus K. Brunnermeier,Michael Sockin,Wei Xiong. China's Model of Managing the Financial System. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27171.pdf（508KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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