Based on the mathematical model of a kind of complicated financial system, all possible things that the model shows in the operation of our country’s macro-financial system were analyzed, such as balance, stable peri...Based on the mathematical model of a kind of complicated financial system, all possible things that the model shows in the operation of our country’s macro-financial system were analyzed, such as balance, stable periodic, fractal, Hopf-bifurcation, the relationship between parameters and Hopf-bifurcations,and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro-economic policies and adjustment of some parameter on the whole financial system behavior were analyzed. This study will deepen people’s understanding of the lever function of all kinds of financial policies.展开更多
Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation ...Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country’s macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people’s understanding of the lever function of all kinds of financial policies.展开更多
In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the r...In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.展开更多
Decentralized finance(DeFi)is a general term for a series of financial products and services.It is based on blockchain technology and has attracted people’s attention because of its open,transparent,and intermediary ...Decentralized finance(DeFi)is a general term for a series of financial products and services.It is based on blockchain technology and has attracted people’s attention because of its open,transparent,and intermediary free.Among them,the DeFi ecosystem based on Ethereum-based blockchains attracts the most attention.However,the current decentralized financial system built on the Ethereum architecture has been exposed to many smart contract vulnerabilities during the last few years.Herein,we believe it is time to improve the understanding of the prevailing Ethereum-based DeFi ecosystem security issues.To that end,we investigate the Ethereum-based DeFi security issues:1)inherited from the real-world financial system,which can be solved by macro-control;2)induced by the problems of blockchain architecture,which require a better blockchain platform;3)caused by DeFi invented applications,which should be focused on during the project development.Based on that,we further discuss the current solutions and potential directions ofDeFi security.According to our research,we could provide a comprehensive vision to the research community for the improvement of Ethereum-basedDeFi ecosystem security.展开更多
Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at ...Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at Shanghai Jiao Tong University,one of the top universities in Asia.The China Finance Review International aims to publish quality empirical and theoretical works on important financial and economic issues in the profession.We encourage ground-breaking research related to new and niche areas in finance,such as Fintech and cryptos,ESG,climate finance,and socially responsible investments.We welcome critiques of existing literature and comparative analysis between emerging markets and developed economies.展开更多
This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that di...This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.展开更多
This paper explores the development logic,trends,and challenges of digital finance in the era of the digital economy.As a crucial component of the digital economy,digital finance has completely transformed the traditi...This paper explores the development logic,trends,and challenges of digital finance in the era of the digital economy.As a crucial component of the digital economy,digital finance has completely transformed the traditional financial services model through factors such as technological innovation,data intelligence,and personalized user experiences,paving the way for new business models and market opportunities.However,the rapid development of digital finance also faces challenges such as competition,security,and regulation.This paper emphasizes the importance of finding a balance between innovation and security in the development of digital finance and discusses the potential of digital finance in promoting financial inclusion and sustainable development.Through comprehensive analysis,this paper aims to provide valuable insights for academic researchers and industry practitioners,promoting the healthy development of digital finance.展开更多
Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on ...Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on panel data from 30 provinces in China spanning from 2011 to 2019.The results demonstrate that digital finance can significantly enhance EE,with a particularly pronounced effect in the eastern region.Through mechanistic analysis,it is evident that GTI serves as the transmission pathway through which digital finance influences EE,accounting for 45.3%of the effect.The policy implication of this study suggests that China should expedite the digitization of financial markets to further harness the development of digital finance,particularly in pursuit of its technological innovation and green,lowcarbon environmental protection effects.展开更多
With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fos...With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fostering the green transformation and upgrading of regional economies but also helps mitigate the risks of environmental damage stemming from traditional economic activities.In this new era,it is imperative to embrace the concept of green finance development and innovate green finance practices to further drive high-quality regional economic development.This paper will analyze the significance of green finance in regional economic development,assess the current state of green finance development,and propose optimization strategies for green finance to facilitate high-quality economic development.展开更多
China's achievement of miraculous economic growth is a theoretical proposition that calls for an explanation.The key to understanding the logic of China’s economic reform is a rational explanation of the logical ...China's achievement of miraculous economic growth is a theoretical proposition that calls for an explanation.The key to understanding the logic of China’s economic reform is a rational explanation of the logical paradox between irregular local finance and the incentive compatibility of central and local governments.Based on the fact that autonomous local financial resources have long been dependent on irregular fiscal revenue,this paper constructs an inclusive public financial system analysis framework from the dual perspectives of the central and local government.This analytical framework offers an explanation of the long-standing implicit fiscal decentralization contract in which irregular fiscal revenue is the carrier in the reform process,together with a description of the central-local interaction process and institutional space underlying the behavioral motivations of central finance tolerance and local financial autonomy.It demonstrates the logical consistency of irregular fiscal revenue,central and local incentive compatibility,economic growth and market-oriented reform.The inclusive public finance system,which takes into account both local dynamism and central control,provides the important institutional logic that has enabled China to reach the dual goals of economic growth and market-oriented reform.展开更多
Purpose–The purpose of this paper is to study the control and synchronization of the hyperchaotic finance system.Design/methodology/approach–A single controller scheme is introduced.The Routh-Hurwitz criteria and th...Purpose–The purpose of this paper is to study the control and synchronization of the hyperchaotic finance system.Design/methodology/approach–A single controller scheme is introduced.The Routh-Hurwitz criteria and the structure of solution of first-order linear differential equations are adopted in analysis of control and synchronization.Findings–Two single controllers are designed and added to the new hyperchaotic finance system.The stability of the hyperchaotic finance system at its zero equilibrium point is guaranteed by applying the appropriate single controller signal based on Routh-Hurwitz criteria.Another effective controller is also designed for the global asymptotic synchronization on the hyperchaotic finance system based on the structure of solution of first-order linear differential equations.Numerical simulations are demonstrated to verify the effectiveness of the proposed single controller scheme.Originality/value–The introduced approach is interesting for control and synchronization the hyperchaotic finance system.展开更多
This paper conducts a scientometric analysis and systematic literature review to identify the trends in microfinance outcomes from the perspective of their recipients,specifically more vulnerable people,while also foc...This paper conducts a scientometric analysis and systematic literature review to identify the trends in microfinance outcomes from the perspective of their recipients,specifically more vulnerable people,while also focusing on the demand side.Applying the keywords“co-occurrence networks”and“citation networks,”we examined 524 studies indexed on the ISI Web of Science database between 2012 and March 2021.The subsequent content analysis of bibliometric-coupled articles concerns the main research topics in this field:the socioeconomic outcomes of microfinance,the dichotomy between social performance and the mission drift of microfinance institutions,and how entrepreneurship and financial innovation,specifically through crowdfunding,mitigate poverty and empower the more vulnerable.The findings reinforce the idea that microfinance constitutes a distinct field of development thinking,and indicate that a more holistic approach should be adopted to boost microfinance outcomes through a better understanding of their beneficiaries.The trends in this field will help policymakers,regulators,and academics to examine the nuts and bolts of microfinance and identify the most relevant areas of intervention.展开更多
Although a number of studies have been published in the general area on various factors affecting the ecologicalization of urban industrial structure,little work has been carried out for empirical studies quantitative...Although a number of studies have been published in the general area on various factors affecting the ecologicalization of urban industrial structure,little work has been carried out for empirical studies quantitatively analyzing the relevance between green finance development and the ecologicalization of urban industrial structure.Therefore,based on a comprehensive index of green finance development,this research employs panel data of target cities1 for the period 2012–2020 to explore the influence of green finance on the ecologicalization of urban industrial structure.The empirical results show that green finance development significantly improves the ecologicalization level of urban industrial structure.In addition,it is found that green finance plays a stronger role in promoting the ecologicalization of industrial structure in economically developed regions than in economically underdeveloped regions2.The research results can provide a valuable policy reference for urban green financial market planning and green product innovation.展开更多
The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global cl...The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global climate negotiations since 2009 and will continue to be of significant importance in addressing climate change and strengthening international trust.This paper analyses the concept,the objective,and the progress of the MRV of climate finance based on reviews of the latest literature and think-tank reports regarding climate finance regime and MRV.Following the analysis,challenges faced with the MRV of climate finance are illustrated.This paper presents that the comparability of climate finance data needs to be improved due to the variety of methodologies used for disaggregating climate finance.In addition,the integrality of the MRV system of climate finance has been impaired by the lack of feedback mechanism from the recipients to the contributors in reporting system.Furthermore,although accounting system of climate finance has been developing and improving,it remains incapacity in providing accurate data on disbursed climate finance.Responding to the above challenges,this paper proposes the key tasks in establishing a comprehensive MRV system for climate finance at international level.The tasks involve developing a measurement system with consistent data basis and accounting basis,a reporting system with more detailed guidance and standardized formats,as well as a verification mechanism balancing top-down and bottom-up review processes.In the last section,this paper concludes that the establishment of an improved MRV of climate finance requires concerted cooperation and negotiations between developed and developing country Parties under the UNFCCC.As one of the few developing country donors to the Global Environmental Facility(GEF),China is suggested to clarify its propositions as a developing country in aspects such as concept,coverage,and architecture of climate finance and MRV system,and gain bargaining power in improving operating and technical rules of international climate finance regime.展开更多
China is now building an innovation nation which use the strategy of intellectual.The effective use of intellectual property rights,promoting the combination between the intellectual property and the economic and soci...China is now building an innovation nation which use the strategy of intellectual.The effective use of intellectual property rights,promoting the combination between the intellectual property and the economic and social development is an important content in China.And we can use the intellectual property rights finance to solve the problem of lending for small and medium sized enterprises which our country is exploring for a long time.Also it is a significant way to the science and technology finance.Firstly,this paper introduce the policy of intellectual property finance in China.Secondly,it draw on the experience of Ameria and Japan which apply the intellectual property rights finance good.Thirdly,author design the China model of intellectual property rights finance based on the development cycle of intellectual property,and innovate the gradient valuation techniques.展开更多
The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Direct...The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Director-General ofthe State Administration of Taxation at apress conference recently.The new taxationsystem brought RMB100 billion more to theTreasury in 1994,and the figure is expectedto be bigger in 1995,he disclosed. The minister said that the state hasadopted an appropriately tight financial展开更多
China’s financial system is characterized by the coexistence of both formal and informal finance,and informal finance appears to be more prevalent in the south of the country compared to the north.In this paper,we us...China’s financial system is characterized by the coexistence of both formal and informal finance,and informal finance appears to be more prevalent in the south of the country compared to the north.In this paper,we use the historical demarcation of rice-farming regions and the percentage area of rice sown to ascertain the regional distribution of rice farming in the south and wheat farming in the north in order to analyze the role of rice farming in the evolution of different types of financial institutions in China.We find that rice cultivation has a positive effect on informal financial development,though its impact on formal finance is insignificant.Unlike wheat farming,rice cultivation requires farmers to collaborate during busy farming seasons and necessitates the construction of irrigation systems.Such collaboration helped enhance an acquaintance society,in which both parties to transactions enforced the rules and contract terms of their own initiative,paving the way for informal finance.This paper not only demonstrates the cultural roots of the regional financial disparities in China but also expands the research on the ways in which farming practices from the past have shaped the development of China’s present financial markets.展开更多
According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from ...According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from 2015 to 2019,this study examines the effects of inclusive finance on China’s household income disparities and demonstrates how inclusive finance contributes to shared prosperity.Our empirical research reveals that inclusive finance has significantly decreased the income disparities between Chinese households.Inclusive finance has significantly increased the income levels of households below the 40^(th) percentile,making it more likely for them to move above the 40^(th) percentile of incomes,which is conducive to delivering common prosperity.Our analysis indicates that inclusive finance will reduce income disparities by assisting low-income households in starting a business and by promoting rural household employment.Reflecting its inclusive nature,further investigation reveals that inclusive finance has a greater positive impact on the income level of vulnerable households.Our research offers new evidence for comprehending the role of inclusive finance and a new interpretation of income disparities,with policy implications for accelerating Chinese modernization.展开更多
Under the background of new liberal arts,the problems existing in the teaching process of Finance were re-examined.For instance,the setting of teaching objectives does not meet the requirements of construction of new ...Under the background of new liberal arts,the problems existing in the teaching process of Finance were re-examined.For instance,the setting of teaching objectives does not meet the requirements of construction of new liberal arts,and teaching content emphasizes theory;teaching method is single,and teaching assessment is not reasonable.It is proposed that the curriculum reform should be carried out from five dimensions:teaching objective,teaching content,teaching method,practice system and teaching evaluation,so as to meet the requirements of construction of new liberal arts.展开更多
Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development pro...Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.展开更多
文摘Based on the mathematical model of a kind of complicated financial system, all possible things that the model shows in the operation of our country’s macro-financial system were analyzed, such as balance, stable periodic, fractal, Hopf-bifurcation, the relationship between parameters and Hopf-bifurcations,and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro-economic policies and adjustment of some parameter on the whole financial system behavior were analyzed. This study will deepen people’s understanding of the lever function of all kinds of financial policies.
文摘Based on the work discussed on the former study, this article first starts from the mathematical model of a kind of complicated financial system, and analyses all possible things that the model shows in the operation of our country’s macro_financial system: balance, stable periodic, fractal, Hopf_bifurcation, the relationship between parameters and Hopf_bifurcation, and chaotic motion etc. By the changes of parameters of all economic meanings, the conditions on which the complicated behaviors occur in such a financial system, and the influence of the adjustment of the macro_economic policies and adjustment of some parameter on the whole financial system behavior have been analyzed. This study will deepen people’s understanding of the lever function of all kinds of financial policies.
基金Financial Inclusion through Digitalisation in Europe]research project.SFIDE is funded by The European Investment Bank Institute,EIBURS research grant(2020-22)on the theme“Building the future of inclusive finance:the role of FinTechs and digitalisation”.The funding body had no role in the design of the study,collection,analysis,and interpretation of data,as well as in writing or revising the manuscript.
文摘In the European Union(EU),the revised Payment Services Directive(PSD2)aims to provide more convenient and customized financial products through open banking(OB)platforms.However,little attention has been paid to the role of OB in improving the financial well-being of the growing number of the EU’s underserved groups,which currently constitute approximately a quarter of its population.This study examines how the PSD2 and OB impact inclusive finance in the EU based on the perspectives of the Netherlands’ecosystem,one of the leaders in the EU’s financial technology(FinTech)landscape.A fundamental distinction can be drawn between the OB users and the ecosystem’s players.Regarding the impact of financial services on the users’inclusivity,while the PSD2 strengthens the infrastructure necessary for financial inclusion,many challenges remain,mainly because it was not designed for this purpose.This study identifies several areas of improvement that include adjustments to the know your customer and anti-money laundering processes for underserved customers,innovative ways to communicate the PSD2’s potential,and the regulation of technology providers’activities to build trust.Meanwhile,from the ecosystem’s position,there is a need to strengthen and improve microfinance regulation according to the opportunities provided by the PSD2 to support microfinance institutions(MFIs)in scaling up and reaching underserved clients across borders with innovative services.OB improvements can also be achieved by organizations formed by MFIs and FinTechs in collaboration with banks.Such hybrid institutions will combine the best features of each of them:knowledge of the needs of local underserved clients from MFIs,technological innovations from FinTechs,and large and trusted customer bases,infrastructures,and access to institutional investments and governments from banks.Finally,an EU inclusive OB sector depends on the centrality of trusted regulators as coordination bodies.The PSD2 requires adjustments for underserved populations’specific needs.OB improvements can be achieved by organizations formed by MFIs and Fin-Techs in collaboration with banks.Regulated technical service providers(TSPs)are crucial to building trust and customer adoption in OB.The European Banking Authority(EBA)may function as coordination body to design inclusive rules by engaging with OB stakeholders.As inclusive finance moves into open-finance and data eras,an increasing regulatory complexity and scope will require networks of innovative and trusted regulators.
基金supported by the Key-Area Research and Development Program of Guangdong Province 2020B0101090003CCF-NSFOCUS Kunpeng Scientific Research Fund (CCFNSFOCUS 2021010)+4 种基金Innovation Fund Program of the Engineering Research Center for Integration and Application of Digital Learning Technology of Ministry of Education under Grant No.1221027National Natural Science Foundation of China (Grant Nos.61902083,62172115,61976064)Guangdong Higher Education Innovation Group 2020KCXTD007 and Guangzhou Higher Education Innovation Group (No.202032854)Guangzhou Fundamental Research Plan of“Municipal-School”Jointly Funded Projects (No.202102010445)Guangdong Province Science and Technology Planning Project (No.2020A1414010370).
文摘Decentralized finance(DeFi)is a general term for a series of financial products and services.It is based on blockchain technology and has attracted people’s attention because of its open,transparent,and intermediary free.Among them,the DeFi ecosystem based on Ethereum-based blockchains attracts the most attention.However,the current decentralized financial system built on the Ethereum architecture has been exposed to many smart contract vulnerabilities during the last few years.Herein,we believe it is time to improve the understanding of the prevailing Ethereum-based DeFi ecosystem security issues.To that end,we investigate the Ethereum-based DeFi security issues:1)inherited from the real-world financial system,which can be solved by macro-control;2)induced by the problems of blockchain architecture,which require a better blockchain platform;3)caused by DeFi invented applications,which should be focused on during the project development.Based on that,we further discuss the current solutions and potential directions ofDeFi security.According to our research,we could provide a comprehensive vision to the research community for the improvement of Ethereum-basedDeFi ecosystem security.
文摘Background The China Finance Review International is a flagship academic journal broadly covering the Chinese and international financial markets.The journal is founded by Antai College of Economics and Management at Shanghai Jiao Tong University,one of the top universities in Asia.The China Finance Review International aims to publish quality empirical and theoretical works on important financial and economic issues in the profession.We encourage ground-breaking research related to new and niche areas in finance,such as Fintech and cryptos,ESG,climate finance,and socially responsible investments.We welcome critiques of existing literature and comparative analysis between emerging markets and developed economies.
文摘This paper developed a comprehensive evaluation system that was able to quantify the levels of high-quality development across the cities within the Chengdu-Chongqing economic circle,and investigate the impact that digital finance had on the cities’high-quality development and the underlying mechanisms through which it achieved this.This comprehensive evaluation system was constructed using statistical data from these cities for the period 2014 to 2020 while also taking China’s high-quality development philosophy into account.The key findings revealed that:(a)Digital finance was able to significantly promote high-quality development in the Chengdu-Chongqing economic circle;(b)Digital finance had a significant positive effect in promoting innovative,coordinated,green,open,and shared development;(c)Digital finance was able to stimulate the high-quality development in the Chengdu-Chongqing economic circle by boosting entrepreneurial dynamism;(d)Digital finance had a significant impact on the high-quality development of the axis areas,while its impact was less discernible in non-axis areas.The insights from this research offer a deeper understanding of the factors that drive high-quality development,the role digital finance plays,and the mechanisms through which digital finance is able to propel high-quality development at the city cluster scale.
文摘This paper explores the development logic,trends,and challenges of digital finance in the era of the digital economy.As a crucial component of the digital economy,digital finance has completely transformed the traditional financial services model through factors such as technological innovation,data intelligence,and personalized user experiences,paving the way for new business models and market opportunities.However,the rapid development of digital finance also faces challenges such as competition,security,and regulation.This paper emphasizes the importance of finding a balance between innovation and security in the development of digital finance and discusses the potential of digital finance in promoting financial inclusion and sustainable development.Through comprehensive analysis,this paper aims to provide valuable insights for academic researchers and industry practitioners,promoting the healthy development of digital finance.
文摘Digital finance and green technology innovation(GTI)serve as powerful engines for promoting energy efficiency(EE)and economic development.This paper explores the mechanism by which digital finance impacts EE based on panel data from 30 provinces in China spanning from 2011 to 2019.The results demonstrate that digital finance can significantly enhance EE,with a particularly pronounced effect in the eastern region.Through mechanistic analysis,it is evident that GTI serves as the transmission pathway through which digital finance influences EE,accounting for 45.3%of the effect.The policy implication of this study suggests that China should expedite the digitization of financial markets to further harness the development of digital finance,particularly in pursuit of its technological innovation and green,lowcarbon environmental protection effects.
文摘With the rapid development of the social economy,the role of green finance in promoting the high-quality development of regional economies is increasing day by day.The advancement of green finance not only aids in fostering the green transformation and upgrading of regional economies but also helps mitigate the risks of environmental damage stemming from traditional economic activities.In this new era,it is imperative to embrace the concept of green finance development and innovate green finance practices to further drive high-quality regional economic development.This paper will analyze the significance of green finance in regional economic development,assess the current state of green finance development,and propose optimization strategies for green finance to facilitate high-quality economic development.
基金the key project of the National Natural Science Fund of China"Research on the Fiscal System of Supply of Public Services from the Perspective of National Governance"(71833002)“Regional Intergenerational Mobility Preferences in Migration Decisions:Empirical Measurement,Micro-Evidence and Impact Mechanisms”(71973020).
文摘China's achievement of miraculous economic growth is a theoretical proposition that calls for an explanation.The key to understanding the logic of China’s economic reform is a rational explanation of the logical paradox between irregular local finance and the incentive compatibility of central and local governments.Based on the fact that autonomous local financial resources have long been dependent on irregular fiscal revenue,this paper constructs an inclusive public financial system analysis framework from the dual perspectives of the central and local government.This analytical framework offers an explanation of the long-standing implicit fiscal decentralization contract in which irregular fiscal revenue is the carrier in the reform process,together with a description of the central-local interaction process and institutional space underlying the behavioral motivations of central finance tolerance and local financial autonomy.It demonstrates the logical consistency of irregular fiscal revenue,central and local incentive compatibility,economic growth and market-oriented reform.The inclusive public finance system,which takes into account both local dynamism and central control,provides the important institutional logic that has enabled China to reach the dual goals of economic growth and market-oriented reform.
文摘Purpose–The purpose of this paper is to study the control and synchronization of the hyperchaotic finance system.Design/methodology/approach–A single controller scheme is introduced.The Routh-Hurwitz criteria and the structure of solution of first-order linear differential equations are adopted in analysis of control and synchronization.Findings–Two single controllers are designed and added to the new hyperchaotic finance system.The stability of the hyperchaotic finance system at its zero equilibrium point is guaranteed by applying the appropriate single controller signal based on Routh-Hurwitz criteria.Another effective controller is also designed for the global asymptotic synchronization on the hyperchaotic finance system based on the structure of solution of first-order linear differential equations.Numerical simulations are demonstrated to verify the effectiveness of the proposed single controller scheme.Originality/value–The introduced approach is interesting for control and synchronization the hyperchaotic finance system.
基金support of Fundação para a Ciência e a Tecnologia(UBI PTDC/EGE/OGE/31246/2017,UIDB/04630/2020,UIDB/04728/2020,UIDB/04105/2020)。
文摘This paper conducts a scientometric analysis and systematic literature review to identify the trends in microfinance outcomes from the perspective of their recipients,specifically more vulnerable people,while also focusing on the demand side.Applying the keywords“co-occurrence networks”and“citation networks,”we examined 524 studies indexed on the ISI Web of Science database between 2012 and March 2021.The subsequent content analysis of bibliometric-coupled articles concerns the main research topics in this field:the socioeconomic outcomes of microfinance,the dichotomy between social performance and the mission drift of microfinance institutions,and how entrepreneurship and financial innovation,specifically through crowdfunding,mitigate poverty and empower the more vulnerable.The findings reinforce the idea that microfinance constitutes a distinct field of development thinking,and indicate that a more holistic approach should be adopted to boost microfinance outcomes through a better understanding of their beneficiaries.The trends in this field will help policymakers,regulators,and academics to examine the nuts and bolts of microfinance and identify the most relevant areas of intervention.
基金supported by Shandong Province Key Research and Development Program(Soft Science Project)(No.2021RKY01007).
文摘Although a number of studies have been published in the general area on various factors affecting the ecologicalization of urban industrial structure,little work has been carried out for empirical studies quantitatively analyzing the relevance between green finance development and the ecologicalization of urban industrial structure.Therefore,based on a comprehensive index of green finance development,this research employs panel data of target cities1 for the period 2012–2020 to explore the influence of green finance on the ecologicalization of urban industrial structure.The empirical results show that green finance development significantly improves the ecologicalization level of urban industrial structure.In addition,it is found that green finance plays a stronger role in promoting the ecologicalization of industrial structure in economically developed regions than in economically underdeveloped regions2.The research results can provide a valuable policy reference for urban green financial market planning and green product innovation.
基金supported by the National Natural Science Foundation of China project "The joint mechanism and macro-regulation mechanism for national emission trading market of China"[Grant Number:71503288]the Research Base Project of Beijing Philosophy and Social Science Foundation "Payments for Ecosystem Services Mechanism that Supports The Synergetic Development of Ecological Protection in Beijing-Tianjin-Hebei Region"[Grant Number:16JDYJC039]the project "Environmental Risk Management for Corporate Lending in China's Commercial Banks" sponsored by the Scientific Research Foundation for the returned overseas Chinese scholars,State Education Ministry
文摘The measurement,reporting,and verification(MRV) of climate finance was originated from discussions under the United Nations Framework Convention on Climate Change(UNFCCC).It has been one of the key issues of global climate negotiations since 2009 and will continue to be of significant importance in addressing climate change and strengthening international trust.This paper analyses the concept,the objective,and the progress of the MRV of climate finance based on reviews of the latest literature and think-tank reports regarding climate finance regime and MRV.Following the analysis,challenges faced with the MRV of climate finance are illustrated.This paper presents that the comparability of climate finance data needs to be improved due to the variety of methodologies used for disaggregating climate finance.In addition,the integrality of the MRV system of climate finance has been impaired by the lack of feedback mechanism from the recipients to the contributors in reporting system.Furthermore,although accounting system of climate finance has been developing and improving,it remains incapacity in providing accurate data on disbursed climate finance.Responding to the above challenges,this paper proposes the key tasks in establishing a comprehensive MRV system for climate finance at international level.The tasks involve developing a measurement system with consistent data basis and accounting basis,a reporting system with more detailed guidance and standardized formats,as well as a verification mechanism balancing top-down and bottom-up review processes.In the last section,this paper concludes that the establishment of an improved MRV of climate finance requires concerted cooperation and negotiations between developed and developing country Parties under the UNFCCC.As one of the few developing country donors to the Global Environmental Facility(GEF),China is suggested to clarify its propositions as a developing country in aspects such as concept,coverage,and architecture of climate finance and MRV system,and gain bargaining power in improving operating and technical rules of international climate finance regime.
文摘China is now building an innovation nation which use the strategy of intellectual.The effective use of intellectual property rights,promoting the combination between the intellectual property and the economic and social development is an important content in China.And we can use the intellectual property rights finance to solve the problem of lending for small and medium sized enterprises which our country is exploring for a long time.Also it is a significant way to the science and technology finance.Firstly,this paper introduce the policy of intellectual property finance in China.Secondly,it draw on the experience of Ameria and Japan which apply the intellectual property rights finance good.Thirdly,author design the China model of intellectual property rights finance based on the development cycle of intellectual property,and innovate the gradient valuation techniques.
文摘The new taxation system has beenoperated smoothly and its positiveresults have become evident since Chinacarried out the reform of the taxation systemin 1994.This was said by Mr.Liu Zhongli,Finance Minister and Director-General ofthe State Administration of Taxation at apress conference recently.The new taxationsystem brought RMB100 billion more to theTreasury in 1994,and the figure is expectedto be bigger in 1995,he disclosed. The minister said that the state hasadopted an appropriately tight financial
基金sponsorships from the National Natural Science Foundation of China(Grant No.72273075,71703080)the MOE(Ministry of Education in China)Liberal Arts and Social Sciences Foundation(Grant No.21YJC790156)+2 种基金the Major Project of the Guangxi Academy for the Chinese National Community Awareness(Grant No.2020GXMGY0103)the General Project of the Provincial Natural Science Foundation of Shandong Province(Grant No.ZR2020MG063)the Qilu Young Scholars Program and Young Scholars Future Plan of Shandong University.
文摘China’s financial system is characterized by the coexistence of both formal and informal finance,and informal finance appears to be more prevalent in the south of the country compared to the north.In this paper,we use the historical demarcation of rice-farming regions and the percentage area of rice sown to ascertain the regional distribution of rice farming in the south and wheat farming in the north in order to analyze the role of rice farming in the evolution of different types of financial institutions in China.We find that rice cultivation has a positive effect on informal financial development,though its impact on formal finance is insignificant.Unlike wheat farming,rice cultivation requires farmers to collaborate during busy farming seasons and necessitates the construction of irrigation systems.Such collaboration helped enhance an acquaintance society,in which both parties to transactions enforced the rules and contract terms of their own initiative,paving the way for informal finance.This paper not only demonstrates the cultural roots of the regional financial disparities in China but also expands the research on the ways in which farming practices from the past have shaped the development of China’s present financial markets.
基金sponsored by the Major Project of the National Social Sciences Fund of China(NSSFC)“Measurement,Causes and Spillovers of China’s Household Economic Risks”(21andZD087).
文摘According to the Report to the 20^(th) CPC National Congress,delivering common prosperity for all the people is an intrinsic requirement of Chinese modernization.Based on China Household Finance Survey(CHFS)data from 2015 to 2019,this study examines the effects of inclusive finance on China’s household income disparities and demonstrates how inclusive finance contributes to shared prosperity.Our empirical research reveals that inclusive finance has significantly decreased the income disparities between Chinese households.Inclusive finance has significantly increased the income levels of households below the 40^(th) percentile,making it more likely for them to move above the 40^(th) percentile of incomes,which is conducive to delivering common prosperity.Our analysis indicates that inclusive finance will reduce income disparities by assisting low-income households in starting a business and by promoting rural household employment.Reflecting its inclusive nature,further investigation reveals that inclusive finance has a greater positive impact on the income level of vulnerable households.Our research offers new evidence for comprehending the role of inclusive finance and a new interpretation of income disparities,with policy implications for accelerating Chinese modernization.
基金Supported by the Phased Achievements of the Teaching Research Project of Yangtze University in 2022(Study on the Teaching Reform and Practice of Finance under the Background of New Liberal Arts)Phased Achievements of the Teaching Research Project of Yangtze University in 2021(Study on the Construction Model of"First-class Undergraduate Courses"in Provincial Universities:A Case Study of"Monetary Banking"of Yangtze University,JY2021038)+1 种基金Phased Achievements of the Teaching Research Project of Yangtze University in 2020(Study on the Hybrid Teaching Method of Public Elective Courses in Universities Based on MOOCs:A Case Study of Marketing,JY2020029)Phased Achievements of the Teaching Research Project of Yangtze University in 2021(Research and Practice of Integrating Innovation and Entrepreneurship Education into Talent Training for Agricultural and Forestry Economic Management Major,JY2021010).
文摘Under the background of new liberal arts,the problems existing in the teaching process of Finance were re-examined.For instance,the setting of teaching objectives does not meet the requirements of construction of new liberal arts,and teaching content emphasizes theory;teaching method is single,and teaching assessment is not reasonable.It is proposed that the curriculum reform should be carried out from five dimensions:teaching objective,teaching content,teaching method,practice system and teaching evaluation,so as to meet the requirements of construction of new liberal arts.
基金supported by Hebei Province Philosophy and Social Science Project (Grant No.HB22YJ021)Hebei Province Social Science Development Research Project (Grant No.20220202156)。
文摘Based on provincial panel data in China from 2008 to 2019, this research takes the issuance of China's green bond as a quasi-natural experiment to explore whether China's regional green finance development promotes local green innovation by using the multi-period DID model. The results show that the regional green financial development can promote local green innovation, and the rapid growth of the green bond market driven by policy does improve environmental sound technology innovation. The promotion of regional green finance development to local green innovation is related to the funds allocation of green credit,but not to the issuance scale of green bonds, according to further analysis, because China's development pattern can lead to a lack of endogenous market power and low credit resource allocation efficiency. In addition, the issuance of green bonds can effectively promote the allocation of green credit funds, thus enhancing the local green innovation level, but it can't reduce local carbon emissions through promoting green innovation. Therefore, the government should strengthen the green finance implementation assessment mechanism, taking into account the heterogeneity of regions and enterprises, complete the green finance monitoring and disclosure system, and increase the rate of green technology conversion.
