Preventing financial risk is an important topic that academic circles and the government have paid attention to for a long time.The development of fintech and the improvement of financial regulation will affect the le...Preventing financial risk is an important topic that academic circles and the government have paid attention to for a long time.The development of fintech and the improvement of financial regulation will affect the level of financial risk.The relationship between the degree of matching between fintech and financial regulation and financial risk is explored,which is crucial for reducing financial risk.Panel data from 31 provinces in China from 2011 to 2020 is used to explore the impact of fintech and financial regulatory matching levels on financial risk.The study finds that the improved matching level between fintech and financial regulation helps reduce financial risk.The degree of matching between fintech and financial regulation affects financial risk through financial efficiency.展开更多
Financial regulation and supervision is an important subject in finance research. After the U. S. subprime mortgage crisis,the weakness in this field becomes the research focus. Every country attaches importance to st...Financial regulation and supervision is an important subject in finance research. After the U. S. subprime mortgage crisis,the weakness in this field becomes the research focus. Every country attaches importance to strengthen the financial supervision and management. But the financial regulatory system is a large system,and the process of model building and index selection is very complicated. A model for China's financial regulation and supervision system was proposed and a system evaluation method was improved. A more exact result was drawn by choosing 2003- 2009 index data.展开更多
Driven by the dual forces of China’s financial powerhouse strategy and advancements in artificial intelligence,digital finance has experienced rapid growth,rendering traditional financial legal regulations inadequate...Driven by the dual forces of China’s financial powerhouse strategy and advancements in artificial intelligence,digital finance has experienced rapid growth,rendering traditional financial legal regulations inadequate to meet its regulatory demands.Key challenges include lagging legislative regulation,limited applicability of the standard regulations,and diminished effectiveness of the supervisory regulations.These challenges stem from the“single-entity”regulatory approach which is inadequate to meet its regulatory needs of mixed operations of digital finance,the misalignment between“static”administrative regulations and the dynamic evolution of financial technology(fintech),and the uneven allocation of regulatory resources,which constrain regulatory precision.To achieve a dynamic balance between the development of digital finance and its regulation,the adoption of inclusive legal regulation is imperative.The technological empowerment theory integrates the principles of finance with the“people-centered”concept and the social good,which thereby safeguards the rights and interests of digital finance consumers.As a pivotal standard for shaping inclusive legal regulation,digital justice should not only uphold fairness in the regulation of processes but also advance the organic integration of scenario-based justice and the principles of Law 3.0.In the future,China should foster multi-stakeholder collaborative governance to ensure the orderly allocation of the regulators’power.This effort should be supported by a comprehensive toolkit of technological regulations,which can dynamically balance incentive regulation with binding regulation while simultaneously enabling the efficient flow of regulatory resources within specific application scenarios.Such strategies would provide a viable pathway toward the goal of achieving inclusive legal regulation in digital finance.展开更多
In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to ...In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to fail”and“too many links to fail”.There are problems with the implementation of financial data openness by regulatory agencies for banks and fin-tech enterprises,such as the ambiguity of regulatory responsibilities,the emphasis on financial regulatory goals,and the lag in regulatory methods.To address these issues,it is necessary to clarify the responsibilities of financial regulatory agencies,establish a collaborative mechanism for financial regulation,coordinate the types of risks in bank enterprise cooperation,achieve the technical implementation of financial regulatory measures and the design of regulatory systems,obtain regulatory data in real time,establish a hierarchical regulatory system for bank enterprise cooperation to improve the regulatory path,and ensure the rational and legal use of financial data in bank enterprise cooperation.展开更多
As a disruptive innovation,FinTech has posed risks in the financial industry that are more unidentifiable,sweeping,disruptive and influential.Given these new developments,deeper regulatory reform has become necessary ...As a disruptive innovation,FinTech has posed risks in the financial industry that are more unidentifiable,sweeping,disruptive and influential.Given these new developments,deeper regulatory reform has become necessary to safeguard national financial security,and prevent and dissolve financial risks.On March 11,2021,the 14th Five-Year Plan'endorsed by the Fourth Session of the 13th National People's Congress stressed that China will improve the modern financial regulatory system and shore up our weaknesses in the regulatory system,and boost the application of regulatory technology and financial innovation risk assessment.This marks that the establishment of a technology-driven financial regulatory framework has been put on the agenda.Based on an analysis of the essential implications and drivers of RegTech innovation,this paper discusses the theoretical logic of RegTech innovation.Technology enables intelligent regulatory processes,efficient information processing and robust risk control.The restructuring of the regulatory system has revealed shifts in regulatory paradigms.These include a shift from passive response to proactive change,a shift toward positive interactions between regulators and industry players,as well as more close coordination among regulators.These changes have resulted in more adaptable and efficient regulation.After summarizing foreign experience and Chinese practice,this paper presents optimal pathways for RegTech innovation in China in the following aspects:consolidating the rule-of-law foundation for RegTech innovation,speeding up institutional reforms,improving policy services,strengthening infrastructure development,and building multiparty cooperation mechanisms.This study serves as a reference for building a technology-centric modern financial regulatory system and a sound environment forFinTechdevelopment.展开更多
The Xinhua News Agency has released the full text of the No.340 order of the State Council signed by Premier Zhu Rongji, on the publication of the Regulations of the People’s Republic of China on the Control of Forei...The Xinhua News Agency has released the full text of the No.340 order of the State Council signed by Premier Zhu Rongji, on the publication of the Regulations of the People’s Republic of China on the Control of Foreign Funded Financial Institutions, which will take effect on the date of February 1 in 2002.展开更多
Propelled by a combination of policy enablers,increasing investments,and the COVID-19 pandemic,the global financial technology(fintech) industry has entered a period of rapid growth in recent years.Yet it is important...Propelled by a combination of policy enablers,increasing investments,and the COVID-19 pandemic,the global financial technology(fintech) industry has entered a period of rapid growth in recent years.Yet it is important to note that poor regulation and weak supervision might produce risks and shocks to financial stability,business competition,social equity,and environmental resources.The encouraging approach toward fintech development adopted by major global economies over the past decade has ignored regulation to varying degrees,resulting in unbalanced and inadequate supervision,which has been falling short of meeting public concerns effectively.Since 2019,international discussions on how to regulate fintech have become more and more heated.It has been widely agreed that,to regulate fintech effectively,three pillars must be established—data,competition,and financial regulatory rules.Given the increasing challenges posed by large technology firms (big techs)to financial regulation,this paper proposes to prioritize entity-based regulation,with a focus on reforming the rules concerning operational resilience and competition.China should keep a close eye on international trends and learn to devise appropriate rules for entity-based regulation,which will prove necessary to guide the steady,sound,and sustainable development of its fintech industry.展开更多
The social and economic level continues to improve, the financial market is also expanding, the business diversification trend of commercial banks is more and more obvious, and the banking supervision is an important ...The social and economic level continues to improve, the financial market is also expanding, the business diversification trend of commercial banks is more and more obvious, and the banking supervision is an important part of promoting the healthy and sustainable development of banking business, but also the core of the stable development of Chinese financial market. The constant change of the development of the banking industry also puts forward higher requirements for its supervision. This paper combed the since Chinese reform and opening up the evolution of the banking supervision system, analysis of the current situation of Chinese banking regulatory legislation and regulation in the banking management problems, at the same time by comparing the banking regulation law and foreign banking legislation situation in our country, our country banking industry in the future perfect regulation put forward the corresponding countermeasures and Suggestions.展开更多
The rapid development of the global personal credit market has been driven by diversification and technological innovation,both of which serve as key catalysts for industry transformation.This paper conducts a compara...The rapid development of the global personal credit market has been driven by diversification and technological innovation,both of which serve as key catalysts for industry transformation.This paper conducts a comparative analysis of international personal credit markets to examine successful practices and challenges in credit products,credit assessment,and risk management across various countries.In particular,advancements in financial technology,including big data and artificial intelligence,have created new opportunities for enhancing the accessibility and personalization of credit services.Nevertheless,China’s personal credit market continues to face significant challenges,such as an underdeveloped credit infrastructure,outdated financial regulations,and limited product innovation.Drawing insights from international experiences,China can enhance its credit evaluation systems,strengthen financial regulations,and foster innovation in financial technology to facilitate healthy market development and advance inclusive finance.展开更多
In 2018,China implemented the Guidelines on Regulating the Asset Management of Financial Institutions,a financial regulation aimed at restricting enterprises'financial investments through asset management products...In 2018,China implemented the Guidelines on Regulating the Asset Management of Financial Institutions,a financial regulation aimed at restricting enterprises'financial investments through asset management products.This policy sought to curb corporate financialization and potentially impact other corporate activities.Treating this policy as a quasi-experiment,the present study employed a generalized difference-in-differences regression model to examine its effect on corporate research and development(R&D)from the perspective of de-financialization.Using data from Chinese listed companies spanning 2013 to 2022,the key findings are as follows:(i)The policy significantly boosted corporate R&D intensity.Enterprises with higher levels of financialization before the policy experienced a more substantial increase in R&D intensity after its implementation.(ii)Heterogeneity tests reveal that the positive effect of the policy on R&D was more pronounced for firms in high-tech industries,those with greater corporate transparency,and those receiving more government subsidies.(ii)The policy's impact on R&D was driven by the reallocation of resources from financial to real assets,as well as the alleviation of firms'financing constraints.展开更多
This article outlines the benefits and risks of the distributed ledger technology(DLT)for the clearing and settlement of exchange-traded and OTC securities,followed by a description of the technology’s potential role...This article outlines the benefits and risks of the distributed ledger technology(DLT)for the clearing and settlement of exchange-traded and OTC securities,followed by a description of the technology’s potential role for central counterparties and central securities depositories.Although the industry and scholars are attempting to solve the technological and operational issues that DLT systems still face,outstanding legal risks are such that the financial industry is asking for more regulatory guidance and intervention.This article wants to contribute to the public policy debate by presenting potential regulatory barriers that may have to be removed for DLT to be fully adopted.In addition,it identifies areas requiring an update of the legal framework in order to address certain prudential and conduct risks that this technology could introduce.展开更多
This study analyzes the impact of a newly emerging type of anti-money laundering regulation that obligates cryptocurrency exchanges to report suspicious transactions to financial authorities.We build a theoretical mod...This study analyzes the impact of a newly emerging type of anti-money laundering regulation that obligates cryptocurrency exchanges to report suspicious transactions to financial authorities.We build a theoretical model for the reporting decision structure of a private bank or cryptocurrency exchange and show that an inferior ability to detect money laundering(ML)increases the ratio of reported transactions to unreported transactions.If a representative money launderer makes an optimal portfolio choice,then this ratio increases further.Our findings suggest that cryptocurrency exchanges will exhibit more excessive reporting behavior under this regulation than private banks.We attribute this result to cryptocurrency exchanges’inferior ML detection abilities and their proximity to the underground economy.展开更多
The dynamic signaling game-model is employed to study countermeasures of Q, U and C for supply-demand on financial market. As the game result, the mixed equilibrium of Q and U exists naturally without FRS. It is concl...The dynamic signaling game-model is employed to study countermeasures of Q, U and C for supply-demand on financial market. As the game result, the mixed equilibrium of Q and U exists naturally without FRS. It is concluded that FRS on market admittance is objective demand of financial market, also the rational management behavior of government FRSI. And in addition to the empirical criteria, the FRS agreements between FRSI and financial-institutions should be considered as one of advanced FRS techniques. These must cover:① the regulation conformed status investigation with sufficient frequency,② corresponding punitive measures with sufficient strength. Thus the information can be delivered FRSI have ensured only qualified and regulation-conformed financial-institutions could be allowed to enter. That could safeguard the steadiness of the financial market.展开更多
China rolls out new pro-growth policies against external uncertainty,Against the current backdrop of economic fragmentation,trade wars and volatile capital flows,China's top financial regula-tors have unveiled a r...China rolls out new pro-growth policies against external uncertainty,Against the current backdrop of economic fragmentation,trade wars and volatile capital flows,China's top financial regula-tors have unveiled a raft of supportive measures aimed at insulating domestic markets from extemal headwinds,while accelerating the transition to high-quality growth.At a joint press conference in Beijing on May 7.heads of the People's Bank of China(PBC),the National Financial Regulatory Administration(NFRA)and the China Securities Regulatory Commission(CSRC)underscored a clear message:Amid global uncertainty.China is doubling down on self-reinforcement-not isola-tion-through calibrated policy innovation.展开更多
Frequent price manipulation in the Bitcoin market will lead to market risk and seriously disrupt the financial order,but there is less research on its regulation.We address the Bitcoin price manipulation problem by bu...Frequent price manipulation in the Bitcoin market will lead to market risk and seriously disrupt the financial order,but there is less research on its regulation.We address the Bitcoin price manipulation problem by building a regulatory game model.First,we study the price manipulation mechanism of the Bitcoin market based on behavioral finance and clarify the boundary conditions.Second,we introduce regulator constraints and establish a game model between the manipulator and the regulator.Further,through variable deconstruction,parameter verification,and simulation analysis,we explore how to achieve effective regulation of Bitcoin price manipulation.We find that the effective regulation of Bitcoin price manipulation can be achieved in three ways:(1)Adjust the penalty coefficient with a certain lower threshold so that the manipulator’s expected return is negative;(2)Set the lowest possible price fluctuation standard while ensuring that it does not interfere with market-based transactions;(3)The simulation of price manipulation regulation is optimized and most efficiently controlled when the probability of investigation is dynamically adjusted by a concave function on the price fluctuation standard.展开更多
China＇s Internet finance industry developed explosively from 2012 to 2015. Undersupply of finaneial services, progress of information technology and accommodative regulations for Internet finance jointly explain the ...China＇s Internet finance industry developed explosively from 2012 to 2015. Undersupply of finaneial services, progress of information technology and accommodative regulations for Internet finance jointly explain the explosive development. Regulation tightened after the small-scale P2P lending crisis in 2015. The present paper discusses the role of information technology and mega data analysis in financial services, with particular attention paid to some popular misconceptions. The paper predicts that large financial institutions and information technology companies will play a dominant role in the future development of lnternet finance.展开更多
Digital currency has been widely used ever since the concept of Bitcoin was formulated.It uses blockchains as its underlying technical support and is characterized by decentralization,programmability,and security veri...Digital currency has been widely used ever since the concept of Bitcoin was formulated.It uses blockchains as its underlying technical support and is characterized by decentralization,programmability,and security verification based on the principles of cryptology.Generally speaking,theories on the legal attributes of digital currency regard it either as nonmonetary property or as currency.The former theory can be subdivided into theories on digital currency as commodity,as securities or as data.All of these subdivisions present insurmountable theoretical difficulties and practical obstacles.If we return to the substantive nature of currency as a generally accepted accounting symbol,it can be seen that currency issuance by the state or a private bank is simply a means of building currency credit rather than a necessary condition.Unlike traditional currency,digital currency relies on blockchain technology to complete the construction of decentralized currency credit.This has resulted in a new theory of currency based on the theory of digital currency.On the one hand,it offers a jurisprudential foundation for the construction of the quasi-currency attributes of digital currency;on the other,it provides a theoretical basis for the gradual improvement of digital currency legislation.We can first determine the legal attributes of digital currency as a quasi-currency and then confirm its legal position when the time is ripe.We need to confirm the legal status of digital currency as a quasi-currency through legislation,and use this as a logical starting point for the construction of a series of legal systems for digital currency as a quasi-currency.Digital currency can easily be used as a tool for crime or for evading financial controls;therefore,we need to determine a regulatory body and formulate regulatory rules.展开更多
文摘Preventing financial risk is an important topic that academic circles and the government have paid attention to for a long time.The development of fintech and the improvement of financial regulation will affect the level of financial risk.The relationship between the degree of matching between fintech and financial regulation and financial risk is explored,which is crucial for reducing financial risk.Panel data from 31 provinces in China from 2011 to 2020 is used to explore the impact of fintech and financial regulatory matching levels on financial risk.The study finds that the improved matching level between fintech and financial regulation helps reduce financial risk.The degree of matching between fintech and financial regulation affects financial risk through financial efficiency.
文摘Financial regulation and supervision is an important subject in finance research. After the U. S. subprime mortgage crisis,the weakness in this field becomes the research focus. Every country attaches importance to strengthen the financial supervision and management. But the financial regulatory system is a large system,and the process of model building and index selection is very complicated. A model for China's financial regulation and supervision system was proposed and a system evaluation method was improved. A more exact result was drawn by choosing 2003- 2009 index data.
基金funded by a general project of the National Social Science Fund of China“Research on the Construction of the Implementation Mechanism of the Paris Agreement under the Concept of a Community with a Shared Future for Mankind(Project No.:20BFX210)”a Humanities and Social Sciences Special Project of the Fundamental Research Funds for the Central Universities“Research on Legal Issues and Countermeasures for Promoting High-Quality Green Development in the Belt and Road Region”(Project No.:2022CD-JSKPY28).
文摘Driven by the dual forces of China’s financial powerhouse strategy and advancements in artificial intelligence,digital finance has experienced rapid growth,rendering traditional financial legal regulations inadequate to meet its regulatory demands.Key challenges include lagging legislative regulation,limited applicability of the standard regulations,and diminished effectiveness of the supervisory regulations.These challenges stem from the“single-entity”regulatory approach which is inadequate to meet its regulatory needs of mixed operations of digital finance,the misalignment between“static”administrative regulations and the dynamic evolution of financial technology(fintech),and the uneven allocation of regulatory resources,which constrain regulatory precision.To achieve a dynamic balance between the development of digital finance and its regulation,the adoption of inclusive legal regulation is imperative.The technological empowerment theory integrates the principles of finance with the“people-centered”concept and the social good,which thereby safeguards the rights and interests of digital finance consumers.As a pivotal standard for shaping inclusive legal regulation,digital justice should not only uphold fairness in the regulation of processes but also advance the organic integration of scenario-based justice and the principles of Law 3.0.In the future,China should foster multi-stakeholder collaborative governance to ensure the orderly allocation of the regulators’power.This effort should be supported by a comprehensive toolkit of technological regulations,which can dynamically balance incentive regulation with binding regulation while simultaneously enabling the efficient flow of regulatory resources within specific application scenarios.Such strategies would provide a viable pathway toward the goal of achieving inclusive legal regulation in digital finance.
文摘In the process of implementing data openness between banks and fin-tech companies,as the breadth and depth of cooperation between banks and enterprises continue to increase,there is a risk of“too much correlation to fail”and“too many links to fail”.There are problems with the implementation of financial data openness by regulatory agencies for banks and fin-tech enterprises,such as the ambiguity of regulatory responsibilities,the emphasis on financial regulatory goals,and the lag in regulatory methods.To address these issues,it is necessary to clarify the responsibilities of financial regulatory agencies,establish a collaborative mechanism for financial regulation,coordinate the types of risks in bank enterprise cooperation,achieve the technical implementation of financial regulatory measures and the design of regulatory systems,obtain regulatory data in real time,establish a hierarchical regulatory system for bank enterprise cooperation to improve the regulatory path,and ensure the rational and legal use of financial data in bank enterprise cooperation.
基金supported by a grant from the National Social Science Fund of China(No.20FJYB052)a grant from the Industry-University-Research Innovation Fund of the Center for Science and Technology Development of the Ministry of Education(No.2019J01009)+1 种基金a grant from Shaanxi Soft Science Research Plan(No.2021KRM151)a grant from Xi'an Social Science Fund Planning(No.19J31).
文摘As a disruptive innovation,FinTech has posed risks in the financial industry that are more unidentifiable,sweeping,disruptive and influential.Given these new developments,deeper regulatory reform has become necessary to safeguard national financial security,and prevent and dissolve financial risks.On March 11,2021,the 14th Five-Year Plan'endorsed by the Fourth Session of the 13th National People's Congress stressed that China will improve the modern financial regulatory system and shore up our weaknesses in the regulatory system,and boost the application of regulatory technology and financial innovation risk assessment.This marks that the establishment of a technology-driven financial regulatory framework has been put on the agenda.Based on an analysis of the essential implications and drivers of RegTech innovation,this paper discusses the theoretical logic of RegTech innovation.Technology enables intelligent regulatory processes,efficient information processing and robust risk control.The restructuring of the regulatory system has revealed shifts in regulatory paradigms.These include a shift from passive response to proactive change,a shift toward positive interactions between regulators and industry players,as well as more close coordination among regulators.These changes have resulted in more adaptable and efficient regulation.After summarizing foreign experience and Chinese practice,this paper presents optimal pathways for RegTech innovation in China in the following aspects:consolidating the rule-of-law foundation for RegTech innovation,speeding up institutional reforms,improving policy services,strengthening infrastructure development,and building multiparty cooperation mechanisms.This study serves as a reference for building a technology-centric modern financial regulatory system and a sound environment forFinTechdevelopment.
文摘The Xinhua News Agency has released the full text of the No.340 order of the State Council signed by Premier Zhu Rongji, on the publication of the Regulations of the People’s Republic of China on the Control of Foreign Funded Financial Institutions, which will take effect on the date of February 1 in 2002.
文摘Propelled by a combination of policy enablers,increasing investments,and the COVID-19 pandemic,the global financial technology(fintech) industry has entered a period of rapid growth in recent years.Yet it is important to note that poor regulation and weak supervision might produce risks and shocks to financial stability,business competition,social equity,and environmental resources.The encouraging approach toward fintech development adopted by major global economies over the past decade has ignored regulation to varying degrees,resulting in unbalanced and inadequate supervision,which has been falling short of meeting public concerns effectively.Since 2019,international discussions on how to regulate fintech have become more and more heated.It has been widely agreed that,to regulate fintech effectively,three pillars must be established—data,competition,and financial regulatory rules.Given the increasing challenges posed by large technology firms (big techs)to financial regulation,this paper proposes to prioritize entity-based regulation,with a focus on reforming the rules concerning operational resilience and competition.China should keep a close eye on international trends and learn to devise appropriate rules for entity-based regulation,which will prove necessary to guide the steady,sound,and sustainable development of its fintech industry.
文摘The social and economic level continues to improve, the financial market is also expanding, the business diversification trend of commercial banks is more and more obvious, and the banking supervision is an important part of promoting the healthy and sustainable development of banking business, but also the core of the stable development of Chinese financial market. The constant change of the development of the banking industry also puts forward higher requirements for its supervision. This paper combed the since Chinese reform and opening up the evolution of the banking supervision system, analysis of the current situation of Chinese banking regulatory legislation and regulation in the banking management problems, at the same time by comparing the banking regulation law and foreign banking legislation situation in our country, our country banking industry in the future perfect regulation put forward the corresponding countermeasures and Suggestions.
文摘The rapid development of the global personal credit market has been driven by diversification and technological innovation,both of which serve as key catalysts for industry transformation.This paper conducts a comparative analysis of international personal credit markets to examine successful practices and challenges in credit products,credit assessment,and risk management across various countries.In particular,advancements in financial technology,including big data and artificial intelligence,have created new opportunities for enhancing the accessibility and personalization of credit services.Nevertheless,China’s personal credit market continues to face significant challenges,such as an underdeveloped credit infrastructure,outdated financial regulations,and limited product innovation.Drawing insights from international experiences,China can enhance its credit evaluation systems,strengthen financial regulations,and foster innovation in financial technology to facilitate healthy market development and advance inclusive finance.
文摘In 2018,China implemented the Guidelines on Regulating the Asset Management of Financial Institutions,a financial regulation aimed at restricting enterprises'financial investments through asset management products.This policy sought to curb corporate financialization and potentially impact other corporate activities.Treating this policy as a quasi-experiment,the present study employed a generalized difference-in-differences regression model to examine its effect on corporate research and development(R&D)from the perspective of de-financialization.Using data from Chinese listed companies spanning 2013 to 2022,the key findings are as follows:(i)The policy significantly boosted corporate R&D intensity.Enterprises with higher levels of financialization before the policy experienced a more substantial increase in R&D intensity after its implementation.(ii)Heterogeneity tests reveal that the positive effect of the policy on R&D was more pronounced for firms in high-tech industries,those with greater corporate transparency,and those receiving more government subsidies.(ii)The policy's impact on R&D was driven by the reallocation of resources from financial to real assets,as well as the alleviation of firms'financing constraints.
文摘This article outlines the benefits and risks of the distributed ledger technology(DLT)for the clearing and settlement of exchange-traded and OTC securities,followed by a description of the technology’s potential role for central counterparties and central securities depositories.Although the industry and scholars are attempting to solve the technological and operational issues that DLT systems still face,outstanding legal risks are such that the financial industry is asking for more regulatory guidance and intervention.This article wants to contribute to the public policy debate by presenting potential regulatory barriers that may have to be removed for DLT to be fully adopted.In addition,it identifies areas requiring an update of the legal framework in order to address certain prudential and conduct risks that this technology could introduce.
文摘This study analyzes the impact of a newly emerging type of anti-money laundering regulation that obligates cryptocurrency exchanges to report suspicious transactions to financial authorities.We build a theoretical model for the reporting decision structure of a private bank or cryptocurrency exchange and show that an inferior ability to detect money laundering(ML)increases the ratio of reported transactions to unreported transactions.If a representative money launderer makes an optimal portfolio choice,then this ratio increases further.Our findings suggest that cryptocurrency exchanges will exhibit more excessive reporting behavior under this regulation than private banks.We attribute this result to cryptocurrency exchanges’inferior ML detection abilities and their proximity to the underground economy.
基金Funded by National Nature Science Fund (Important Project No.79790130)
文摘The dynamic signaling game-model is employed to study countermeasures of Q, U and C for supply-demand on financial market. As the game result, the mixed equilibrium of Q and U exists naturally without FRS. It is concluded that FRS on market admittance is objective demand of financial market, also the rational management behavior of government FRSI. And in addition to the empirical criteria, the FRS agreements between FRSI and financial-institutions should be considered as one of advanced FRS techniques. These must cover:① the regulation conformed status investigation with sufficient frequency,② corresponding punitive measures with sufficient strength. Thus the information can be delivered FRSI have ensured only qualified and regulation-conformed financial-institutions could be allowed to enter. That could safeguard the steadiness of the financial market.
文摘China rolls out new pro-growth policies against external uncertainty,Against the current backdrop of economic fragmentation,trade wars and volatile capital flows,China's top financial regula-tors have unveiled a raft of supportive measures aimed at insulating domestic markets from extemal headwinds,while accelerating the transition to high-quality growth.At a joint press conference in Beijing on May 7.heads of the People's Bank of China(PBC),the National Financial Regulatory Administration(NFRA)and the China Securities Regulatory Commission(CSRC)underscored a clear message:Amid global uncertainty.China is doubling down on self-reinforcement-not isola-tion-through calibrated policy innovation.
基金the National Science Foundation of China(No.61602536)Emerging Interdisciplinary Project of Central University of Finance and Economics(CUFE)Financial Sustainable Development Research Team.
文摘Frequent price manipulation in the Bitcoin market will lead to market risk and seriously disrupt the financial order,but there is less research on its regulation.We address the Bitcoin price manipulation problem by building a regulatory game model.First,we study the price manipulation mechanism of the Bitcoin market based on behavioral finance and clarify the boundary conditions.Second,we introduce regulator constraints and establish a game model between the manipulator and the regulator.Further,through variable deconstruction,parameter verification,and simulation analysis,we explore how to achieve effective regulation of Bitcoin price manipulation.We find that the effective regulation of Bitcoin price manipulation can be achieved in three ways:(1)Adjust the penalty coefficient with a certain lower threshold so that the manipulator’s expected return is negative;(2)Set the lowest possible price fluctuation standard while ensuring that it does not interfere with market-based transactions;(3)The simulation of price manipulation regulation is optimized and most efficiently controlled when the probability of investigation is dynamically adjusted by a concave function on the price fluctuation standard.
文摘China＇s Internet finance industry developed explosively from 2012 to 2015. Undersupply of finaneial services, progress of information technology and accommodative regulations for Internet finance jointly explain the explosive development. Regulation tightened after the small-scale P2P lending crisis in 2015. The present paper discusses the role of information technology and mega data analysis in financial services, with particular attention paid to some popular misconceptions. The paper predicts that large financial institutions and information technology companies will play a dominant role in the future development of lnternet finance.
文摘Digital currency has been widely used ever since the concept of Bitcoin was formulated.It uses blockchains as its underlying technical support and is characterized by decentralization,programmability,and security verification based on the principles of cryptology.Generally speaking,theories on the legal attributes of digital currency regard it either as nonmonetary property or as currency.The former theory can be subdivided into theories on digital currency as commodity,as securities or as data.All of these subdivisions present insurmountable theoretical difficulties and practical obstacles.If we return to the substantive nature of currency as a generally accepted accounting symbol,it can be seen that currency issuance by the state or a private bank is simply a means of building currency credit rather than a necessary condition.Unlike traditional currency,digital currency relies on blockchain technology to complete the construction of decentralized currency credit.This has resulted in a new theory of currency based on the theory of digital currency.On the one hand,it offers a jurisprudential foundation for the construction of the quasi-currency attributes of digital currency;on the other,it provides a theoretical basis for the gradual improvement of digital currency legislation.We can first determine the legal attributes of digital currency as a quasi-currency and then confirm its legal position when the time is ripe.We need to confirm the legal status of digital currency as a quasi-currency through legislation,and use this as a logical starting point for the construction of a series of legal systems for digital currency as a quasi-currency.Digital currency can easily be used as a tool for crime or for evading financial controls;therefore,we need to determine a regulatory body and formulate regulatory rules.
