The dynamic analysis of financial systems is a developing field that combines mathematics and economics to understand and explain fluctuations in financial markets.This paper introduces a new three-dimensional(3D)frac...The dynamic analysis of financial systems is a developing field that combines mathematics and economics to understand and explain fluctuations in financial markets.This paper introduces a new three-dimensional(3D)fractional financial map and we dissect its nonlinear dynamics system under commensurate and incommensurate orders.As such,we evaluate when the equilibrium points are stable or unstable at various fractional orders.We use many numerical methods,phase plots in 2D and 3D projections,bifurcation diagrams and the maximum Lyapunov exponent.These techniques reveal that financial maps exhibit chaotic attractor behavior.This study is grounded on the Caputo-like discrete operator,which is specifically influenced by the variance of the commensurate and incommensurate orders.Furthermore,we confirm the presence and measure the complexity of chaos in financial maps by the 0-1 test and the approximate entropy algorithm.Additionally,we offer nonlinear-type controllers to stabilize the fractional financial map.The numerical results of this study are obtained using MATLAB.展开更多
This study examined the interconnectedness and volatility correlation between cryptocurrency and traditional financial markets in the five largest African countries,addressing concerns about potential spillover effect...This study examined the interconnectedness and volatility correlation between cryptocurrency and traditional financial markets in the five largest African countries,addressing concerns about potential spillover effects,especially the high volatility and lack of regulation in the cryptocurrency market.The study employed both diagonal BEKK-GARCH and DCC-GARCH to analyze the existence of spillover effects and correlation between both markets.A daily time series dataset from January 1,2017,to December 31,2021,was employed to analyze the contagion effect.Our findings reveal a significant spillover effect from cryptocurrency to the African traditional financial market;however,the percentage spillover effect is still low but growing.Specifically,evidence is insufficient to suggest a spillover effect from cryptocurrency to Egypt and Morocco’s financial markets,at least in the short run.Evidence in South Africa,Nigeria,and Kenya indicates a moderate but growing spillover effect from cryptocurrency to the financial market.Similarly,we found no evidence of a spillover effect from the African financial market to the cryptocurrency market.The conditional correlation result from the DCC-GARCH revealed a positive low to moderate correlation between cryptocurrency volatility and the African financial market.Specifically,the DCC-GARCH revealed a greater integration in both markets,especially in the long run.The findings have policy implications for financial regulators concerning the dynamics of both markets and for investors interested in portfolio diversification within the two markets.展开更多
After September 11 events, America has launched a worldwide financial war against terrorism with a series of farreaching measures. It is not only confined to combating international terrorist activities, but will also...After September 11 events, America has launched a worldwide financial war against terrorism with a series of farreaching measures. It is not only confined to combating international terrorist activities, but will also exert great展开更多
This paper introduces the origin of Inclusive Financial System, summarizes the basic theories and views on inclusive financial system development and poverty reduction from experts and scholars at home and abroad. The...This paper introduces the origin of Inclusive Financial System, summarizes the basic theories and views on inclusive financial system development and poverty reduction from experts and scholars at home and abroad. The paper establishes a theoretical analysis framework which impacts poor family income gap by using exponential smoothing method. The government should improve the credit market in poverty- stricken area by the way of macro-management to establish inclusive financial system, to overcome the difficulty of poor farmers＇ credit, to make more poor families to obtain credit opportunities.展开更多
The implementation of the rural revitalization strategy can provide a better solution for problems such as the“three rural”development limitations and the imbalance of urban and rural economic development as it is t...The implementation of the rural revitalization strategy can provide a better solution for problems such as the“three rural”development limitations and the imbalance of urban and rural economic development as it is the key to comprehensive building of a well-off society.Based on Linhai City’s finance status,this article analyzes the financial needs of the city for a better economic development under the rural revitalization strategy which prioritizes the policy of building a city financial system.The city’s financial system should be organized in a multi-level stucture for better economic development.This will improve the credit system of villages and towns,strengthen agricultural product innovation financially,and improve the finances of rural residents.展开更多
Under the present situation of dramatic change of the national income distribution pattern, the dominant economy of our progressive reform has made a rapid change from the past government-direct-financing type to the ...Under the present situation of dramatic change of the national income distribution pattern, the dominant economy of our progressive reform has made a rapid change from the past government-direct-financing type to the present bank-indirect-financing type. In order to replace the function of government- investment in the state-owned economy, the direct and indirect financing channel of the process of our financial system transition has an obvious preference for its ownership system, and the small and medium-sized financial institutions matching with private business are in a weak state due to the constraints of system supply, these two factors result in the extreme asymmetric between the financial structure and economical structure. A major part of the financial resources are invested in those inefficient state-owned business, which involve the Private business into a difficult position of financing, and the whole financial system transition moves towards the factual pathway-dependency due to the system defect, accordingly the finance resources allocation enter into a system lock state with rather low efficiency, so it calls for some related system innovation to correct its pathway derivation.展开更多
In this paper, a comparison analysis is made on the functions of three generally used financial software, R/3 by SAP, a German company, U8 by Ufida Software Co. Ltd and K/3 by Kingdee. Then, a questionnaire survey has...In this paper, a comparison analysis is made on the functions of three generally used financial software, R/3 by SAP, a German company, U8 by Ufida Software Co. Ltd and K/3 by Kingdee. Then, a questionnaire survey has been conducted to financial staffs in the E-commerce enterprises to find out the degree of satisfaction on the functions of the above systems. The result indicates that most financial staffs are moderately satisfied. Furthermore, to judge the correction of the above questionnaire conclusion, Fuzzy Analytical Hierarchy Process is employed to firstly establish an integral financial appraisal index system and then put forward a comprehensive evaluation model for the functions of financial system used in E-commerce enterprises.展开更多
The important part of the macroeconomic policies is related to financial sector. Banking, which is a portion of this sector, takes the most important place in both the operation of economic system and the realization ...The important part of the macroeconomic policies is related to financial sector. Banking, which is a portion of this sector, takes the most important place in both the operation of economic system and the realization of the institutional or individual activities. It is well known that the foundation of banking system is based on trust, stability and strong capital formation. The birth and development of the banking sector in Turkey is relatively new. If the roots of the Turkish banking are traced, it is seen that the history goes back to the middle of the nineteenth century. Since the establishment of the Republic of Turkey, the targets of the economic development have been tried to be reached through supporting the industry and banking in the leadership of the State. But the obstacles in the financial system have limited the development of the Turkish banking sector. Since the application of the liberalization policies in the markets, particularly after 1980＇s, the banking sector has been one of the most affected sectors from the liberalization. When the fundamental problems of the Turkish banking sector have been analyzed, they can be enumerated as economic instability, being the financier of the public deficits, being too sensitive to the market risks and being fragile, high input costs, inefficient use of capital, defects in the booking system or weaknesses in the control, problems with restructuring, defects in domestic control, lack of risk management and institutional inner-management. In this study, the development of banking sector will be briefly analyzed for determined periods since 1923. The analysis will include the developments which create economic crises, the role of banks in this process, the defects of the banking sector and the financial system, and the effects of crises on the banking sector on the basis of the cause and effect relation. Economic crisis of February 2001 and the banking crisis will be examined in detail. The new arrangements after the 2001 crisis in the banking sector have been overviewed.展开更多
This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level da...This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level data of Malaysian companies between 2000 and 2007 are used. This paper also extends the previous literatures by using a panel data methodology, applying a random-effects estimator. The findings show that： First, the growth investment of firms are positively related to the development of the banking system but negatively related to the capital market. These firms substitute equity for debt associated with an increase in stock market activity （more long-term financing） and debt for equity in the presence of an increase in banking activity （less long-term financing）. Second, the internal growth financing, short-term growth financing and long-term growth financing have shown a significant impact on growth investment by firms. It implies that these financing constraints are complements to the development of banking system and stock market activity. Therefore, well-developed stock markets facilitate long-term financing, whereas a well-developed banking sector facilitates short-term financing. It is recommended that policy makers stress more on banking system for short-term financing and capital market for long-term financing.展开更多
Since 1979 China has adopted a series of measures to reform its financial system. These measures involved establishing the macro control system of the central bank. setting up policy banks, perfecting the financial or...Since 1979 China has adopted a series of measures to reform its financial system. These measures involved establishing the macro control system of the central bank. setting up policy banks, perfecting the financial organization system, developing commercial banks and the monetary market, and reforming the foreign currency management system. The reforms of the past 15 years have brought great changes to China’s financial system. The old unified banking system was broken and diversified financing institutes emerged. Now a financial system comprising the central bank, specialized banks, commercial banks, insurance companics, trust展开更多
Regulation of technology has been a hot issue in the financial field in recent years.Traditional financial regulation is constructed by a centralized account system,which relies on ex-ante regulation.Embedded supervis...Regulation of technology has been a hot issue in the financial field in recent years.Traditional financial regulation is constructed by a centralized account system,which relies on ex-ante regulation.Embedded supervision,which relies on regulation during and after the matter,operates in a decentralized and trusted environment and has the characteristics of high efficiency,transparency,and safety.It provides a breakthrough to solve the lag of traditional financial supervision.This paper clarifies the concepts and theoretical basis of embedded supervision,constructs the embedded supervision model with a lag,and analyzes the feasibility of embedded supervision with a lag.This research can promote scientific exploration and method innovations in the domestic finance field,enrich China’s financial discipline system,and provide decision-making references for practical financial supervision innovation.展开更多
As China’s economy has experienced rapid growth,the economic landscape for higher education institutions’financial systems has become increasingly intricate.Consequently,there has been a heightened demand for enhanc...As China’s economy has experienced rapid growth,the economic landscape for higher education institutions’financial systems has become increasingly intricate.Consequently,there has been a heightened demand for enhanced financial management in these institutions.Notably,in 2012,the country’s Ministry of Finance and Ministry of Education introduced a new financial system for higher education institutions,and in 2022,the Ministry of Finance publicly revised this system to further standardize financial practices within higher education institutions,align with financial management requirements,and foster the development of these institutions.This paper offers an extensive examination of the updated financial system for higher education institutions compared to the previous version,delving into aspects such as the financial management framework,professionalization criteria for financial directors,enhancements in managing the proceeds from technology and research achievements,and the incorporation of management accounting reports.Additionally,it provides a comprehensive analysis of the challenges faced by financial management in higher education institutions and outlines strategies for addressing these issues.展开更多
This paper expounds the necessity of constructing China's rural multiplex financial system as follows.First,overcome the bottleneck effect arising from the shortage of capital in the process of development of rura...This paper expounds the necessity of constructing China's rural multiplex financial system as follows.First,overcome the bottleneck effect arising from the shortage of capital in the process of development of rural small and medium-sized enterprise,and increase farmers' income;second,provide capital support for rural modern industrial development,and promote rural economic development;third,rationally allocate capital,master the money flow and coordinate urban-rural development.The paper also profoundly analyzes the difficulties of constructing China's rural multiplex financial system as follows.First,the existing rural financial system structure is irrational and the function is unsound;second,non-governmental financial market is disorderly and the organization is unsound;third,the rural financial system is simple and the overhaul of rural credit cooperatives system has not yet been done;fourth,the construction of rural system of financial laws and regulations is laggard,and the construction of rural multiplex financial system lacks good social environment.The specific thoughts,measures and countermeasures of constructing mechanism innovation of China's rural multiplex financial system are put forward as follows.First,increasingly perfect legal system and provide legal support for constructing China's rural multiplex financial system;second,quicken the overhaul of rural credit cooperatives system and perfect its function in China's rural multiplex financial system;third,strengthen the degree of support and development,and change the situation of simple structure of rural financial system;fourth,reinforce administrative supervision and perfect public services,and standardize the rural financial market order.展开更多
At present stage,active exploration and healthy development of China’s policy-oriented financial system is hindered by such problems as unclear understanding of policy finance,dislocation of the functions of policy b...At present stage,active exploration and healthy development of China’s policy-oriented financial system is hindered by such problems as unclear understanding of policy finance,dislocation of the functions of policy banks and so on.While sticking to pushing forward the reforms of market-oriented financial system and fully improving the efficiency of the financial system,we must correctly handle the relationship between policy finance and commercial finance,re-examine the position and role of policy finance in the entire financial system of the country,take the policy-oriented financial system as one of the important parts of financing of the social funds,make up and fill in reasonably the"intermediate zone"between the direct fiscal expenditures and commercial financing,pursue the transition of the mechanism relying on government financial resources,realize the multiplexing effect of efficiency promotion,serve the comprehensive,coordinated,sustainable and unified development required by the concept of scientific development and catching-up and breakthrough at some strategic focuses.展开更多
This work focuses on the development and analysis of a financial system using advanced mathematical modeling techniques.Starting from an ordinary fi-nancial system,we extend it to a fractional-order framework by incor...This work focuses on the development and analysis of a financial system using advanced mathematical modeling techniques.Starting from an ordinary fi-nancial system,we extend it to a fractional-order framework by incorporating the Caputo fractional-order operator.The fractional differential equations are solved both analytically and numerically.Analytical solutions are derived us-ing the Elzaki transform method,providing deeper insights into the system’s dynamics.Stability analysis is performed to identify equilibrium points and derive precise conditions for system stability.Furthermore,we explore cha-otic behavior within the system and propose effective control strategies using the feedback control method to regulate its dynamics.The results offer signif-icant contributions to understanding and managing complex financial sys-tems,enabling improved decision-making in financial analysis and policy design.展开更多
The integration of large language models(LLMs)into financial applications has demonstrated remarkable potential for enhancing decision-making processes,automating operations,and delivering personalized services.Howeve...The integration of large language models(LLMs)into financial applications has demonstrated remarkable potential for enhancing decision-making processes,automating operations,and delivering personalized services.However,the high-stakes nature of financial systems demands a very high level of trustworthiness that current LLMs often fail to meet.展开更多
Finance has consistently played a pivotal role in the Chinese modernization and has become an indispensable core competitiveness for China’s economic development.It has played a significant role in promoting economic...Finance has consistently played a pivotal role in the Chinese modernization and has become an indispensable core competitiveness for China’s economic development.It has played a significant role in promoting economic growth,stabilizing employment markets,and facilitating economic transformation.As the economy progresses,advancing financial system reform to adapt to and promote high-quality financial development has become imperative and urgent.Deepening financial system reform is not only a requirement for synchronizing financial development with Chinese modernization but also a key measure to overcome institutional and systemic barriers constraining high-quality financial development.In the context of Chinese modernization,the priorities for deepening financial system reform include upholding the centralized and unified leadership of the Central Committee of the Communist Party of China(CPC),improving the modern central banking system,establishing an efficient financial regulatory framework,developing the“Five Key Financial Areas”(i.e.,sci-tech finance,green finance,inclusive finance,pension finance,and digital finance),harmonizing the investment and financing functions of capital markets,and advancing high-standard financial opening up.Through continuously deepening financial system reform,high-quality financial development can be elevated to a new level,thereby providing robust financial guarantee and abundant momentum for building a highstandard socialist market economy and serving Chinese modernization.展开更多
The financial system serves as a fundamental institutional pillar for China’s economic and social development.Financial system reform constitutes a critical component of China’s comprehensive deepening reforms,a key...The financial system serves as a fundamental institutional pillar for China’s economic and social development.Financial system reform constitutes a critical component of China’s comprehensive deepening reforms,a key link in advancing Chinese modernization,and an essential requirement for modernizing China’s governance system and capabilities.Deepening the financial system reform is urgently needed to accelerate the building of a financial powerhouse,modernize financial governance systems and capabilities,uphold the approach of financial development with Chinese characteristics,serve the real economy,foster new quality productive forces at a faster pace,improve the macroeconomic governance system,balance development and security,and gain strategic initiative in major-power competition.To deepen financial system reform,Chinese people must be guided by the new development philosophy and thoroughly recognize the political and people-centered nature of financial work.To build a financial powerhouse and the mission of promoting high-quality financial development,China should persistently enhance the systematic,holistic,and coordinated nature of financial reforms,accelerate the establishment of a modern financial system with Chinese characteristics,and continuously meet the growing financial needs of economic and social development as well as Chinese people.展开更多
Mainstream theories have not sufficiently explored the organic connection between fiscal and monetary systems.The requirement to establish a modern fiscal,tax,and financial system necessitates a more profound understa...Mainstream theories have not sufficiently explored the organic connection between fiscal and monetary systems.The requirement to establish a modern fiscal,tax,and financial system necessitates a more profound understanding of the interrelated effects between fiscal and monetary systems.This paper,based on a comprehensive analytical framework for fiscal influence on the monetary system,explores the institutional foundation,transmission channels,and regulatory capabilities through which the fiscal authorities affect monetary circulation.There are three findings.First,the Treasury Single Account(TSA)system,the capital contributor responsibility system with the fiscal authorities fulfilling responsibilities as the capital contributor for state-owned commercial banks,and the fiscal credit system endow fiscal authorities with the ability to influence money creation.Second,fiscal authorities exert a significant influence on the monetary market:With regard to money supply,treasury deposits are a vital factor influencing the broad money,and the impact of treasury deposits on money supply exhibits significant cyclical characteristics;And in terms of public financial product production,over the past decade,the proportion of fiscal credit relative to commercial credit has been on the rise,with 11.04%to 31.29%of loans from financial institutions in 2022 categorized as fiscal credit.Third,relevant authorities have employed open market operations to counteract disturbances from treasury revenues and expenditures,have utilized structural monetary policy tools in conjunction with fiscal production of public financial products,expanded government bond space through the characteristics of state-owned financial capital as a fiscal contributor,and supported the central bank’s macro-prudential management through their role as the capital contributor for state-owned commercial banks.展开更多
文摘The dynamic analysis of financial systems is a developing field that combines mathematics and economics to understand and explain fluctuations in financial markets.This paper introduces a new three-dimensional(3D)fractional financial map and we dissect its nonlinear dynamics system under commensurate and incommensurate orders.As such,we evaluate when the equilibrium points are stable or unstable at various fractional orders.We use many numerical methods,phase plots in 2D and 3D projections,bifurcation diagrams and the maximum Lyapunov exponent.These techniques reveal that financial maps exhibit chaotic attractor behavior.This study is grounded on the Caputo-like discrete operator,which is specifically influenced by the variance of the commensurate and incommensurate orders.Furthermore,we confirm the presence and measure the complexity of chaos in financial maps by the 0-1 test and the approximate entropy algorithm.Additionally,we offer nonlinear-type controllers to stabilize the fractional financial map.The numerical results of this study are obtained using MATLAB.
文摘This study examined the interconnectedness and volatility correlation between cryptocurrency and traditional financial markets in the five largest African countries,addressing concerns about potential spillover effects,especially the high volatility and lack of regulation in the cryptocurrency market.The study employed both diagonal BEKK-GARCH and DCC-GARCH to analyze the existence of spillover effects and correlation between both markets.A daily time series dataset from January 1,2017,to December 31,2021,was employed to analyze the contagion effect.Our findings reveal a significant spillover effect from cryptocurrency to the African traditional financial market;however,the percentage spillover effect is still low but growing.Specifically,evidence is insufficient to suggest a spillover effect from cryptocurrency to Egypt and Morocco’s financial markets,at least in the short run.Evidence in South Africa,Nigeria,and Kenya indicates a moderate but growing spillover effect from cryptocurrency to the financial market.Similarly,we found no evidence of a spillover effect from the African financial market to the cryptocurrency market.The conditional correlation result from the DCC-GARCH revealed a positive low to moderate correlation between cryptocurrency volatility and the African financial market.Specifically,the DCC-GARCH revealed a greater integration in both markets,especially in the long run.The findings have policy implications for financial regulators concerning the dynamics of both markets and for investors interested in portfolio diversification within the two markets.
文摘After September 11 events, America has launched a worldwide financial war against terrorism with a series of farreaching measures. It is not only confined to combating international terrorist activities, but will also exert great
文摘This paper introduces the origin of Inclusive Financial System, summarizes the basic theories and views on inclusive financial system development and poverty reduction from experts and scholars at home and abroad. The paper establishes a theoretical analysis framework which impacts poor family income gap by using exponential smoothing method. The government should improve the credit market in poverty- stricken area by the way of macro-management to establish inclusive financial system, to overcome the difficulty of poor farmers＇ credit, to make more poor families to obtain credit opportunities.
基金This paper is funded by the 2018 Taizhou philosophy and social science planning project“Research on city financial system construction under the background of Rural Revitalization Strategy”(fund code:18GHD09).
文摘The implementation of the rural revitalization strategy can provide a better solution for problems such as the“three rural”development limitations and the imbalance of urban and rural economic development as it is the key to comprehensive building of a well-off society.Based on Linhai City’s finance status,this article analyzes the financial needs of the city for a better economic development under the rural revitalization strategy which prioritizes the policy of building a city financial system.The city’s financial system should be organized in a multi-level stucture for better economic development.This will improve the credit system of villages and towns,strengthen agricultural product innovation financially,and improve the finances of rural residents.
文摘Under the present situation of dramatic change of the national income distribution pattern, the dominant economy of our progressive reform has made a rapid change from the past government-direct-financing type to the present bank-indirect-financing type. In order to replace the function of government- investment in the state-owned economy, the direct and indirect financing channel of the process of our financial system transition has an obvious preference for its ownership system, and the small and medium-sized financial institutions matching with private business are in a weak state due to the constraints of system supply, these two factors result in the extreme asymmetric between the financial structure and economical structure. A major part of the financial resources are invested in those inefficient state-owned business, which involve the Private business into a difficult position of financing, and the whole financial system transition moves towards the factual pathway-dependency due to the system defect, accordingly the finance resources allocation enter into a system lock state with rather low efficiency, so it calls for some related system innovation to correct its pathway derivation.
文摘In this paper, a comparison analysis is made on the functions of three generally used financial software, R/3 by SAP, a German company, U8 by Ufida Software Co. Ltd and K/3 by Kingdee. Then, a questionnaire survey has been conducted to financial staffs in the E-commerce enterprises to find out the degree of satisfaction on the functions of the above systems. The result indicates that most financial staffs are moderately satisfied. Furthermore, to judge the correction of the above questionnaire conclusion, Fuzzy Analytical Hierarchy Process is employed to firstly establish an integral financial appraisal index system and then put forward a comprehensive evaluation model for the functions of financial system used in E-commerce enterprises.
文摘The important part of the macroeconomic policies is related to financial sector. Banking, which is a portion of this sector, takes the most important place in both the operation of economic system and the realization of the institutional or individual activities. It is well known that the foundation of banking system is based on trust, stability and strong capital formation. The birth and development of the banking sector in Turkey is relatively new. If the roots of the Turkish banking are traced, it is seen that the history goes back to the middle of the nineteenth century. Since the establishment of the Republic of Turkey, the targets of the economic development have been tried to be reached through supporting the industry and banking in the leadership of the State. But the obstacles in the financial system have limited the development of the Turkish banking sector. Since the application of the liberalization policies in the markets, particularly after 1980＇s, the banking sector has been one of the most affected sectors from the liberalization. When the fundamental problems of the Turkish banking sector have been analyzed, they can be enumerated as economic instability, being the financier of the public deficits, being too sensitive to the market risks and being fragile, high input costs, inefficient use of capital, defects in the booking system or weaknesses in the control, problems with restructuring, defects in domestic control, lack of risk management and institutional inner-management. In this study, the development of banking sector will be briefly analyzed for determined periods since 1923. The analysis will include the developments which create economic crises, the role of banks in this process, the defects of the banking sector and the financial system, and the effects of crises on the banking sector on the basis of the cause and effect relation. Economic crisis of February 2001 and the banking crisis will be examined in detail. The new arrangements after the 2001 crisis in the banking sector have been overviewed.
文摘This paper investigates the impact of financial system design on investment. It is aimed to provide additional empirical evidence based on the original paper by Demirguc-Kunt and Maksimovic （2002）. The firm-level data of Malaysian companies between 2000 and 2007 are used. This paper also extends the previous literatures by using a panel data methodology, applying a random-effects estimator. The findings show that： First, the growth investment of firms are positively related to the development of the banking system but negatively related to the capital market. These firms substitute equity for debt associated with an increase in stock market activity （more long-term financing） and debt for equity in the presence of an increase in banking activity （less long-term financing）. Second, the internal growth financing, short-term growth financing and long-term growth financing have shown a significant impact on growth investment by firms. It implies that these financing constraints are complements to the development of banking system and stock market activity. Therefore, well-developed stock markets facilitate long-term financing, whereas a well-developed banking sector facilitates short-term financing. It is recommended that policy makers stress more on banking system for short-term financing and capital market for long-term financing.
文摘Since 1979 China has adopted a series of measures to reform its financial system. These measures involved establishing the macro control system of the central bank. setting up policy banks, perfecting the financial organization system, developing commercial banks and the monetary market, and reforming the foreign currency management system. The reforms of the past 15 years have brought great changes to China’s financial system. The old unified banking system was broken and diversified financing institutes emerged. Now a financial system comprising the central bank, specialized banks, commercial banks, insurance companics, trust
文摘Regulation of technology has been a hot issue in the financial field in recent years.Traditional financial regulation is constructed by a centralized account system,which relies on ex-ante regulation.Embedded supervision,which relies on regulation during and after the matter,operates in a decentralized and trusted environment and has the characteristics of high efficiency,transparency,and safety.It provides a breakthrough to solve the lag of traditional financial supervision.This paper clarifies the concepts and theoretical basis of embedded supervision,constructs the embedded supervision model with a lag,and analyzes the feasibility of embedded supervision with a lag.This research can promote scientific exploration and method innovations in the domestic finance field,enrich China’s financial discipline system,and provide decision-making references for practical financial supervision innovation.
文摘As China’s economy has experienced rapid growth,the economic landscape for higher education institutions’financial systems has become increasingly intricate.Consequently,there has been a heightened demand for enhanced financial management in these institutions.Notably,in 2012,the country’s Ministry of Finance and Ministry of Education introduced a new financial system for higher education institutions,and in 2022,the Ministry of Finance publicly revised this system to further standardize financial practices within higher education institutions,align with financial management requirements,and foster the development of these institutions.This paper offers an extensive examination of the updated financial system for higher education institutions compared to the previous version,delving into aspects such as the financial management framework,professionalization criteria for financial directors,enhancements in managing the proceeds from technology and research achievements,and the incorporation of management accounting reports.Additionally,it provides a comprehensive analysis of the challenges faced by financial management in higher education institutions and outlines strategies for addressing these issues.
文摘This paper expounds the necessity of constructing China's rural multiplex financial system as follows.First,overcome the bottleneck effect arising from the shortage of capital in the process of development of rural small and medium-sized enterprise,and increase farmers' income;second,provide capital support for rural modern industrial development,and promote rural economic development;third,rationally allocate capital,master the money flow and coordinate urban-rural development.The paper also profoundly analyzes the difficulties of constructing China's rural multiplex financial system as follows.First,the existing rural financial system structure is irrational and the function is unsound;second,non-governmental financial market is disorderly and the organization is unsound;third,the rural financial system is simple and the overhaul of rural credit cooperatives system has not yet been done;fourth,the construction of rural system of financial laws and regulations is laggard,and the construction of rural multiplex financial system lacks good social environment.The specific thoughts,measures and countermeasures of constructing mechanism innovation of China's rural multiplex financial system are put forward as follows.First,increasingly perfect legal system and provide legal support for constructing China's rural multiplex financial system;second,quicken the overhaul of rural credit cooperatives system and perfect its function in China's rural multiplex financial system;third,strengthen the degree of support and development,and change the situation of simple structure of rural financial system;fourth,reinforce administrative supervision and perfect public services,and standardize the rural financial market order.
文摘At present stage,active exploration and healthy development of China’s policy-oriented financial system is hindered by such problems as unclear understanding of policy finance,dislocation of the functions of policy banks and so on.While sticking to pushing forward the reforms of market-oriented financial system and fully improving the efficiency of the financial system,we must correctly handle the relationship between policy finance and commercial finance,re-examine the position and role of policy finance in the entire financial system of the country,take the policy-oriented financial system as one of the important parts of financing of the social funds,make up and fill in reasonably the"intermediate zone"between the direct fiscal expenditures and commercial financing,pursue the transition of the mechanism relying on government financial resources,realize the multiplexing effect of efficiency promotion,serve the comprehensive,coordinated,sustainable and unified development required by the concept of scientific development and catching-up and breakthrough at some strategic focuses.
文摘This work focuses on the development and analysis of a financial system using advanced mathematical modeling techniques.Starting from an ordinary fi-nancial system,we extend it to a fractional-order framework by incorporating the Caputo fractional-order operator.The fractional differential equations are solved both analytically and numerically.Analytical solutions are derived us-ing the Elzaki transform method,providing deeper insights into the system’s dynamics.Stability analysis is performed to identify equilibrium points and derive precise conditions for system stability.Furthermore,we explore cha-otic behavior within the system and propose effective control strategies using the feedback control method to regulate its dynamics.The results offer signif-icant contributions to understanding and managing complex financial sys-tems,enabling improved decision-making in financial analysis and policy design.
文摘The integration of large language models(LLMs)into financial applications has demonstrated remarkable potential for enhancing decision-making processes,automating operations,and delivering personalized services.However,the high-stakes nature of financial systems demands a very high level of trustworthiness that current LLMs often fail to meet.
基金supported by the Chinese Academy of Social Sciences’Peak-Strategy Priority Discipline“Finance and Development”(No.DF2023YS28)the Chinese Academy of Social Sciences’Innovation Program“Research on High-Quality Development of Digital Finance”(No.2024JRS01).
文摘Finance has consistently played a pivotal role in the Chinese modernization and has become an indispensable core competitiveness for China’s economic development.It has played a significant role in promoting economic growth,stabilizing employment markets,and facilitating economic transformation.As the economy progresses,advancing financial system reform to adapt to and promote high-quality financial development has become imperative and urgent.Deepening financial system reform is not only a requirement for synchronizing financial development with Chinese modernization but also a key measure to overcome institutional and systemic barriers constraining high-quality financial development.In the context of Chinese modernization,the priorities for deepening financial system reform include upholding the centralized and unified leadership of the Central Committee of the Communist Party of China(CPC),improving the modern central banking system,establishing an efficient financial regulatory framework,developing the“Five Key Financial Areas”(i.e.,sci-tech finance,green finance,inclusive finance,pension finance,and digital finance),harmonizing the investment and financing functions of capital markets,and advancing high-standard financial opening up.Through continuously deepening financial system reform,high-quality financial development can be elevated to a new level,thereby providing robust financial guarantee and abundant momentum for building a highstandard socialist market economy and serving Chinese modernization.
基金supported by the“Research on Increasing the Proportion of Direct Financing,Optimizing Financial Structure,and High-Quality Economic Development under the New Development Pattern”(No.21&ZD111)the National Social Science Fund of China.
文摘The financial system serves as a fundamental institutional pillar for China’s economic and social development.Financial system reform constitutes a critical component of China’s comprehensive deepening reforms,a key link in advancing Chinese modernization,and an essential requirement for modernizing China’s governance system and capabilities.Deepening the financial system reform is urgently needed to accelerate the building of a financial powerhouse,modernize financial governance systems and capabilities,uphold the approach of financial development with Chinese characteristics,serve the real economy,foster new quality productive forces at a faster pace,improve the macroeconomic governance system,balance development and security,and gain strategic initiative in major-power competition.To deepen financial system reform,Chinese people must be guided by the new development philosophy and thoroughly recognize the political and people-centered nature of financial work.To build a financial powerhouse and the mission of promoting high-quality financial development,China should persistently enhance the systematic,holistic,and coordinated nature of financial reforms,accelerate the establishment of a modern financial system with Chinese characteristics,and continuously meet the growing financial needs of economic and social development as well as Chinese people.
基金supported by the major project of the National Social Science Fund of China(No.20AJY020).
文摘Mainstream theories have not sufficiently explored the organic connection between fiscal and monetary systems.The requirement to establish a modern fiscal,tax,and financial system necessitates a more profound understanding of the interrelated effects between fiscal and monetary systems.This paper,based on a comprehensive analytical framework for fiscal influence on the monetary system,explores the institutional foundation,transmission channels,and regulatory capabilities through which the fiscal authorities affect monetary circulation.There are three findings.First,the Treasury Single Account(TSA)system,the capital contributor responsibility system with the fiscal authorities fulfilling responsibilities as the capital contributor for state-owned commercial banks,and the fiscal credit system endow fiscal authorities with the ability to influence money creation.Second,fiscal authorities exert a significant influence on the monetary market:With regard to money supply,treasury deposits are a vital factor influencing the broad money,and the impact of treasury deposits on money supply exhibits significant cyclical characteristics;And in terms of public financial product production,over the past decade,the proportion of fiscal credit relative to commercial credit has been on the rise,with 11.04%to 31.29%of loans from financial institutions in 2022 categorized as fiscal credit.Third,relevant authorities have employed open market operations to counteract disturbances from treasury revenues and expenditures,have utilized structural monetary policy tools in conjunction with fiscal production of public financial products,expanded government bond space through the characteristics of state-owned financial capital as a fiscal contributor,and supported the central bank’s macro-prudential management through their role as the capital contributor for state-owned commercial banks.
