's markets for investment and credit. An ETPL's underlying is a standardised commercial bank loan. With loan issue it is ‘pieced …': parted into pieces of equal rights and size. A significant number of pieces is then retained by the loan issuing bank, while …. Standardisation and trading of ETPL assets allow for easier comparability, valuation and transferability of bank assets and encourage …

。债券平均规模与债券剩余期限的网络节点效应对债券未来风险溢价也有较大影响。从实证结果的政策含义上来看：一方面，准确、全面地披露城投债信息、管控城投债系统性风险，有助于维系债券市场价格信号的有效性，稳定债券市场；另一方面，在控制城投债风险溢价的过程中，政府需要重点关注风险溢价波动较高、债券发行数量较多的省份，同时也需要时刻关注债券的平均规模与剩余期限，在各省实行差异化的适应性金融政策，对深化金融供给侧结构性改革，维护脱贫攻坚成果具有重要意义。English abstract: As a barometer to measure the risk, the risk premia of bonds imply the risk of the bond market. When using the … parametric model to predict the risk premia, the external policies and the real-time changes of the economy not only will lead to … a more reasonable parameter modeling method to predict the future trend of bond risk premia. We find that, ①in the …

both academia and policy makers. Beyond traditional on-balance sheet bank loans and bond investment, how did shadow banking …

bank funding markets.Chinese Abstract: 作者们在本文中考量中国商业信用的准入及分配、提供给储户的投资选择以及中国的银行的有效融资选择。笔者强调由于银行把储户资金投入缺乏披露的表外贷款、遵循各类政治诱因、将中小企业及微小企业的借贷控制下放给影子金融家，从而导致的市场的内在缺陷、惊人的外部效应以及潜力巨大的道德风险。文章最终唤起对中国信贷、储蓄及银行融资市场的创新和实践改革的行动。 …