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Project

MFR-China

This project will provide a comprehensive study of the interbank market in China including its overall stability, its consequences for investment and its support for new productive ventures.

Faculty Directors

Lars Peter Hansen, Zhiguo He

The Macro Finance Research Program (MFR-China) will explore financial market evolution, banking reform, debt, and reform of state-owned enterprises. Researchers will investigate the many questions facing China’s increasingly dynamic financial markets—from privacy issues to credit worthiness and systemic risk—including the emerging challenges facing China’s regulators. This research will provide important insight for Chinese policymakers, as well as build resources for future research.

As regulators are growing their new teeth in China, it becomes of particular value to have researchers explore systematically the costs and benefits of the proposed restrictions and to study the potential impacts of financial regulation on the future growth of the Chinese economy.

“China has demonstrated an amazing ability to innovate within its financial sector, especially in terms of financial technology. However, such innovation is not the norm among its state-owned financial institutions. While the rise of a shadow banking system can help fill the gaps left by a slow-to-respond state infrastructure, it can also give rise to risks for which China’s regulators are unprepared to face.”

Lars Peter Hansen

Faculty Directors
Lars Peter Hansen, David Rockefeller Distinguished Service Professor in Economics, University of Chicago

Zhiguo He, Professor of Finance, Booth School of Business; Director of the Fama-Miller Center, University of Chicago

Visit the MFR-China Page

Content

  • About
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Associated Scholars

Scholars / UChicago Scholar

Lars Peter Hansen

The David Rockefeller Distinguished Service Professor in Economics and Statistics, the Kenneth C. Griffin Department of Economics and the Booth School of Business; Director of BFI's Macro Finance Research Program
Scholars / UChicago Scholar

Zhiguo He

Fuji Bank and Heller Professor of Finance, Booth School of Business

Associated Working Papers

BFI Working Paper • Nov 5, 2020

Structured Ambiguity and Model Misspecification

Lars Peter Hansen, Thomas J. Sargent
Topics:  Fiscal Studies, Monetary Policy
View Working Paper View Research Brief
BFI Working Paper • Nov 20, 2019

Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets

Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu, Rengming Xie
Topics:  Financial Markets
View Working Paper
BFI Working Paper • Aug 18, 2019

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes

Zhuo Chen, Zhiguo He, Chun Liu
Topics:  Uncategorized
View Working Paper
View All

Associated Insights

Insights / Video

Confronting Economic Uncertainty: Remarks by Lars Peter Hansen to the delegation from the China Investment Corporation

Lars Peter Hansen, the David Rockefeller Distinguished Service Professor in Economics, Statistics and the Booth...

Associated News

BFI News • Jan 23, 2020

UChicago’s Zhiguo He Testifies in US-China Economic and Security Review Commission Hearing on China’s Quest for Capital

Zhiguo He, Fuji Bank and Heller Professor of Finance, Booth School of Business, testified to the US-China Economic and Security Review Commission, on Thursday, January 23, 2020. In the...
Topics:  Financial Markets
Media Mention • Jan 8, 2020

Tech Firms To Benefit From Innovation

China Daily; Macroeconomy and Finance in China Conference
Media Mention • Dec 29, 2019

Interview With Lars Peter Hansen, Recipient Of Nobel Prize In Economics: Generally, The Advantages Of China‘S Economy Becoming More And More Open Outweigh The Disadvantages

National Business Daily; Macroeconomy and Finance in China Conference
View All

Other Research at BFI

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  • BFI-China
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