Research on the Scale of Underground Finance in China and Its Macroeconomic Impacts

Author: Li Jianzhuang et al.
Publisher:
Publish Date: 2005-09-01
Features: This book is the first to attempt to use multiple measurement methods and techniques to study the scale of underground finance and its impact on the macroeconomy. The authors designed measurement methods from multiple perspectives and conducted empirical tests. The book is divided into four parts: Part 1 measures the scale of underground finance, calculating the scale of net underground financial investment, cross-border underground capital flows, underground monetary funds, underground credit, and the underground finance scale index. Part 2 measures the degree of impact of underground finance on the macroeconomy, successively studying the impact of net underground financial investment on capital formation and the deviation of national savings, the impact of cross-border underground capital flows on exchange rates and balance of payments, the impact of underground monetary funds on monetary equilibrium, and the impact of underground finance on economic growth, output gap, and economic efficiency, and compiling an index of the impact of underground finance on the macroeconomy. Part 3 compares measurement methods and regulatory countermeasures, objectively judging the confidence interval of the scale of underground finance and its impact on the economy after comparing different measurement methods for the scale of underground finance and its economic impact, concluding the neutral scale of underground finance, and proposing countermeasures for regulating underground finance with a combination of ( refers to a balanced approach of both curbing and managing). Part 4 is thematic research, using statistical surveys as the basic method, conducting specialized research on the scale and impact of private funds in China's securities market, the status of private lending in Zhejiang, the scale and impact of informal finance in Fujian, and the cross-border circulation of the RMB at the China-Vietnam border.