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宏观workshop:Strategic Challenges of Decoupling for China and the United States:Focus on the Global Flow of Funds
发布日期：2023-09-15 12:00 来源：
时间：2023年9月15日 上午10:00-11:30
地点：承泽园 245教室
主讲人：Nan Zhang (Hiroshima Shudo University)
摘要：This paper constructs an analytical framework of the global flow of funds (GFF) to observe the process and obstacles of China–US decoupling. We speculate China–US structural relationship in savings and investment imbalance during 1980–2021 by the flow data. Then we also observe the issues of China–US in the external financial assets and liabilities by stock data, focusing on the external adjustment mode in 2017–2021.
This study improves upon GFF statistics to measure global financial stability at the national and cross-border sectoral levels. After investigating the data sources and rebuilding the statistical framework to establish the sectoral from-whom-to-whom financial stock matrix (FFSM) with the sectoral account data and international statistics from the Coordinated Portfolio Investment Survey, International Investment Position, and Bank for International Settlements (BIS) statistics. The FFSM focuses on counterparty national and cross-border exposures of the sectors in China, Japan, the Unites Kingdom, and the United States to construct country-specific financial networks and connect each country-level network based on cross-border exposures. The analytical results systematically show the bilateral exposures between the four countries in the GFF, identify sectoral interlinkages, the characteristics of overseas investment, and external shocks and internal influences. We also further propose an eigenvector decomposition of the effects to provide an analytical description of the propagation process.
主讲人简介：Zhang Nan is a Professor of Statistics in the Faculty of Economic Sciences, Hiroshima Shudo University, Japan. He received his Master' degree from Capital University of Economics and Business, China in 1988. After that, He came to Japan as a graduate research associate in 1989, studied in the Institute of Economic Research at Kyoto University, and received Ph.D degree in 1993 from Ritsumeikan University, Japan.
His research focuses on Global Flow of Funds Analysis, Financial Econometrics, Economic Statistics and Monetary & Financial Statistics. Professor Zhang is a special research fellow of the Research Center for Finance and Securities at Peking University, and he also is a consulting fellow of the Research and Statistics Department of the People's Bank of China. At Hiroshima Shudo University he teaches Statistics, Economic Statistics, and Financial Econometrics.
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宏观workshop:Strategic Challenges of Decoupling for China and the United States:Focus on the Global Flow of Funds
发布日期：2023-09-15 12:00 来源：
时间：2023年9月15日 上午10:00-11:30
地点：承泽园 245教室
主讲人：Nan Zhang (Hiroshima Shudo University)
摘要：This paper constructs an analytical framework of the global flow of funds (GFF) to observe the process and obstacles of China–US decoupling. We speculate China–US structural relationship in savings and investment imbalance during 1980–2021 by the flow data. Then we also observe the issues of China–US in the external financial assets and liabilities by stock data, focusing on the external adjustment mode in 2017–2021.
This study improves upon GFF statistics to measure global financial stability at the national and cross-border sectoral levels. After investigating the data sources and rebuilding the statistical framework to establish the sectoral from-whom-to-whom financial stock matrix (FFSM) with the sectoral account data and international statistics from the Coordinated Portfolio Investment Survey, International Investment Position, and Bank for International Settlements (BIS) statistics. The FFSM focuses on counterparty national and cross-border exposures of the sectors in China, Japan, the Unites Kingdom, and the United States to construct country-specific financial networks and connect each country-level network based on cross-border exposures. The analytical results systematically show the bilateral exposures between the four countries in the GFF, identify sectoral interlinkages, the characteristics of overseas investment, and external shocks and internal influences. We also further propose an eigenvector decomposition of the effects to provide an analytical description of the propagation process.
主讲人简介：Zhang Nan is a Professor of Statistics in the Faculty of Economic Sciences, Hiroshima Shudo University, Japan. He received his Master' degree from Capital University of Economics and Business, China in 1988. After that, He came to Japan as a graduate research associate in 1989, studied in the Institute of Economic Research at Kyoto University, and received Ph.D degree in 1993 from Ritsumeikan University, Japan.
His research focuses on Global Flow of Funds Analysis, Financial Econometrics, Economic Statistics and Monetary & Financial Statistics. Professor Zhang is a special research fellow of the Research Center for Finance and Securities at Peking University, and he also is a consulting fellow of the Research and Statistics Department of the People's Bank of China. At Hiroshima Shudo University he teaches Statistics, Economic Statistics, and Financial Econometrics.
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