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用學術(shù)講好中國故事是挖掘中國經(jīng)濟社會實踐“富礦”的需要。財政金融學院一直堅持將高水平研究成果與國家重大戰(zhàn)略需求相結(jié)合，研究中國問題，講好中國故事。2021年我院蘆東、苗萌、高昊宇3位青年教師與其合作者所做的中國問題研究發(fā)表在金融學頂刊《Journal of Financial Economics》上，傳播中國聲音。

據(jù)統(tǒng)計，2021年中國境內(nèi)高校學者總共在《Journal of Financial Economics》發(fā)表15篇論文，其中有6篇研究中國問題，我院占3篇。

《Journal of Financial Economics》創(chuàng)刊于1974年，由美國羅切斯特大學主辦，2019年影響因子高達5.731。JFE是國際公認的經(jīng)濟管理類頂級期刊，其與《Journal of Finance》和《Review of Financial Studies》并稱國際頂尖三大金融學期刊。

財政金融學院蘆東副教授與合作者Craig W.Holdena、Volodymyr Lugovskyy、Daniela Puzzello的合作論文《What is the Impact of Introducing a Parallel OTC Market? Theory and Evidence from the Chinese Interbank FX Market》在國際一流學術(shù)期刊Journal of Financial Economics上正式發(fā)表（2021年第140卷，2021.4.1）。

Chinese interbank foreign exchange trading was originally conducted through acentralized, anonymous limit order book (LOB). We determine the impact of the introduction of a parallel decentralized over-the-counter (OTC) market. We find that: (1) most trading migrated to the OTC, (2) the LOB price function is upward-sloping versus the OTC price function is downward-sloping, and (3) the LOB market has a single price function versus the OTC market has multiple price functions. Next, we develop a theoretical model of parallel markets that can simultaneously explain all of these empirical findings. We test a new model prediction and find support.

蘆東，中國人民大學財政金融學院副教授、博士生導師，美國印第安納大學經(jīng)濟學博士，中國人民大學“杰出學者”。主要研究領(lǐng)域為國際金融、金融市場和開放條件下的宏觀經(jīng)濟學等。在Journal of Financial Economics、Journal of Economic Behavior and Organization、Macroeconomic Dynamics、Pacific-Basin Finance Journal、《經(jīng)濟研究》《金融研究》《國際金融研究》等國內(nèi)外權(quán)威學術(shù)期刊發(fā)表多篇論文。主持和參與多項國家級項目。

財政金融學院苗萌副教授與合作者牛貫杰、Thomas Noe 的合作論文《Contracting without Contracting Institutions: The Trusted Assistant Loan in 19th Century China》在國際一流學術(shù)期刊Journal

of Financial Economics上正式發(fā)表（2021年第140卷，2021.6.1）。

This paper documents the emergence of a large bank-loan market in the absence of contracting institutions: the trusted-assistant loan market in nineteenth-century China. These loans were legally unenforceable, one-shot loans to poor scholars that funded the costs of assuming lucrative administrative appointments offering ample opportunities for corruption. The trusted-assistant loan’s distinguishing feature was a legally unenforceable stipulation that the borrower incorporate an agent of the creditor into his administrative cadre. We model the enforcement of these loans through expertise leverage and test the model’s predictions using data from offcials’ diaries and a bank loan book.

苗萌，中國人民大學財政金融學院副教授、博士生導師，牛津大學金融經(jīng)濟學博士，中國人民大學“杰出學者”。研究領(lǐng)域為公司金融，制度經(jīng)濟學以及中國經(jīng)濟相關(guān)。出版著作《中國金融熱點問題透視》，在Journal of Financial Economics等國際權(quán)威學術(shù)期刊發(fā)表論文多篇。

財政金融學院高昊宇副教授與合作者茹弘、湯勇軍的合作論文《Subnational Debt of China: The Politics-Finance Nexus》在國際一流學術(shù)期刊Journal of Financial Economics上正式發(fā)表（2021年第141卷，2021.9.1）。

We provide direct evidence that governments selectively default on debt when they can identify creditors. Analyzing a comprehensive data set of subnational debt, we show that Chinese local governments choose to default on banks with weaker prolitical power. A reduction in a bank\'s political power relative to other banks increases the likelihood of selective default by local governments. Such default selections are driven by banks’ influence over politician promotion. When local politicians are highly ranked or connected to national leaders, they engage less in selective default as their promotion is less affected by bank loan defaults. Our findings suggest a politics-finance nexus through which government defaults are restrained.

高昊宇，中國人民大學財政金融學院副教授、博士生導師，中國科學院數(shù)學與系統(tǒng)科學研究院管理學博士、香港城市大學金融學博士，中國人民大學“杰出學者”，第5屆中國科協(xié)“青年人才托舉工程”入選人。主要研究領(lǐng)域為銀行與金融市場中介、金融風險管理、債務與信用市場和公司金融與中國資本市場等。在Review of Financial Studies、Journal of Financial Economics、Journal of Financial and Quantitative Analysis、Journal of Financial Services Research、《金融研究》《管理科學學報》《管理評論》和《中國管理科學》等國內(nèi)外金融管理領(lǐng)域權(quán)威期刊發(fā)表或接受發(fā)表多篇論文。論文曾獲得12屆亞太金融市場年會、31屆亞洲金融學年會、第8和9屆投資學年會、第18屆金融系統(tǒng)工程與風險管理年會和首屆銀行與金融中介論壇等最佳論文獎。主持國家自然科學基金項目1項。