Abstract: Different from the macroprudential studies in the current closed economy, the dynamic stochastic general equilibrium framework is constructed in the open economy to study the effects of macro-prudential and monetary policy combination, and the coordination effects of different exchange rate systems and macro-prudential policies are also investigated. The results show that :(1) Macro-prudential supervision will reduce the effect of monetary policy on inflation control; But in the face of external shocks, prudent regulation helps to mitigate inflation volatility. (2) After the integration of macro-prudential supervision, the inflation targeting monetary policy of the fully floating exchange rate system cannot give full play to its advantages; On the contrary, the floating exchange rate system of foreign exchange management can reduce economic fluctuation. (3) The higher the level of prudent supervision, the more financial stability will be promoted without affecting the welfare losses of residents. Therefore, the monetary authority can take into account the stability of output, exchange rate and finance while controlling inflation.
Abstract: It is an important period for China to restructure and adjust major countries relations in post-globalization era. “The Belt and Road” construction, holding China international Import EXPO and building new area of Shanghai pilot FTZ are important measures for China to further expand an opening trade system. China’s open economy has obviously increased requirements for the trade liberalization and facilitation. Based on the acquired progress of Shanghai pilot FTZ and the internal and external economy surrounding, this paper definite the function orientation of financial innovation of Shanghai pilot FTZ. Then we point out two goals of the financial innovation of Shanghai pilot FTZ according to narrow the gap between world currency, namely promoting the construction of RMB market system and RMB offshore financial center. Finally, the paper puts forward some practical suggestions for steadily promoting financial innovation and opening up.
Key words: open economy; new area of shanghai FTZ; financial innovation; RMB Internationalization
Abstract: In recent years, a new pension model is emerging in China, that is, the housing reverse mortgage pension model, also named house for pension. Its implementation helps to solve the current pension dilemma, however, the process is slow and the participation of commercial insurance companies is low. House for pension is in the location of exploration stage in China, and has risks such as longevity risk, housing price fluctuation risk, currency devaluation risk and policy risk. In future, in order to control risks of housing reverse mortgage endowment, protect the lawful rights and interests of the elderly and commercial insurance companies and better promote the development of old-age care programs in China, Chinese should put in place a risk diversification mechanism such as reinsurance, Establish dynamic evaluation contracts， control the business scale properly，establish and improve laws and regulations and so on.