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Economy

Sun Yefang Foundation wants more global study of China's financial sector

1
2016-07-05 14:45chinadaily.com.cn Editor: Xu Shanshan
Winners of the Sun Yefang Financial Innovation Awards pose for a photo with Wu Xiaoling, (center in dress), top judge of the awards and dean of the Tsinghua University PBC School of Finance and next to her, Li Jiange, chairman of Sun Yefang Economic Science Foundation, on July 3, 2016 in Beijing. Winners include Liao Guanmin, (first from left), Gan Li (first from right), Liu Zheng (second from right) and Liu Xiliang (between Li Jiange and Liu Zheng). (Photo provided to chinadaily.com.cn)

Winners of the Sun Yefang Financial Innovation Awards pose for a photo with Wu Xiaoling, (center in dress), top judge of the awards and dean of the Tsinghua University PBC School of Finance and next to her, Li Jiange, chairman of Sun Yefang Economic Science Foundation, on July 3, 2016 in Beijing. Winners include Liao Guanmin, (first from left), Gan Li (first from right), Liu Zheng (second from right) and Liu Xiliang (between Li Jiange and Liu Zheng). (Photo provided to chinadaily.com.cn)

Three scholarly papers in English won top honors in China's Sun Yefang Financial Innovation Awards on Sunday in Beijing, which signals efforts to draw academic attention to concrete problems in the world's second economy.

The winners were Capital Controls and Optimal Chinese Monetary Policy, The Sensitivity of Corporate Cash Holdings to Corporate Governance and the Brain Gain of Corporate Boards: Evidence from China.

The paper Capital Controls and Optimal Chinese Monetary Policy is innovative as the paper studies monetary policy in a country that features capital controls, managed exchange rates and sterilized interventions, and provides suggestions to China's policymakers, said Zhou Hao, host of the award ceremony held at Tsinghua University PBC School of Finance in Beijing on Sunday.

Liu Zheng, co-author of this paper, said that the difficulties lie in how to study optimal monetary policy in a dynamics stochastic general equilibrium (DSGE) model that incorporates these Chinese characteristics, as this model is mostly used in mature economies.

In his speech at the awards ceremony, Liu said that another co-author, Mark M. Spiegel, asked him to mention their gratitude, as it is not easy for Spiegel, who works with the Federal Reserve Bank of San Francisco, to be recognized by China's economics circle.

Liao Guanmin, co-author of The Brain Gain of Corporate Boards: Evidence from China, told chinadaily.com.cn before the award ceremony that he was surprised that their paper would get such an award. He said the study dates back to 2010, when there were academic debates on whether it is a brain drain or brain gain for emerging markets when their talents go abroad to study. Another co-author, Yu Xiaoyun was very interested in this topic as she herself had study and work experiences at home and abroad.

Liao said their study was centered on the corporate boards of listed companies and found that when members with foreign experience joined a board, they bring significant improvement to the company they serve. Through this channel, previous brain drain turns out to be brain gain.

  

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