PBC School of Finance & National Institute of Financial Research (PBCSF-NIFR) Research Paper Series

The PBCSF-NIFR Tsinghua University stands for PBC School of Finance-National Institute of Financial Research. PBCSF-NIFR Research Paper Series aims to advance high-quality research on financial economics and macroeconomics. The Series also aims at promoting policy research on China's financial reform and development. The Series serves as a platform for applying cutting-edge academic research to policy and regulation analysis. Thus, the PBCSF-NIFR Series provides a channel for researchers, practitioners, and policy makers to communicate. The papers are published electronically at:

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