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Global Financial Cycle and the Chinese Economy: Asset Price Transmission and Stage-Dependent Monetary and Macroprudential Policies

delete2026-06-10
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PRE
AI
Y
Ying Zhang
M
Min Chen *
DOI：10.1016/j.econmod.2026.107711delete
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Abstract

Abstract

En 中文
• Global financial cycle transmits through heterogeneous asset-price channels. • Housing prices shape medium-run adjustment via collateral and balance-sheet margins. • Term spreads aid later normalization, equity prices have limited medium-run effects. • Ownership-based spreads reveal post-2015 credit repricing under external tightening. • Dual-pillar policy follows a “stabilize first, adjust selectively next” logic.

Journal

Economic Modelling cover
Economic Modelling
IF:
4.7
Papers:
6.5K
Citations:
1.6W

Organization

H
Harbin University of Commerce
Scholars:
2.1K
Papers: 1.2K
Citations: 2
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