| Srl | Item |
| 1 |
ID:
192324
|
|
|
|
|
| Summary/Abstract |
This study explores the liquidity insurance role of Buy Now, Pay Later (BNPL). As a complementary study to Bian et al. (2023), we provide institutional background and mechanism analysis of BNPL's consumption-boosting effects. Since a significant consumption boosting effect exists even for individuals who did not draw on the BNPL credit line, we argue that BNPL provides liquidity insurance by releasing preexisting precautionary liquidity reserves into consumption. We also explore several robustness checks and heterogeneity analyses.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2 |
ID:
144856
|
|
|
|
|
| Summary/Abstract |
China's recent removal of the last ceiling restriction on deposit rates in October 2015 is a milestone in interest rate liberalization, but not the end of it. International experience suggests that, without structural and quantitative reforms, simply freeing interest rates can result in major financial stress. Before China's central bank can completely relinquish implicit or explicit guidance for commercial banks' interest rate determination, it needs to accomplish two tasks: improvement of commercial banks' pricing capability as well as the monetary policy transmission mechanism. Both tasks require significant reform measures to be initiated, such as enforcing market discipline, forming a new monetary policy framework, developing money and capital markets, abandoning quantitative restrictions on credit and reforming the financial regulatory system.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|