Financial Econometrics Chapter 12.Application:Policy Evaluation Jin Ling School of Finance,Zhongnan University of Economics and Law 1
Financial Econometrics Chapter 12. Application: Policy Evaluation Jin Ling School of Finance, Zhongnan University of Economics and Law 1
Outline The Introduction for Policy Evaluation The Characteristic for Policy Evaluation The Application for Policy Evaluation 2
• The Introduction for Policy Evaluation • The Characteristic for Policy Evaluation • The Application for Policy Evaluation 2 Outline
The Introduction ·The background: Institution is essential for the economy and finance. Chinese Socialist Market Economic System. Deepen reform and expand opening-up. 3
• The background: • Institution is essential for the economy and finance. • Chinese Socialist Market Economic System. • Deepen reform and expand opening-up. 3 The Introduction
The Introduction 。 《中共中央国务院关于新时代加快完善社会主义市场经济体制的意见》： 一坚持以习近平新时代中国特色社会主义经济思想为指导，坚持和加强党的全面领导，坚持和完善中同特色社会主义制度，强化 问圈导向，把提正确改革策略和方法，持续优化经济治理方式，着方构建市场机制有效、微观主体有活力水、宏观调控有度的经济体制。 使中国特色社会主义制度更加巩固、优越性充分体现， 一坚特解放和发展生产力。牢牢把程社会主义初级阶段这个基本国情，牢牢扭住经济建设这个中心，发挥经济体制改革牵引作 用，协同推进政治、文化、社会，生态文明等领域改革，促进改革发展高效联动，进·步解放和发展社会生产力，不断满足人民日益增 长的美好生活雷要， 一坚持和完善社会主义基本经济制度。坚持和完善公有制为主体、多种所有制经济共国发展，按劳分配为生体、多种分配方式井 存，社会主义场经济体制等社会主义基木经济制度，把中同特色社会主义制度与市场经济有机结合起米，为推动高质量发展、建设现 代化经济体系提供重要制度保障， 一一坚持正确处理政府和场关系。坚持社会主义市场经济改革方向，里加等重市场经济一般规律，最大限度减少政府对市场资源 的直接配置和对微观经济活动的直接干顶。充分发挥市场在资源配置中的决定性作用，更好发挥政府作用，有效弥补市场失灵 一坚持以供给侧结构性改革为主线。更多采用改革的办法，更多运用市场化法治化手段，在巩固、增强、提升、畅通上下功夫 加大结构性改革力度。创新制度供给，不断增强经济创新力和竞争力，适应和引发有效需求。促进更高水平的供雷动态平衡 一一坚持扩大高水平开放和深化市场化改革互促共进，坚定不移扩大开放，推动由商品和要素流动型开放向规侧等制度型开放转 变，吸收售鉴国际成熟市场经济制度经验和人类文明有益成果，加快国内制度规则与国际接轨，以高水平开放促进深层次市场化改革
• 《中共中央 国务院关于新时代加快完善社会主义市场经济体制的意见》: 4 The Introduction
The Introduction The importance for policy evaluation: The policy implementation is the practice of institution reform. Experimentation precedes popularization. Policy evaluation and the effectiveness of institutional reform. 5
• The importance for policy evaluation: • The policy implementation is the practice of institution reform. • Experimentation precedes popularization. • Policy evaluation and the effectiveness of institutional reform. 5 The Introduction
The Introduction Several examples for financial institution reform: The deregulation for bank branch establishment. The Share Splitting Reform. The stock issuance registration. ·QFI The Shanghai-Hong Kong Stock Connect. The practicality for financial research. 6
• Several examples for financial institution reform: • The deregulation for bank branch establishment. • The Share Splitting Reform. • The stock issuance registration. • QFII. • The Shanghai-Hong Kong Stock Connect. • The practicality for financial research. 6 The Introduction
Outline The Introduction for Policy Evaluation The Characteristic for Policy Evaluation The application for Policy Evaluation
• The Introduction for Policy Evaluation • The Characteristic for Policy Evaluation • The Application for Policy Evaluation 7 Outline
The Characteristic for Policy Evaluation The institution background for specific policy: The deregulation for bank branch establishment. The Share Splitting Reform. The Shanghai-Hong Kong Stock Connect
• The institution background for specific policy: • The deregulation for bank branch establishment. • The Share Splitting Reform. • The Shanghai-Hong Kong Stock Connect. 8 The Characteristic for Policy Evaluation
The Characteristic for Policy Evaluation The institution background determines the goal of policy: The goal of policy is the foundation for policy evaluation. Directly explore whether the policy achieve the predetermined goal. The deregulation for bank branch establishment. The Share Splitting Reform. The Shanghai-Hong Kong Stock Connect. 9
• The institution background determines the goal of policy: • The goal of policy is the foundation for policy evaluation. • Directly explore whether the policy achieve the predetermined goal. • The deregulation for bank branch establishment. • The Share Splitting Reform. • The Shanghai-Hong Kong Stock Connect. 9 The Characteristic for Policy Evaluation
The Characteristic for Policy Evaluation The institution background indicates the matters needing attention for the policy: How to avoid or mitigate potential negative effect. Optimize the policy implementation. The stimulus program. The Shanghai-Hong Kong Stock Connect. The stock market rescue. 10
• The institution background indicates the matters needing attention for the policy: • How to avoid or mitigate potential negative effect. • Optimize the policy implementation. • The stimulus program. • The Shanghai-Hong Kong Stock Connect. • The stock market rescue. 10 The Characteristic for Policy Evaluation