张海云金融产品本土化案例.pdf

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1、LocalAdaptationofFinancialProducts:CaseStudiesinChina’sCreditSector张海云HenryHaiyunZhang,Ph.D.,FRMDirector,UIBEFinancialMarketsInstitute(FMI)ProfessorUIBESchoolofBankingandFinance(SBF)Professor,UIBESchoolofBankingandFinance(SBF)Co-Director,BeijingChapter,GlobalAssociationofRiskProf

2、essionals(GARP)July19,2013NAFMIIForumCreditrisktransfer:TheChinaExperimentWealthManagementProducts:TheCDOsofChina?CRMProducts:TheCDSsofChinaConclusionChina’sfinancialsectorfaceintertinedchallengesintertwinedchallengesFundingContainingEconomicGrowthCreditBubblesHowtofinancetheHowt

3、ofinancetheHowtopreventHowtopreventrealeconomy,esp.excessivelendingtheprivatesector?andover-investment?EncouragingDispersing•RetailinvestorsBalancedInvestmentBankingRisksseetheirwealthHowtomakesurethaterodedbyinflationHowtoalleviatethemaiitnstreamiinvesttors•InstitutionsstruggleI

4、nstitutionsstrugglerikiskconcenttiitrationingetreasonablereturns?tomeetlongtermthebankingsector?obligationsFinancialMarketsInstitute2ChinaemployedmultipleapproachestoaddressthosechallengestoaddressthosechallengesFundingContainingEconomicGrowthCreditBubbles•MonetarystimulusMonetar

5、ystimulusStrictregulationson:Strictregulationson:•Fiscalstimulus•Propertysector•PreferentialPolicies•Banklending•Newfinancial•FinancialproductsproductsEncouragingDispersingBalancedInvestmentBankingRisks•FinancialproductswithFinancialproductsdifferentiatedriskdifferentiatedrisk-re

6、turnandmarkets:andmarkets:characteristics•Bonds•Transparentfinancial•RisktransfertoolsmarketsFinancialMarketsInstitute3PostPost--crisisconsensusinChina:crisisconsensusinChina:FFrtherfinancialinnoationsfaoredFurtherfinancialinnovationsfavoredChinawashereChinawashereTheWestwashereT

7、heWestwashereTraditionalBankingModelNewBankingModelOriginate&HoldOriginate&DistributeShadowBankingSystemCreditDerivativesLendingintermediariesSecuritizationthattakenodeposits•Whiletheglobalfinancialcrisisdemonstratestheperilsofexcessivefinancialinnovationsandover-developmentofthe

8、shadowbankingsystemindevelopedeconomiesC