This article comes fromWeChat Official Account: Qi Zhulou Banquet Guests (ID: the_great_time), author: David Weng, title figure from the visual China
In the past two decades, Mr. Yi has published three academic papers on China’s financial asset structure, in 1996, 2008 and 2020.
It seems that he thinks that a twelve-year cycle is a more appropriate rhythm to observe the evolution of this issue.
Mr. Zhou’s research on inflation also seems to follow a certain cycle.
The last two articles he published on this issue were in 2004 and 2012. In the signed article “The Debate on Bailout Issues in the Financial Crisis” published in the “Financial Research” eight years ago, Mr. Zhou devoted a chapter to the “inflation tax” and how to control inflation in the future. Thinking.
In 2020, the research cycles of Mr. Yi and Mr. Zhou will converge. Their latest research was released one after another at the end of the year, and they were refreshed in turn.
It seems that they are still discussing the two different issues of financial asset structure and inflation, but in fact, the two are inextricably linked–
Most of the central bank’s monetary policy are closely linked to inflation and inflation expectations. The monetary policy cycle and the consequent rise and fall of the credit cycle are crucial to the evolution of financial asset structure.
This weekend, I spent some time carefully reading two papers. Although it is certainly not as thorough as professional macro-research scholars, I still have a feeling:
These two studies are likely to serve as a green line for understanding China’s monetary policy and financial regulatory policies for a long time to come.