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C.James Hueng of West Michigan University gave a lecture
作者:王莹莹 时间:2017-04-14 点击数:

On the afternoon of April 12, professor Hueng c. James, professor of the department of economics of West Michigan University, conducted an academic lecture on the subject of " financial instability and foreign exchange reserve in China ", in the MBA lecture hall. Vice dean of business school, professor Zhu Xiaomei presided over the lecture. It attracted nearly 80 undergraduate, graduate students and some teachers from business school and other colleges.

At the beginning of the lecture, Zhu Xiaomei made a brief introduction to professor Hueng. Professor Hueng has high academic attainments in the fields of macroeconomics, monetary finance and so on. He has published more than 20 academic papers in important international journals, won more than 10 academic achievement prizes, and served as the member of the editorial board, evaluation expert of several famous sci / ssci journals, such as American economic review, and has served as executive chairman of the international conference many times.

In this lecture, professor Hueng illustrated the current development of China's economy, analysed domestic financial instability may aggravate residents to convert domestic money into foreign exchange, constructed a financial pressure index to measure the instability of domestic financial in China. He pointed out that the current level of foreign exchange in China is far beyond the established benchmark reserves. But after the Asian financial crisis, domestic financial pressure required us to pay more attention to the preventive motivation of foreign exchange reserves and the management of external instability - sudden stagnation of foreign capital. By using M2 to measure the economic instability in China, professor Hueng show that because of the different investment patterns between China and the United States, the use of a single currency to measure the problem of capital flight. At the same time, the currency variable didn't have the ability to explain the foreign exchange reserves, should grasp the overall GDP of a country. The higher the per capita GDP, the higher the foreign exchange reserves of a country, he said.

Hueng also said “financial pressures are not the main cause of the recession, and uncertainty is high in a market that is not completely transparent”. Therefore, he suggested that when facing the domestic financial instability, China should use reasonable theory to estimate the market price. Hueng put forward a financial pressure index closely linked to the trend of China's foreign exchange reserves and compared it with financial pressure indices in several us States, said that China's foreign exchange reserves were at least part of the reason for preventing domestic capital flight.

At the end of the lecture, Hueng summed up China's financial instability and foreign exchange reserves, he said “domestic financial instability provides a motive for China to hold more foreign exchange reserves and avoid the exhaustion of domestic capital. In explaining the demand for China's foreign exchange reserves, we should pay more attention to the role of domestic financial instability”.

湖北大学商学院     地址:中国湖北省武汉市武昌区友谊大道368号 430062

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