摘要翻译：
本文首次探讨了流动性冲击在中国分割型货币市场中的传导路径。我们考察了货币市场交易是如何在中国严密防范的银行业和金融体系的其他部分之间建立这种路径的，并在最近的两次市场事件中实证地捕捉了流动性冲击通过这些路径的传递。我们发现，在中国，货币市场交易允许流动性冲击规避某些监管限制和金融市场分割。我们的研究结果表明，由货币市场交易促成的广泛的非流动性传染可能会在中国发生，需要采取新的政策措施来防止这种传染。
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英文标题：
《The transmission of liquidity shocks via China's segmented money market:
  evidence from recent market events》
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作者：
Ruoxi Lu, David A. Bessler and David J. Leatham
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最新提交年份：
2018
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分类信息：

一级分类：Economics        经济学
二级分类：General Economics        一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance        数量金融学
二级分类：Economics        经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要：
  This is the first study to explore the transmission paths for liquidity shocks in China's segmented money market. We examine how money market transactions create such pathways between China's closely-guarded banking sector and the rest of its financial system, and empirically capture the transmission of liquidity shocks through these pathways during two recent market events. We find strong indications that money market transactions allow liquidity shocks to circumvent certain regulatory restrictions and financial market segmentation in China. Our findings suggest that a widespread illiquidity contagion facilitated by money market transactions can happen in China and new policy measures are needed to prevent such contagion.
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PDF链接：
https://arxiv.org/pdf/1811.08949