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【IMI Working Paper No. 2211 [EN]】Government Intervention through Informed Trading in Financial Markets

发布日期:2022-06-20来源:

【Abstract】

We develop a theoretical model of government intervention in which a government with private information trades strategically with other market participants to achieve its policy goal of stabilizing asset prices. When the government has precise information and pri oritizes its policy goal, both the government and the informed insider engage in reversed trading strategies, but they trade against each other. Government intervention can improve both market liquidity and price efficiency, and the effectiveness of government interven tion depends crucially on the quality of information possessed by the government.

【Keywords】

Government intervention, Trading, Price stability, Price effiffifficiency

【Authors】

Huang Shao'an, Center for Economic Research, Shandong University

Qiu Zhigang, Research Fellow of IMI, School of Finance, Renmin University of China

Wang Gaowang, Center for Economic Research, Shandong University

Wang Xiaodan, Center for Economic Research, Shandong University


上一篇:【IMI Working Paper No. 2212 [EN]】Global Financial Conditions, Capital Flows and the Exchange Rate Regime in Emerging Market Economies 下一篇:【IMI Working Papers NO.2216】货币政策及其稳定性对银行风险承担的影响

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