一、主题：PolicyInterventions and Liquidity in the Chinese Credit Bond Markets
Abstract : This paper documents the effects of policyinterventions on liquidity in the Chinese interbank and exchange credit bondmarkets. We find that liquidity, measured by an aggregate liquidity proxy,varies across different credit bond segments, and government interventions andregulations exerted a profound influence on the levels of liquidity during thevarious phases of liberalization and regulatory change. Liquidity in the twomarkets responded strongly to the central bank’s open market operations as wellas domestic innovation while, surprisingly, it also improved during the twocrackdowns of spurious trading activities. Moreover, liquidity effects arepriced in all credit bond segments and are more pronounced during morestringent economic conditions and more liberalized phases. In addition, we findthat yield spreads are more sensitive to liquidity effects for bondsapproaching maturity, issued by credit-constrained firms, and rated by privatecredit rating agencies. Last, liquidity effects are stronger for enterprisebonds issued with external guarantees in the interbank market, and are lesspronounced for their exchange counterparts, while post-issuance rating upgradeshad opposite impact on the liquidity effects of enterprise bonds in the twomarkets.