在人民币汇率机制形成的微观层面上,汇市的做市商(inter-dealer or market maker)将发挥重要作用。他们在不断向市场提供流动性的同时也为市场提供了稳定性。本论文在国内第一次利用中国汇市的高频数据进行检验,认为目前中国汇市要给做...在人民币汇率机制形成的微观层面上,汇市的做市商(inter-dealer or market maker)将发挥重要作用。他们在不断向市场提供流动性的同时也为市场提供了稳定性。本论文在国内第一次利用中国汇市的高频数据进行检验,认为目前中国汇市要给做市商行为让出一定的空间。央行在汇市既不可不作为,也不可过多作为。经验证明中国的做市商的成交量在放大,并且成交量开始影响汇价。中国汇市的成熟需要规模(成交量),而做市商迅速发展能迎合成交量放大的需要。要放大成交量前提是必须让做市商持有一定的头寸(存货)。然而,中国的做市商目前的头寸受到“真实背景”的限制,他们的地位需要进一步提升,这有利于他们发出准确信号并且持续报出有竞争性的价格。展开更多
The public has shown great interest in the data factor and data transactions,but the current attention is overly focused on personal behavioral data and transactions happening at Data Exchanges.To deliver a complete p...The public has shown great interest in the data factor and data transactions,but the current attention is overly focused on personal behavioral data and transactions happening at Data Exchanges.To deliver a complete picture of data flaw and transaction,this paper presents a systematic overview of the flow and transaction of personal,corporate and public data on the basis of data factor classification from various perspectives.By utilizing various sources of information,this paper estimates the volume of data generation&storage and the volume&trend of data market transactions for major economies in the world with the following findings:(i)Data classification is diverse due to a broad variety of applying scenarios,and data transaction and profit distribution are complex due to heterogenous entities,ownerships,information density and other attributes of different data types.(ii)Global data transaction has presented with the characteristics of productization,servitization and platform-based mode.(iii)For major economies,there is a commonly observed disequilibrium between data generation scale and storage scale,which is particularly striking for China.(i^v)The global data market is in a nascent stage of rapid development with a transaction volume of about 100 billion US dollars,and China s data market is even more underdeveloped and only accounts for some 10%of the world total.All sectors of the society should be flly aware of the diversity and complexity of data factor classification and data transactions,as well as the arduous and long-term nature of developing and improving relevant institutional systems.Adapting to such features,efforts should be made to improve data classification,enhance computing infrastructure development,foster professional data transaction and development institutions,and perfect the data governance system.展开更多
文摘在人民币汇率机制形成的微观层面上,汇市的做市商(inter-dealer or market maker)将发挥重要作用。他们在不断向市场提供流动性的同时也为市场提供了稳定性。本论文在国内第一次利用中国汇市的高频数据进行检验,认为目前中国汇市要给做市商行为让出一定的空间。央行在汇市既不可不作为,也不可过多作为。经验证明中国的做市商的成交量在放大,并且成交量开始影响汇价。中国汇市的成熟需要规模(成交量),而做市商迅速发展能迎合成交量放大的需要。要放大成交量前提是必须让做市商持有一定的头寸(存货)。然而,中国的做市商目前的头寸受到“真实背景”的限制,他们的地位需要进一步提升,这有利于他们发出准确信号并且持续报出有竞争性的价格。
文摘The public has shown great interest in the data factor and data transactions,but the current attention is overly focused on personal behavioral data and transactions happening at Data Exchanges.To deliver a complete picture of data flaw and transaction,this paper presents a systematic overview of the flow and transaction of personal,corporate and public data on the basis of data factor classification from various perspectives.By utilizing various sources of information,this paper estimates the volume of data generation&storage and the volume&trend of data market transactions for major economies in the world with the following findings:(i)Data classification is diverse due to a broad variety of applying scenarios,and data transaction and profit distribution are complex due to heterogenous entities,ownerships,information density and other attributes of different data types.(ii)Global data transaction has presented with the characteristics of productization,servitization and platform-based mode.(iii)For major economies,there is a commonly observed disequilibrium between data generation scale and storage scale,which is particularly striking for China.(i^v)The global data market is in a nascent stage of rapid development with a transaction volume of about 100 billion US dollars,and China s data market is even more underdeveloped and only accounts for some 10%of the world total.All sectors of the society should be flly aware of the diversity and complexity of data factor classification and data transactions,as well as the arduous and long-term nature of developing and improving relevant institutional systems.Adapting to such features,efforts should be made to improve data classification,enhance computing infrastructure development,foster professional data transaction and development institutions,and perfect the data governance system.
