Investor Presentaiton

Plan of Talk Drivers of Chinese shadow banking (3 common and 2 specific drivers) Chinese system is bank centric and different from US market based system A model of Chinese shadow banking using some new concepts Information sensitivity as a tail risk measure Micro-foundation for why Chinese shadow banking is bank centric System is built on the asymmetric perception of information sensitivity between banks and investors (~variant of "agreeing to disagree" in banking) Steps toward more transparency of tail risks and market based system

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