During the SARS-CoV-2 (COIVD-19) outbreak, China repeatedly stressed that the response to the pandemic required action at all levels of government, including the issuance of Pandemic Bonds to help the country return to work and production. However, studies on the effectiveness of Pandemic Bonds during that period are rare. Starting with China's national financial bond market data after COVID-19 in 2020, this paper focuses on the correlation between the Credit Spreads of the relevant bonds and the corresponding bond market rate of return, based on the Copula model. The empirical analysis is also carried out for multiple dimensional groupings such as enterprises, industries, provinces, and bond maturities. The results show that there is a significant positive correlation between the Credit Spreads of Pandemic Bonds and market returns. In addition, the market correlation is higher for Pandemic Bonds issued in Hubei Province, which is at the center of the 2020 pandemic, and the shorter the maturity of the Pandemic Bond issued, the stronger the relationship with market returns. Finally, this paper provides recommendations for financial regulators and policy makers to consider in their decisions on how to build a more resilient financial system under heavy economic, fiscal, and social pressures.
As a distributed storage scheme, the blockchain network lacks storage space has been a long-term concern in this field. At present, there are relatively few research on algorithms and protocols to reduce the storage requirement of blockchain, and the existing research has limitations such as sacrificing fault tolerance performance and raising time cost, which need to be further improved. Facing the above problems, this paper proposes a protocol based on Distributed Image Storage Protocol (DISP), which can effectively improve blockchain storage space and reduces computational costs in the help of InterPlanetary File System (IPFS). In order to prove the feasibility of the protocol, we make full use of IPFS and distributed database to design a simulation experiment for blockchain. Through distributed pooling (DP) algorithm in this protocol, we can divide image evidence into recognizable several small files and stored in several nodes. And these files can be restored to lossless original documents again by inverse distributed pooling (IDP) algorithm after authorization. These advantages in performance create conditions for large scale industrial and commercial applications.
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