Due to multiple properties, the international crude oil price is influenced by various and complex interrelated factors from different determinants in different periods. However, the previous studies on crude oil price fluctuation with economic policy uncertainty (EPU) haven’t taken a wider range of volatility sources into their analysis frameworks. In this paper, the time-varying parameter factor-augmented vector autoregressive (TVP-FAVAR) model is introduced in order to avoid important information loss, as well as capture the time-varying impact on crude oil price fluctuation by EPU. Furthermore, the differences on crude oil fluctuations from net-oil exporting and net-oil importing country’s EPU are also elaborated. Here are three findings as follows. First, the impacts of global EPU on the crude oil price volatility show time-varying characteristics both in time duration and time-points. Second, the instantaneous impacts of global EPU on the price volatility of crude oil are directly relevant to major events, and the impacts are different in event types as well. Third, the time-varying characteristics depicting the impacts of EPU in countries who are net-oil exporter and net-oil importer on price volatility of crude oil show heterogeneity in fluctuation range, fluctuation intensity, and stage.

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Abstract. green-credit policy is one of the important channels for the conversation and development of environmental protection, it is also the main direction for Chinese commercial bank to implement reform and development, which arises high attention from all sectors of community. This paper is based on evolutionary game theory to discuss the factors of affecting green-credit policy implemented by commercial bank. It uses DID model to implement demonstration data analysis, learn its effect on performance of commercial bank. Results indicate that increasing green-credit policy revenue, reducing cost, strengthening the punishment cost without implementing green-credit policy can effectively promote the initiative of commercial bank to implement green-credit policy. Although the current effect is not so obvious, green-credit policy of commercial bank will bring plenty of advantages with the policy improvement and time progress, we should continually implement green-credit policy.

Abstract. The development of financial industry must be supported by external environment. A series of external environment, such as financial infrastructures, governmental supervision and credit system etc., provides resources and system safeguard for the development of financial industry. Meanwhile, it is necessary to value the restriction of system limit and resource constraint on financial development.