A Comparative Stufy Of Chinese And English Literature Achaivements In The Field Of Negative Nominal Interest Rate

The interest rate mechanism is the key to the allocation of financial market resources.The frequent occurrence of negative nominal interest rate(NIPR)could lead to the failure of the transmission mechanism of the financial market and systemic risks.Academics and policymakers do not appear to reach a consensus,because the negative nominal interest rate is a new policy.After the outbreak of the financial crisis in2008,Denmark,Sweden,Switzerland and other developed countries have implemented negative nominal interest rate monetary policy.Negative nominal interest rate is an unprecedented phenomenon,and it is also a new financial problem facing mankind.As a rare economic phenomenon,the research on nominal negative interest rate has been paid more and more attention by scholars at home and abroad.Although there are many results,the academia and policy-makers have not reached a consensus.In order to systematically sort out the existing research results,promote the research consensus in this field,and reveal the nature and influence mechanism of nominal negative interest rate.From the perspective of bibliometrics,this paper grasps the related research hotspots and evolution context as a whole,and presents the research achievements and research frontiers in this field in the form of knowledge map,which can better grasp the objective law and academic research ecology of the development of negative nominal interest rate research,and provide support for the in-depth promotion of Chinese scholars' follow-up research and the full use of research resources.Based on WOS database and CNKI database,this paper makes a comparative analysis of the literature on negative nominal interest rate from 1999 to2020,systematically combs the characteristics of different dimensions of the existing achievements in this field,and compares the differences in the distribution of research institutions and authors,research hotspots,evolution context and research frontier between Chinese and English literature,This paper discusses the ecological characteristics of Chinese and English literature research.In order to judge the status and recognition of core authors' papers in their academic field,the paper analyzes the output efficiency of papers from the perspective of high-yield authors;Through the relationship between the core author output and its citation data,this paper verifies whether the core author output plays a role in promoting the research progress of negative nominal interest rate.The main conclusions are as follows:(1)Literature distribution.From the perspective of geographical distribution,developed countries such as Europe and the United States,especially the United States,occupy the core position and dominate the research and development in this field.China has published many achievements in the world,but the quality and influence of research achievements need to be improved.From the perspective of journal distribution,English research literature journals have a wide range of sources,and the number of related journals has increased rapidly in recent three years,while the domestic mainstream academic journals pay relatively little attention to this field.From the perspective of institutional distribution,policy-making research institutions in the United States continue to focus on the issue of negative nominal interest rate,and conduct a more comprehensive and systematic research;Domestic policy-making institutions pay more attention to this field,but the recent public research results are relatively less than before,which may be related to the low demand for negative interest rate policy in China.The top five research institutions are relatively stable,but the stability of domestic research institutions is largely due to the fact that most of the achievements have appeared in the past three years,the research ecology is not mature,and there is still a large space for development in the future.According to the distribution of authors,in the recent 20 years and 3 years,the ranking of cited authors in both English and Chinese literature indicates that the ecological structure of authors' research is not stable.It is worth noting that the total proportion of the top 10 authors cited in recent three years is far lower than that in recent 20 years,which indicates that the field has made rapid progress and has not yet formed a stable structure of research author ecology;However,the situation in China is just the opposite.In recent three years,the top 10 authors have a high degree of aggregation.This is due to the fact that the domestic literature is mainly published in recent years,and the number of research results is limited.It also shows that the domestic related research is relatively weak,and the author ecology is in urgent need of development.(2)Research hotspots.From the perspective of the differences between Chinese and English research topics,the research objects of English literature not only explore the policy,but also explore the theoretical issues such as liquidity trap,because this is a new economic problem,its potential risk has become the focus of foreign scholars;In contrast,domestic research is more on the discussion of realistic policy,follow the analysis of the evolution of realistic policy,theoretical in-depth discussion is obviously insufficient.From the perspective of research clustering,the degree of category overlap of English literature clustering is high,and the correlation between different categories of research topics is high;There are great differences in Chinese literature clustering,and the related research is still in the scattered stage,the discussion in all aspects needs to be further explored.In addition,the key words in English include different dimensions of the impact of negative nominal interest rate,which shows that the research is systematic and in-depth;While the research of Chinese literature is mainly related to policy keywords,which reflects the lack of precipitation of Chinese literature research and the majority of realistic discussions,which also means that there is a large space for the future improvement of Chinese literature achievements.From the perspective of research topic time line,English literature has great influence on the topic areas formed in the early stage,and lasts for a long time,and is closely related to each other.However,there are few topics with great influence in the near future,which shows that the negative interest rate research has fallen into the original framework and failed to form a breakthrough;The research focus of Chinese literature is not high,there is no clear and influential research topic,and the influence of topic list is scattered,which shows that the Chinese research ecology in this field is far from formed.(3)Research frontiers and trends.At present,the research frontier of English literature begins to pay attention to the analysis of realistic policies,while Chinese literature also begins to pay attention to the research of theory.From a certain point of view,the research focus has changed.This is because English literature research is in a dilemma,and we must break through the existing theoretical research boundary through empirical research results;However,the policy analysis of Chinese literature lacks depth,so it is necessary to improve the quality of research results and deepen the cognition of this field through in-depth theoretical research.scholars,English literature should pay attention to the contribution of empirical research results,while Chinese literature should pay attention to the contribution of theoretical research results.(4)The distribution of authors and the influence of high-yield authors.Through Lotka's law,it is found that the author ratio of only one paper published in the research field of nominal negative interest rate in Chinese and English is significantly higher than 60% of the mature research field,which indicates that many mathematicians in this field are just entering,the research is not very deep,and the discipline development maturity in this field is not high.From the regression results of production function model,whether it is the research of English literature or the research of Chinese literature,the papers published by high-yield authors will have an impact on the research progress of nominal negative interest rate,but the contribution is relatively limited,and the driving effect is more from the group contribution.At present,there is no clear leader to promote the progress of the whole field.In the future,China can pay more attention to the theoretical research of English literature,improve the quality of Chinese literature research,and promote the research progress of negative interest rate in China.