Systematic Bidding ROSCAs Defaults:An Empirical Analysis on Chunfeng Town Case
研究了浙江温州系统性竞价互助会违约案例，发现套利、利率上升和违约预期证据，并提出政策建议。
This paper makes three contributions.Firstly,the authors introduce two basic tools useful in bidding ROSCAs research:namely,bidding ROSCAs participants' asset and liability analysis,and a reduced form model of bidding ROSCAs defaults.Secondly,using a systematic bidding ROSCAs defaults case in Wenzhou,Zhejiang Province,the authors empirically study and find the evidence of bidding ROSCAs arbitrage,increase in interest rate,and bidding ROSCAs defaults expectation.Finally,some policy suggestions are proposed to control and manage the systemic bidding ROSCAs defaults.