Adiya Bayarmaa

Central University of Finance and Economics

Adiya Bayarmaa is a Ph.D. candidate in World Economics at the Central University of Finance and Economics (CUFE), Beijing, specializing in Finance. He holds an MSc in Financial Economics from the Higher School of Economics, Moscow, and a BSc in Economics with a focus on financial markets from the Financial University under the Government of the Russian Federation. His research interests span financial markets, asset pricing, and monetary economics. His current work explores the transmission of monetary policy in the presence of Central Bank Digital Currencies (CBDCs) and evolving interbank market structures.

Articles by Adiya Bayarmaa

Original research

The consequences of the Basel III requirements for the liquidity horizon and their implications for optimal trading strategy

The authors put forward a formula-based approach for determining the optimal liquidity horizon used in scaling the base expected shortfall under Basel III.

21 Nov 2025