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经济学双周论坛 第42期

发布时间: 2019/12/30 17:48:37     点击次数:次   打印本页

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“正规网赌软件app经商院 • 经济学双周论坛”将在本周四迎来第42期讨论,具体安排如下:  

时间:本周四(12日)中午12:00-14:00  

地点:新主楼A1028  

在此诚挚邀请您参与讨论和分享!  

题目金融开放,银行跨境资本流动与宏观审慎政策有效性

Title:    Financial Openness, Bank Capital Flows, and the Effectiveness of Macroprudential Policies

 

主讲人金昊

Speaker:  Hao JIN

摘要Abstract

本文量化分析了宏观审慎政策在金融开放条件下对信贷增长的影响。我们构建了一个包含金融摩擦的开放经济体动态随机一般均衡模型,并允许银行选择从国内或国外融资。我们的模型显示银行在受到更强的宏观审慎监管时会降低杠杆率,但同时会增加从国外的融资。这个银行内生的融资结构选择显著减弱了宏观审慎政策的稳定效果和福利改善程度。我们的模型还表明宏观审慎政策在金融开放程度更高的经济体效果更弱。最后,我们使用跨国面板数据实证验证了模型的结论。  

This paper quantitatively examines the effects of macroprudential policies on credit growth in open economies. We develop a small open economy DSGEmodel where banks choose their funding sources (domestic vs. foreign deposits) and subject to financial constraints. Our model predicts that banks reduce leverage in response to a macroprudential policy tightening, but they increasingly rely on foreign funding. This endogenous liability composition shifts significantly undermine the stabilizing effect and welfare gains of macroprudential policies. Our results suggest macroprudential policies are less effective and should be set more aggressive in financially more open economies. Finally, we find empirical support for the model predictions in a group of developing and emerging economies.  

主讲人简介 (Introduction)

金昊,美国印第安纳大学经济学博士、美国康奈尔大学应用统计学硕士、美国加州大学经济学硕士、现任厦门大学王亚南经济研究院助理教授,研究领域为宏观经济学、货币与财政政策、开放宏观经济学。论文发表于国内外经济学权威期刊Review of Economic Dynamics、《中国工业经济》等,有多篇工作论文在国内外权威期刊Journal of International Money and FinanceMacroeconomic Dynamics、《经济研究》、《经济学(季刊)》返修中,另有多篇工作论文处于投稿阶段。主持和参与多个自然科学基金项目和中央高校基本科研业务费项目,担任《Journal of International Money and Finance,《经济学(季刊)》,《中国工业经济》的审稿人,研究成果曾获福建省社会科学优秀成果奖和印第安纳大学经济系最优博士生论文奖。      

Hao Jin obtained Ph.D. in economics from Indiana University, and is currently an assistant professor in economics at Wang Yanan Institute for Studies in Economics (WISE), Xiamen University. His research areas include macroeconomics, monetary and fiscal policy, and open economy macroeconomics. He has published papers in leading journals such as Review of Economic Dynamics,China Industrial Economicsamong others. He also has working papers under R&R at Journal of International Money and Finance, Macroeconomic Dynamics,Economic Research Journal》、《China Economic Quarterly. He serves as referees for Journal of International Money and Finance,China Economic Quarterly,China Industrial Economics.    

 

                        经济与商学研究院  

 

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