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【5月31日】【500彩票官网平台经济学院“龙马经济学双周学术论坛”·2019年春季学期第八讲】The Real Effects of Entrusted Lending in China

[發表時間]:2019-05-30 [來源]: [浏覽次數]:

  讲座主题:The Real Effects of Entrusted Lending in China

  主講嘉賓:孫琪(上海財經大學金融學院副教授)

  講座時間:2019年5月31日(周五),下午14:00-15:30

  講座地點:沙河校區1號樓201

  嘉賓簡介:孫琪,南加州大學經濟學博士,現任上海財經大學金融學院副教授。

  研究领域为宏观经济学、公司金融等。他的多篇学术成果发表在顶级国际學術期刊,如the Journal of the European Economic Association;the Journal of Financial Economics等。

  内容摘要:I develop a two-sector equilibrium model of shadow bank lending in China, in which firms with privileged access to credit provide entrusted loans to firms with limited access to credit. I show that given the initial distorted between-sector allocation of bank loans, entrusted lending can improve the capital allocation by channelling funds toward more productive ?rms. However, for the allocation of new bank credit injected into the economy, the existence of entrusted lending could amplify the misallocation, through the lender’s interest rate arbitrary behavior. I also conduct counterfactual exercises to examine the allocation effects of credit policies during the period 2009-2012. I quantify the size of the crowding out effect induced by the partial liberalization of the state sector’s borrowing constraint.

  


[編輯]:張萌

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