主题：The Nexus of Monetary Policy
and Shadow Banking in China（中国货币政策和影子银行的内在关联）
主讲人：陈凯迹，埃默里大学副教授
日期：2017年5月31日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We estimate the quantity-based monetary policy system in China. We argue
that China's rising shadow banking was inextricably linked to banks' balance-sheet
risk and hampered the effectiveness of monetary policy on the banking system
during the 2009-2015 period of monetary policy contractions. By constructing
two micro datasets at the individual bank level, we substantiate this argument
with three empirical findings: (1) in response to monetary policy tightening,
nonstate banks actively engaged in intermediating shadow banking products; (2)
these banks, in sharp contrast to state banks, brought shadow banking products
onto the balance sheet via risky investments; (3) bank loans and risky
investment assets in the banking system respond in opposite directions to
monetary policy tightening, which makes monetary policy less effective. We
build a theoretical framework to derive the above testable hypotheses and
explore implications of the interaction between monetary and regulatory
policies.
主讲人简介:
Kaiji Chen is currently an associate professor with tenure at Emory
University and research fellow at Federal Reserve Bank of Atlanta. His main
research areas are Macroeconomics and Financial Economics. He has published in
top economic journals such as American Economic Review, NBER Macroeconomic
Annual, American Economic Journal: Macroeconomics, and Journal of Monetary
Economics. Recently, his research has been focused on China’s macroeconomy, and
in particular, its interaction with financial sector and monetary policy. As
the Principle Investigator, he has been awarded the U.S. NSF (National Science
Foundation) grant for his project on China’s macroeconomy and financial sector.
