主题：China's Financial System in Equilibrium （均衡模型下的中国金融体系）
主讲人：王城，复旦大学姚祖辉特聘教授
日期：2016年10月26日（周三）
时间：下午2:30-4:00
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：
An equilibrium model of the lending market is constructed to present a macro view of China's financial system. In the model, a state-owned monopolistic banking sector coexists, endogenously, with a market for corporate bonds, and a market for private loans. The source and size distributions of external finance are determined jointly in the model's equilibrium. Consistent with data, in equilibrium firms that are smaller in net worth obtain finance from the private lending market, larger firms use bank loans, and the largest by way of corporate bonds. The model predicts, and the data supports, that removing the controls on bank lending rates or tightening the supply of external finance reduces bank loans but increases bond finance. This might partially explain the observed decline in banking and the rise of the bond market in China, over the past ten years. The model also suggests that removing all interest rate controls would increase the rate of returns on lending, expanding banking and squeezing direct lending.
主讲人简介:
Cheng Wang is currently Yao Zhu Hui Professor at School of Economics in Fudan University. He was formerly a Professor of Economics at Iowa State University. Before joining Iowa State University, he was an Associate Professor of Economics from 2000 to 2003 and an Assistant Professor of Economics from 1994-2000 at Carnegie Mellon University. He received Ph.D. in Economics from University of Western Ontario in 1994. Professor Wang’s research interests are in the areas of macroeconomics and dynamic contract theory. He has published research papers in top economics journals including American Economic Review, Review of Economic Dynamics, Review of Economic Studies, International Economic Review, Journal of Economic Theory, Journal of Monetary Economics etc.
