講座主題:The Real Effects of Entrusted Lending in China
主講嘉賓:孫琪(上海财經大學金融學院副教授)
講座時間:2019年5月31日(周五),14:00-15:30
講座地點:沙河校區1号樓201
嘉賓簡介:孫琪,南加州大學經濟學博士,現任上海财經大學金融學院副教授。
研究領域為宏觀經濟學、公司金融等。他的多篇學術成果發表在頂級國際學術期刊,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 firms. 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.