講座主題：A model of supply chain finance

主講嘉賓：胡博，複旦大學bevictor伟德官网

講座時間：2023年11月22日14:30-17:30

講座地點：bevictor伟德官网沙河校區學院11号樓115

嘉賓簡介：胡博，複旦大學bevictor伟德官网助理教授，荷蘭丁伯根研究所經濟學博士，研究領域為搜尋經濟學、平台經濟和貨币經濟學。他目前主持國家自科青年基金項目《平台經濟的運營模式與支付手段》，上海浦江人才計劃《新環保法“按日計罰”政策的環境經濟學分析》。他的論文在Rand Journal of Economics以及《經濟研究》上發表。

内容摘要：This article develops a model in which an intermediary uses a supply chain finance (SCF) program to fund suppliers. Specifically, the SCF program pools liquidity from suppliers and meanwhile provides immediate payment to participating suppliers with pressing liquidity needs. We show that the intermediary optimally selects not only suppliers with positive profitability but also suppliers with negative profitability who, however, contribute to the liquidity pool. Inserting the model to an otherwise standard monetary framework, we show that with higher nominal interest rates, the SCF program emphasizes the liquidity contribution more and the profitability contribution less. Deviating from the Friedman rule, where only suppliers with positive profitability are selected, may lead to welfare gains.