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宏观workshop：Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
发布日期：2020-11-12 12:00 来源：
Title: Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
主讲人： Zhiwei Xu
时间：周四下午 14:00-15:30
地点：朗润园万众楼小教室
论文摘要: China implemented Basel III in 2013 and tightened bank capital regulations. Using confidential loan-level data, merged with firm-level data, we show that the new regulations reduced bank risk-taking following monetary policy easing. Banks respond to a balance-sheet expansion by raising the share of lending to low-risk borrowers, and in particular, to state-owned enterprises (SOEs) that receive high credit ratings under government guarantees. We construct a two-sector general equilibrium model with bank portfolio choices and show that a shift in bank lending toward SOEs following monetary policy easing reduces aggregate productivity, creating a tradeoff between financial stability and allocative efficiency.
论文下载：../../docs/20201109100816390346.pdf
主讲人简介:
Zhiwei Xu is an Associate Professor of Economics at Antai College of Economics and Management of Shanghai Jiao Tong University. He has a Ph.D. from Hong Kong University of Science and Technology and a Master from Shanghai University of Finance and Economics. His research interest includes macro-finance, business cycles, and Chinese economy. His work published at AEJ: Macro, Economic Journal, Journal of Economic Theory, Journal of Economic Dynamics and Control, Quantitative Economics, Review of Economic Dynamics, and other leading Chinese journals.
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宏观workshop：Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
发布日期：2020-11-12 12:00 来源：
Title: Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
主讲人： Zhiwei Xu
时间：周四下午 14:00-15:30
地点：朗润园万众楼小教室
论文摘要: China implemented Basel III in 2013 and tightened bank capital regulations. Using confidential loan-level data, merged with firm-level data, we show that the new regulations reduced bank risk-taking following monetary policy easing. Banks respond to a balance-sheet expansion by raising the share of lending to low-risk borrowers, and in particular, to state-owned enterprises (SOEs) that receive high credit ratings under government guarantees. We construct a two-sector general equilibrium model with bank portfolio choices and show that a shift in bank lending toward SOEs following monetary policy easing reduces aggregate productivity, creating a tradeoff between financial stability and allocative efficiency.
论文下载：../../docs/20201109100816390346.pdf
主讲人简介:
Zhiwei Xu is an Associate Professor of Economics at Antai College of Economics and Management of Shanghai Jiao Tong University. He has a Ph.D. from Hong Kong University of Science and Technology and a Master from Shanghai University of Finance and Economics. His research interest includes macro-finance, business cycles, and Chinese economy. His work published at AEJ: Macro, Economic Journal, Journal of Economic Theory, Journal of Economic Dynamics and Control, Quantitative Economics, Review of Economic Dynamics, and other leading Chinese journals.
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