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国发院-经院宏观经济学workshop: Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
发布日期：2021-05-07 12:00 来源：
题目：Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
演讲者：Zheng Liu（Federal Reserve Bank of San Francisco）
时间：2021年5月7日（周五上午）10:30-12:00
线下：朗润园512教室
线上：
加入 Zoom 会议
https://zoom.com.cn/j/92235953853?pwd=a2pDQllOK0JweGdNeHJuSFNoVHB4Zz09
会议号：922 3595 3853
密码：446632
简介：We study the impact of China’s 2013 implementation of Basel III on bank risk-taking and its responses to monetary policy shocks using confidential loan-level data from a large Chinese bank. Guided by theory, we use a difference-in-difference identification, exploiting cross-sectional differences in lending behaviors between high-risk and low-risk bank branches before and after the new regulations. We find that, through a risk-weighting channel, changes in regulations significantly reduced bank risk-taking, both on average and conditional on monetary policy easing. However, banks reduce risk-taking by increasing lending to ostensibly low-risk state-owned enterprises (SOEs) under government guarantees, despite their low average productivity.
About the speaker:
Zheng Liu is a Vice President of International Research and the Director of the Center for Pacific Basin Studies at the Federal Reserve Bank of San Francisco.
Prior to joining the Federal Reserve in 2008, Zheng was an Associate Professor of Economics at Emory University. Zheng has also taught courses at Clark University, the University of Minnesota, and Shanghai Jiao Tong University. He served as a technical advisor for the IMF and a visiting scholar at the University of Minnesota, Boston University, the Federal Reserve Banks of Atlanta and Minneapolis, and the European Central Bank.
Zheng’s research focuses on issues of macroeconomics, monetary policy, international finance, and the Chinese economy. He has published dozens of articles in peer-reviewed academic journals, including top journals such as American Economic Review, Econometrica, American Economic Journal: Macroeconomics, Journal of Monetary Economics, and Quantitative Economics. His recent work on China’s capital controls and monetary policy was awarded the 2016 Sun Yefang Prize, China’s highest award in economics and finance.
Zheng completed his Ph.D. and M.A. in Economics at the University of Minnesota, and his B.A. and M.A. in Economics at the Renmin University of China. Zheng currently serves as an Associate Editor of the Quantitative Economics and the Journal of Economic Dynamics and Control. He served as an Associate Editor for the Journal of Money, Credit and Banking in 2013-2018. He is also a member of the Editorial Board of VoxChina.
Zheng’s CV and research papers can be found at: http://www.frbsf.org/economic-research/economists/zheng-liu/
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国发院-经院宏观经济学workshop: Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
发布日期：2021-05-07 12:00 来源：
题目：Bank Risk-Taking and Monetary Policy Transmission: Evidence from China
演讲者：Zheng Liu（Federal Reserve Bank of San Francisco）
时间：2021年5月7日（周五上午）10:30-12:00
线下：朗润园512教室
线上：
加入 Zoom 会议
https://zoom.com.cn/j/92235953853?pwd=a2pDQllOK0JweGdNeHJuSFNoVHB4Zz09
会议号：922 3595 3853
密码：446632
简介：We study the impact of China’s 2013 implementation of Basel III on bank risk-taking and its responses to monetary policy shocks using confidential loan-level data from a large Chinese bank. Guided by theory, we use a difference-in-difference identification, exploiting cross-sectional differences in lending behaviors between high-risk and low-risk bank branches before and after the new regulations. We find that, through a risk-weighting channel, changes in regulations significantly reduced bank risk-taking, both on average and conditional on monetary policy easing. However, banks reduce risk-taking by increasing lending to ostensibly low-risk state-owned enterprises (SOEs) under government guarantees, despite their low average productivity.
About the speaker:
Zheng Liu is a Vice President of International Research and the Director of the Center for Pacific Basin Studies at the Federal Reserve Bank of San Francisco.
Prior to joining the Federal Reserve in 2008, Zheng was an Associate Professor of Economics at Emory University. Zheng has also taught courses at Clark University, the University of Minnesota, and Shanghai Jiao Tong University. He served as a technical advisor for the IMF and a visiting scholar at the University of Minnesota, Boston University, the Federal Reserve Banks of Atlanta and Minneapolis, and the European Central Bank.
Zheng’s research focuses on issues of macroeconomics, monetary policy, international finance, and the Chinese economy. He has published dozens of articles in peer-reviewed academic journals, including top journals such as American Economic Review, Econometrica, American Economic Journal: Macroeconomics, Journal of Monetary Economics, and Quantitative Economics. His recent work on China’s capital controls and monetary policy was awarded the 2016 Sun Yefang Prize, China’s highest award in economics and finance.
Zheng completed his Ph.D. and M.A. in Economics at the University of Minnesota, and his B.A. and M.A. in Economics at the Renmin University of China. Zheng currently serves as an Associate Editor of the Quantitative Economics and the Journal of Economic Dynamics and Control. He served as an Associate Editor for the Journal of Money, Credit and Banking in 2013-2018. He is also a member of the Editorial Board of VoxChina.
Zheng’s CV and research papers can be found at: http://www.frbsf.org/economic-research/economists/zheng-liu/
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