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[5月31日]宏观workshop

发布日期：2016-05-27 03:13    来源：北京大学国家发展研究院

时间：2016年5月31日（周二）13：30－15：00
地点：国家发展研究院 朗润园 万众楼小教室
主持人：霍德明 王敏 赵波
主讲人：许志伟

题目：Interest Rate Liberalization and Capital Allocation

摘要：We study consequences of removing interest rate controls in a two-sector model of China. The key frictions include (1) interest rate controls so that deposit rates differ from lending rates, (2) an agency problem specific to state-owned firms (SOEs), and (3) borrowing constraints and more favorable access to credit by SOEs than private firms. If (2) and (3) remain in place, we show that interest rate liberalization can lead to misallocation of capital across sectors, while improving allocations within each sector. The net effects depend on parameter calibration. When the model is calibrated to Chinese data, we find that the net effect of interest-rate liberalization is to reduce TFP and welfare. However, if either (2) or (3) (or both) is corrected, interest-rate liberalization would be welfare improving. 

主讲人简介：许志伟，上海交通大学安泰经济与管理学院金融系助理教授。研究方向为宏观金融、货币政策与经济波动等，曾在EJ、JEDC、Applied Economics 等国际期刊上发表论文。（简历见附件） CV(Chinese)_XUZHIWEI


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