时间：5月26日（周三）下午2：00-3：30

地点：北京大学国家发展研究院（朗润园）512教室

题目：The collateral channel of monetary policy: evidence from China

演讲者：王永钦（复旦大学）（NBER working paper, with Hanming Fang, Xian Wu）

摘要：Collateral-based monetary policy tools have been used extensively by major central banks. Lack of proper policy counterfactuals, however, makes it difficult to empirically identify their causal effects on the financial market and the real economy. We exploit a quasi-natural experiment in China, where dual-listed bonds are traded in two mostly segmented markets: the interbank market regulated by the Central Bank, and the exchange market regulated by the securities regulator. During a policy shift in our study period, China's Central Bank included a class of previously ineligible bonds in the interbank market to become eligible collateral for financial institutions to borrow money from its Medium-Term Lending Facility (MLF). This policy shift allows us to implement a triple-difference strategy to estimate the causal impact of the collateral-based unconventional monetary policy. We find that in the secondary market the policy reduced the spreads of the newly collateralizable bonds in the treatment market (the interbank market) by 42-62 basis points. We also find that there is a pass-through effect from the secondary market to the primary market: the spreads of the treated bonds newly issued in the interbank market were reduced by 54 basis points.

演讲人介绍：

王永钦，复旦大学经济学院教授，博士生导师，青年长江学者，复旦大学经济学博士(2004)，耶鲁大学博士后(2008-2010)，哈佛大学富布赖特高级访问学者(2016-2017)，现任复旦大学绿庭新兴金融业态研究中心主任。在国际和国内经济学权威期刊发表(其中有多篇为卷首文章)如Journal of Economics, China Economic Review (2篇),《经济研究》 (11篇)、《管理世界》(2篇)、《金融研究》(5篇)、《世界经济》(8篇) 和核心期刊等发表四十多篇；并已出版中英文著作9 部。入选“新世纪优秀人才支持计划”(2008)、“浦江人才”(2011)和 2012-2013 年度上海“社科新人”。关于中国金融体系的研究获《金融研究》“年度最佳论文奖”(2014)，兼任上海金融法院专家委员会委员，山东省政府发展研究中心研究员。