主讲人：Ning Zhang，University of Glasgow

题目：Endogenous Domestic Competition and International Diversification

主持人：余昌华（北京大学国家发展研究院）

时间：2024年12月17日（周二）上午10:30-12:00（北京时间）

地点：344教室

摘要：

A new "norm" seems to have emerged in the literature based on the observation that price markups and factor shares are not constant (Kaldor’s fact of constant factor shares breaks down) even in the short run. We study how international financial integration is shaped in such an environment.  When markups are cyclical, cross-country relative dividend and that of labour income can be negatively comoved, which makes domestic assets a good hedge of labour income risks and yields a general lack of portfolio diversification internationally, a pattern consistent with the data. We show this result in a large class of models that micro-found variable markups (through non-CES demand systems or/and dynamic trade-offs). A fully home-biased portfolio arises even when trade costs are zero and endogenous terms-of-trade responses would otherwise provide a full international risk-sharing. For this to happen, the markup can be either procyclical or countercyclical, and do not need to be very variable - even a minimum variability of markups would suffice.

主讲人介绍：

Ning is an assistant professor in Economics at Adam Smith Business School, University of Glasgow, UK. He serves as a junior fellow of Royal Economic Society. He holds a PhD in Economics from the University of St Andrews. He works in the areas of open economy macroeconomics and international finance, and works on the topics related to international capital flows, international portfolio allocations, and emerging market issues.