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数字金融workshop:The Spillover Effects of Real Estate via Production Network
发布日期：2023-12-21 12:00 来源：
第十三讲 The Spillover Effects of Real Estate via Production Network
时间：2023年12月21日周四 北京时间下午 2:00-3:30
Time: Thursday, 21 December 2023, 2-3:30 p.m. Beijing time
地点/Venue：
线下：北京大学国家发展研究院承泽园校区131教室
线上: Zoom(会议号: 820 1191 3920 密码: 853866)
主讲人/Speaker: 陈凯迹 Kaiji Chen
主持人/Host：胡佳胤 Jiayin Hu
摘要/Abstract:
We examine the spillover effects of the ''Three-Red Lines" policy, a Chinese regulatory measure in 2020 that imposed leverage reduction requirements on the real estate sector. Using a firm-level exposure measure, we find that higher exposure to the real estate sector leads to more pronounced adverse impacts on firms' financing costs and real economic activities. Moreover, these spillover effects transmit through the production network, affecting both upstream and downstream sectors closely connected to real estate. Notably, trade credit plays a significant role in explaining these observed spillover effects.
主讲人介绍/Biography:
Kaiji Chen is currently tenured associate professor at Emory University and senior research fellow of Federal Reserve Bank of Atlanta. He is an associate editor of International Economic
Review and China Economic Review. His main research fields are macroeconomics and financial economics. In recently years, his research has focused on China’s macroeconomy, including Chinese housing bubbles, shadow banking and monetary policies, and trends and cycles in China’s macroeconomy. He has published in leading economic journals such as American Economic Review, Journal of Finance, NBER Macroeconomic Annual, American Economic Journal: Macroeconomy, and Journal of Monetary Economics. His research was
cited by major media, such as Financial Times, Bloomberg, The Economists and Wall Street Journal. As the principal investigator, he was awarded in 2016 National Science Foundation (NSF) grant for his research project “Quantifying the Interactions between the Financial Sector and the Macroeconomy in China: A structural Approach”. His paper “The Great Housing Boom of China,” was awarded the 3rd Sun Yefang Financial Innovation Award in 2018.
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数字金融workshop:The Spillover Effects of Real Estate via Production Network
发布日期：2023-12-21 12:00 来源：
第十三讲 The Spillover Effects of Real Estate via Production Network
时间：2023年12月21日周四 北京时间下午 2:00-3:30
Time: Thursday, 21 December 2023, 2-3:30 p.m. Beijing time
地点/Venue：
线下：北京大学国家发展研究院承泽园校区131教室
线上: Zoom(会议号: 820 1191 3920 密码: 853866)
主讲人/Speaker: 陈凯迹 Kaiji Chen
主持人/Host：胡佳胤 Jiayin Hu
摘要/Abstract:
We examine the spillover effects of the ''Three-Red Lines" policy, a Chinese regulatory measure in 2020 that imposed leverage reduction requirements on the real estate sector. Using a firm-level exposure measure, we find that higher exposure to the real estate sector leads to more pronounced adverse impacts on firms' financing costs and real economic activities. Moreover, these spillover effects transmit through the production network, affecting both upstream and downstream sectors closely connected to real estate. Notably, trade credit plays a significant role in explaining these observed spillover effects.
主讲人介绍/Biography:
Kaiji Chen is currently tenured associate professor at Emory University and senior research fellow of Federal Reserve Bank of Atlanta. He is an associate editor of International Economic
Review and China Economic Review. His main research fields are macroeconomics and financial economics. In recently years, his research has focused on China’s macroeconomy, including Chinese housing bubbles, shadow banking and monetary policies, and trends and cycles in China’s macroeconomy. He has published in leading economic journals such as American Economic Review, Journal of Finance, NBER Macroeconomic Annual, American Economic Journal: Macroeconomy, and Journal of Monetary Economics. His research was
cited by major media, such as Financial Times, Bloomberg, The Economists and Wall Street Journal. As the principal investigator, he was awarded in 2016 National Science Foundation (NSF) grant for his research project “Quantifying the Interactions between the Financial Sector and the Macroeconomy in China: A structural Approach”. His paper “The Great Housing Boom of China,” was awarded the 3rd Sun Yefang Financial Innovation Award in 2018.
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