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数字金融workshop：Resisting Working Capital Constraint: Evidence from 80 Million Individual Business Owners
发布日期：2024-06-04 12:00 来源：
第十二讲 Resisting Working Capital Constraint: Evidence from 80 Million Individual Business Owners
时间/Time： 6月4日 周二 北京时间下午 14:00-15:30
Tuesday 4 June 2024, 2-3:30 p.m.
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（会议号: 897 2560 1400 密码: 938759）
主讲人/Speaker： 罗文澜 Wenlan Luo
主持人/Host： 胡佳胤 Jiayin Hu
Abstract
Using a weekly panel of loans, income, and expenditure data for 80 million individual business owners (IBOs) in China, we document that in anticipation of future business opportunities, IBOs tend to raise more external credit and exhibit lower current income to consumption passthrough. These patterns are not consistent with standard consumption-saving behaviors but can be rationalized by a model of entrepreneurs facing working capital constraints. Based on such a model estimated to these patterns, we evaluate the importance of self vs. external finance in explaining the rapid growth of IBOs during 2018-2020 and the role of credit support in stabilizing their income and consumption during the COVID-19 pandemic.
主讲人介绍/Biography:
清华大学经管学院经济系副教授，博士生导师。2011年毕业于清华大学经管学院，获经济学学士学位。2017年获美国乔治城大学经济学博士学位。主要研究领域为宏观经济学。文章发表于American Economic Journal: Macroeconomics, The Economic Journal, Review of Economics and Statistics, Review of Economic Dynamics等期刊。主持国家自然科学基金。讲授课程包括：货币银行学（本科），经济增长（本科），高级宏观经济学（博士）。
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数字金融workshop：Resisting Working Capital Constraint: Evidence from 80 Million Individual Business Owners
发布日期：2024-06-04 12:00 来源：
第十二讲 Resisting Working Capital Constraint: Evidence from 80 Million Individual Business Owners
时间/Time： 6月4日 周二 北京时间下午 14:00-15:30
Tuesday 4 June 2024, 2-3:30 p.m.
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（会议号: 897 2560 1400 密码: 938759）
主讲人/Speaker： 罗文澜 Wenlan Luo
主持人/Host： 胡佳胤 Jiayin Hu
Abstract
Using a weekly panel of loans, income, and expenditure data for 80 million individual business owners (IBOs) in China, we document that in anticipation of future business opportunities, IBOs tend to raise more external credit and exhibit lower current income to consumption passthrough. These patterns are not consistent with standard consumption-saving behaviors but can be rationalized by a model of entrepreneurs facing working capital constraints. Based on such a model estimated to these patterns, we evaluate the importance of self vs. external finance in explaining the rapid growth of IBOs during 2018-2020 and the role of credit support in stabilizing their income and consumption during the COVID-19 pandemic.
主讲人介绍/Biography:
清华大学经管学院经济系副教授，博士生导师。2011年毕业于清华大学经管学院，获经济学学士学位。2017年获美国乔治城大学经济学博士学位。主要研究领域为宏观经济学。文章发表于American Economic Journal: Macroeconomics, The Economic Journal, Review of Economics and Statistics, Review of Economic Dynamics等期刊。主持国家自然科学基金。讲授课程包括：货币银行学（本科），经济增长（本科），高级宏观经济学（博士）。
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