-
大陆成人直播
-
- 大陆成人直播
- WORKSHOP预告
国际经济学workshop：Financial Integration and the Growth-Welfare Gains under Robustness
发布日期：2017-12-06 10:31 来源：大陆成人直播-成人直播中文
国际经济学workshop
时间：2017年12月6日（周三）10:30-12:00 am
地点：北大国发院/中国经济研究中心小教室
主持人：余淼杰 鄢萍 余昌华 王歆
主讲人：罗雨雷（香港大学）
题目：Financial Integration and the Growth-Welfare Gains under Robustness.
摘要：We document a negative relationship between average growth and volatility in a cross section of countries. We then provide an interpretation of this result using a robustness (RB) version of the Obstfeld (1994) model of financial diversification and openness. Incorporating a preference for robustness can generate the observed negative relationship between growth and volatility of real GDP. Furthermore, we show that RB reduces the expected growth rate in a diversified equilibrium (positive holdings of risk-free capital), while it could increase growth in an undiversified equilibrium. Using this framework, we calculate the growth and welfare gains associated with financial market openness, and show that international integration has a smaller effect on welfare gain under RB if the economy is in a diversified equilibrium.
主讲人简介：
Yulei Luo is an associate professor of Economics (with tenure), The University of Hong Kong. He received his PhD from Princeton University in 2005. His research fields are mainly in Macroeconomics, Household Finance, Asset Pricing, and International Finance.
大陆成人直播 官方微信
Copyright© 1994-2012 大陆成人直播-成人直播中文 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用
-
大陆成人直播
-
国际经济学workshop：Financial Integration and the Growth-Welfare Gains under Robustness
发布日期：2017-12-06 10:31 来源：大陆成人直播-成人直播中文
国际经济学workshop
时间：2017年12月6日（周三）10:30-12:00 am
地点：北大国发院/中国经济研究中心小教室
主持人：余淼杰 鄢萍 余昌华 王歆
主讲人：罗雨雷（香港大学）
题目：Financial Integration and the Growth-Welfare Gains under Robustness.
摘要：We document a negative relationship between average growth and volatility in a cross section of countries. We then provide an interpretation of this result using a robustness (RB) version of the Obstfeld (1994) model of financial diversification and openness. Incorporating a preference for robustness can generate the observed negative relationship between growth and volatility of real GDP. Furthermore, we show that RB reduces the expected growth rate in a diversified equilibrium (positive holdings of risk-free capital), while it could increase growth in an undiversified equilibrium. Using this framework, we calculate the growth and welfare gains associated with financial market openness, and show that international integration has a smaller effect on welfare gain under RB if the economy is in a diversified equilibrium.
主讲人简介：
Yulei Luo is an associate professor of Economics (with tenure), The University of Hong Kong. He received his PhD from Princeton University in 2005. His research fields are mainly in Macroeconomics, Household Finance, Asset Pricing, and International Finance.
访问学者申请
EMAIL
北京大学
ENGLISH
