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新结构经济学workshop: Optimal Capital Account Liberalization in China
发布日期：2018-10-26 03:46 来源：大陆成人直播-成人直播中文
时间：2018年10月26日下午16:00-17:30
地点：北京大学朗润园致福轩会议室
主讲人：Zheng Liu (Federal Reserve Bank of San Francisco)
Title: Optimal Capital Account Liberalization in China
Abstract:
China maintains tight controls over its capital account. Its prevailing regime also features financial repression, under which banks are required to extend funds to state-owned enterprises (SOEs) at below-market interest rates. We incorporate these features into a general equilibrium model. We find that capital account liberalization under financial repression incurs a tradeoff between aggregate productivity and inter-temporal allocative efficiency. Along a transition path with a declining SOE share, the second-best policy calls for a rapid removal of financial repression, but a relatively gradual liberalization of the capital account.
Speaker:
Dr. Zheng Liu is senior research advisor and director of Center for Pacific Basin Studies at Federal Reserve Bank of San Francisco, and he works as a special term professor at Shanghai Advanced Institute of Finance. His major research areas include Macroeconomics, Monetary policy, Credit and housing, International finance, and Chinese economy. He has published around 30 research articles in leading refereed journals, including American Economic Review, Econometrica, Journal of Monetary Economics, American Economic Journal - Macroeconomics, Review of Economic Dynamics, Journal of International Money and Finance, IMF Economic Review, and Quantitative Economics. He is currently Associate Editor for Journal of Economic Dynamics and Control and Journal of Money, Credit and Banking, and on the editorial boards for VoxChina. In 2016, he was awarded the 2016 Sun Yefang Financial Innovation Award for the paper “Capital Controls and Optimal Chinese Monetary Policy” (with Chun Chang and Mark Spiegel), published in Journal of Monetary Economics in September 2015. The Sun Yefang Prize is China’s highest award in economics and finance. He was Technical Advisor at IMF Institute for Capacity Development in 2016. He received a Ph.D. degree in Economics from the University of Minnesota in 1997.
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大陆成人直播
-
新结构经济学workshop: Optimal Capital Account Liberalization in China
发布日期：2018-10-26 03:46 来源：大陆成人直播-成人直播中文
时间：2018年10月26日下午16:00-17:30
地点：北京大学朗润园致福轩会议室
主讲人：Zheng Liu (Federal Reserve Bank of San Francisco)
Title: Optimal Capital Account Liberalization in China
Abstract:
China maintains tight controls over its capital account. Its prevailing regime also features financial repression, under which banks are required to extend funds to state-owned enterprises (SOEs) at below-market interest rates. We incorporate these features into a general equilibrium model. We find that capital account liberalization under financial repression incurs a tradeoff between aggregate productivity and inter-temporal allocative efficiency. Along a transition path with a declining SOE share, the second-best policy calls for a rapid removal of financial repression, but a relatively gradual liberalization of the capital account.
Speaker:
Dr. Zheng Liu is senior research advisor and director of Center for Pacific Basin Studies at Federal Reserve Bank of San Francisco, and he works as a special term professor at Shanghai Advanced Institute of Finance. His major research areas include Macroeconomics, Monetary policy, Credit and housing, International finance, and Chinese economy. He has published around 30 research articles in leading refereed journals, including American Economic Review, Econometrica, Journal of Monetary Economics, American Economic Journal - Macroeconomics, Review of Economic Dynamics, Journal of International Money and Finance, IMF Economic Review, and Quantitative Economics. He is currently Associate Editor for Journal of Economic Dynamics and Control and Journal of Money, Credit and Banking, and on the editorial boards for VoxChina. In 2016, he was awarded the 2016 Sun Yefang Financial Innovation Award for the paper “Capital Controls and Optimal Chinese Monetary Policy” (with Chun Chang and Mark Spiegel), published in Journal of Monetary Economics in September 2015. The Sun Yefang Prize is China’s highest award in economics and finance. He was Technical Advisor at IMF Institute for Capacity Development in 2016. He received a Ph.D. degree in Economics from the University of Minnesota in 1997.
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