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新结构经济学workshop: The Real Effects of Entrusted Lending
发布日期：2018-04-13 10:08 来源：大陆成人直播-成人直播中文
时间：2018年4月13日下午4:00-5:30
地点：北京大学英杰交流中心359S会议室
主讲人：孙琪（上海财经大学）Title: The Real Effects of Entrusted Lending
Abstract:
I develop a two-sector equilibrium model of entrusted lending in China, in which state sector firms with privileged access to credit provide entrusted loans to private sector firms with limited access to credit. I show that in a stationary state entrusted lending improves capital allocation by channeling funds to more productive private firms. However, during a bank credit expansion, new loans have been allocated more disproportionately toward state firms through an amplification effect induced by entrusted lending. On the other hand, the channel of entrusted lending boosts the transmission efficiency of credit stimulus by enlarging the impact of credit expansion on output growth. I also show that a partial liberalization of the state sector's borrowing constraint could lead to a lower efficiency of capital allocation, by a crowding out effect of raising the marginal cost of bank lending. Finally, the model presents a quantitative explanation for the dramatic increase of entrusted loans since 2010.Speaker:
Qi Sun is an Assistant Professor of Finance at Shanghai University of Finance and Economics. His research interests are macroeconomics, corporate finance and Chinese economy. His research has been published in Journal of the European Economic Association and Journal of Financial Economics. Professor Sun received his Ph.D. in Economics degree from the University of Southern California in 2014.
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大陆成人直播
-
新结构经济学workshop: The Real Effects of Entrusted Lending
发布日期：2018-04-13 10:08 来源：大陆成人直播-成人直播中文
时间：2018年4月13日下午4:00-5:30
地点：北京大学英杰交流中心359S会议室
主讲人：孙琪（上海财经大学）Title: The Real Effects of Entrusted Lending
Abstract:
I develop a two-sector equilibrium model of entrusted lending in China, in which state sector firms with privileged access to credit provide entrusted loans to private sector firms with limited access to credit. I show that in a stationary state entrusted lending improves capital allocation by channeling funds to more productive private firms. However, during a bank credit expansion, new loans have been allocated more disproportionately toward state firms through an amplification effect induced by entrusted lending. On the other hand, the channel of entrusted lending boosts the transmission efficiency of credit stimulus by enlarging the impact of credit expansion on output growth. I also show that a partial liberalization of the state sector's borrowing constraint could lead to a lower efficiency of capital allocation, by a crowding out effect of raising the marginal cost of bank lending. Finally, the model presents a quantitative explanation for the dramatic increase of entrusted loans since 2010.Speaker:
Qi Sun is an Assistant Professor of Finance at Shanghai University of Finance and Economics. His research interests are macroeconomics, corporate finance and Chinese economy. His research has been published in Journal of the European Economic Association and Journal of Financial Economics. Professor Sun received his Ph.D. in Economics degree from the University of Southern California in 2014.
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