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国际经济学与实证产业组织workshop：Financing Multinationals
发布日期：2019-10-29 12:00 来源：
时间：2019年10月29日（周二）10：30－12: 00 am
地点：大陆成人直播-成人直播中文 致福轩会议室
主持人：黄益平、余淼杰、 余昌华、邢剑炜
主讲人：Wenlan Luo（Tsinghua University）
Title: Financing Multinationals
Abstract:We develop a quantitative-oriented model that integrates the production and financing decisions of multinational corporations (MNCs). Heterogeneous firms can deploy their technology for production overseas and become MNCs. Due to frictions in obtaining external finance, the scale of the affiliates partially depends on the MNC’s internal capital market, giving rise to foreign direct investment (FDI). The model generates empirically consistent relationships between FDI, multinational production (MP), and financial market conditions of the home and host country. Model-based decompositions show that the changes in financial market conditions account for a sizable fraction of the rapid growth in global FDI prior to 2008 and the slowdown afterward. Overlooking the technology content of MNCs understates welfare gains from FDI; overlooking the capital content misses the dynamic welfare effects.
Speaker:Wenlan Luo is an Assistant Professor in School of Economics and Management, Tsinghua University. He received his Ph.D. in economics from Georgetown University. His main research interests is Macroeconomics, Monetary Economics, and Computational Methods. His papers are published in Review of Economic Dynamics, Journal of Economic Dynamics and Control, etc.
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-
大陆成人直播
-
国际经济学与实证产业组织workshop：Financing Multinationals
发布日期：2019-10-29 12:00 来源：
时间：2019年10月29日（周二）10：30－12: 00 am
地点：大陆成人直播-成人直播中文 致福轩会议室
主持人：黄益平、余淼杰、 余昌华、邢剑炜
主讲人：Wenlan Luo（Tsinghua University）
Title: Financing Multinationals
Abstract:We develop a quantitative-oriented model that integrates the production and financing decisions of multinational corporations (MNCs). Heterogeneous firms can deploy their technology for production overseas and become MNCs. Due to frictions in obtaining external finance, the scale of the affiliates partially depends on the MNC’s internal capital market, giving rise to foreign direct investment (FDI). The model generates empirically consistent relationships between FDI, multinational production (MP), and financial market conditions of the home and host country. Model-based decompositions show that the changes in financial market conditions account for a sizable fraction of the rapid growth in global FDI prior to 2008 and the slowdown afterward. Overlooking the technology content of MNCs understates welfare gains from FDI; overlooking the capital content misses the dynamic welfare effects.
Speaker:Wenlan Luo is an Assistant Professor in School of Economics and Management, Tsinghua University. He received his Ph.D. in economics from Georgetown University. His main research interests is Macroeconomics, Monetary Economics, and Computational Methods. His papers are published in Review of Economic Dynamics, Journal of Economic Dynamics and Control, etc.
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