返回顶部
   

最新推荐

当前位置:中山大学岭南(大学)学院 >> 学术报告 >> 正文内容

(5-8PM7:30)宏观经济学小组讨论活动

【字体: 】【打印文章

论文题目:Credit Allocation under Economic Stimulus: Evidence from China

主 讲 人:金钊(岭南学院 博士生)

时      间:2017年5月8日(周一)7:30 PM

地      点:岭南堂林植宣会议室

 

摘要:

We study credit allocation across firms in a dynamic economy with financial frictions. In normal times, growth is driven by gradual reallocation of resources from low to high productivity firms. Recessions can slow down or even reverse this process of reallocation due to financial frictions – such as implicit government bailout – favoring low-productivity state-controlled firms. Credit expansion further amplifies this effect. We investigate this mechanism in the context of China’s economic stimulus plan introduced in response to the Great Recession, which triggered a large policy-driven credit expansion. Using private firm-level data we document the dynamics of credit allocation and show evidence consistent with reallocation reversal: differently from the pre-stimulus years, new credit under economic stimulus was allocated relatively more towards state-owned, low-productivity firms than to privately-owned, high-productivity firms.

 

 

 

   宏观经济学讨论小组的成立旨在提供一个大家相互交流和分享的宏观经济学研究的平台。通过组织阅读和讨论国际前沿的宏观经济学文献,为做宏观经济学研究打下基础。

   每次讨论,主要包含三个部分,首先由主讲人对一篇文献进行详细的说明,然后再由点评人对基于该文献最新的发展以及可能存在的问题,进行介绍,最后再结合中国经济,讨论相应的研究问题。

 

        欢迎大家参加!

 

打印文章】【关闭
   © 2000-2017 中山大学 版权所有  粤ICP备05008892号 | 中山大学 | 联系我们 | 网站地图 | 人才招聘 | 图书馆