【经管院每周系列讲座第343期】Financial Openness, Bank Capital Flows and the Effectiveness of Macroprudential Policy

2018-11-14

【经管院每周系列讲座第343期】Financial Openness, Bank Capital Flows and the Effectiveness of Macroprudential Policy

 

主题Financial Openness, Bank Capital Flows and the Effectiveness of Macroprudential Policy

主讲人厦门大学王亚南经济研究院金昊助理教授

主持人西南财经大学经济与管理研究院 彭涛副教授

时间2018年11月16日(周五)下午13:55—15:30

地点西南财经大学柳林校区颐德楼H412室

主办单位:经济与管理研究院 科研处

主讲人简介:

Dr. Hao Jin obtained his Ph.D. in economics from Indiana University in 2016. He also holds master degrees in statistics and economics from Cornell University and the University   of California Santa Barbara. He obtained his Bachelor’s degree from Xiamen   University. His working paper is R&R at Review of Economic Dynamics.

 

内容提要:

 This paper quantitatively examines the effects of macroprudential policies on credit growth in open economies. We develop a small open economy DSGE model where banks endogenously choose their funding sources (domestic vs. foreign deposits) and subject to financial constraints. Our model predicts that banks increasingly rely on foreign funding in response to a macroprudential policy tightening. We show that this funding composition shift significantly undermines the stabilizing effect and welfare gains of macroprudential policies. Our results suggest macroprudential policies are less effective in financially more open economies, and it is desirable to complement macroprudential policies with capital controls. We find empirical support for the model predictions in a group of emerging and developing economies.

 

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