蛋播视频一区,无码鲁丝一区二区,精品 久久 五月天,国产老熟女,五月草草在线观看,中文日韩欧美,情色一区二区三区,欧美日韩亚洲激情在线,亚洲制服在线香蕉

王永欽 復(fù)旦大學(xué)教授

The collateral channel of monetary policy: Evidence from China

2021.10.8（周五）19:00-20:30

騰訊會(huì)議 518 947 282

關(guān)注本公眾號(hào)，后臺(tái)回復(fù)1008獲取會(huì)議密碼

財(cái)政金融學(xué)院貨幣金融系

Collateral-based monetary policy tools have been used extensively by major central banks. Lack of proper policy counterfactuals, however, makes it difficult to empirically identify their causal effects on the financial market and the real economy.We exploit a quasi-natural experiment in China, where dual-listed bonds are traded in two mostly segmented markets: the interbank market regulated by the Central Bank, and the exchange market regulated by the securities regulator. During a policy shift in our study period, China's Central Bank included a class of previously ineligible bonds in the interbank market to become eligible collateral for financial institutions to borrow money from its Medium-Term Lending Facility (MLF). This policy shift allows us to implement a triple-difference strategy to estimatethe causal impact of the collateral-based unconventional monetary policy. We find that in the secondary market the policy reduced the spreads of the newly collateralizable bonds in the treatment market(the interbank market) by 42-62 basis points. We also find that thereis a pass-through effect from the secondary market to the primary market: the spreads of the treated bonds newly issued in the interbank market were reduced by 54 basis points.

王永欽，復(fù)旦大學(xué)經(jīng)濟(jì)學(xué)院教授，博士生導(dǎo)師，青年長(zhǎng)江學(xué)者，復(fù)旦大學(xué)經(jīng)濟(jì)學(xué)博士(2004)，耶魯大學(xué)博士后(2008-2010)，哈佛大學(xué)富布賴(lài)特高級(jí)訪(fǎng)問(wèn)學(xué)者(2016-2017)，現(xiàn)任復(fù)旦大學(xué)綠庭新興金融業(yè)態(tài)研究中心主任。在國(guó)際期刊和國(guó)內(nèi)經(jīng)濟(jì)學(xué)權(quán)威期刊發(fā)表(其中有多篇為卷首文章)如Journalof Economics, China Economic Review (2篇),《經(jīng)濟(jì)研究》(11篇)、《管理世界》(2篇)、《金融研究》(5篇)、《世界經(jīng)濟(jì)》(8篇)和核心期刊等發(fā)表四十多篇；并已出版中英文著作9部。入選“新世紀(jì)優(yōu)秀人才支持計(jì)劃”(2008)、“浦江人才”(2011)和2012-2013年度上?！吧缈菩氯恕?。關(guān)于中國(guó)金融體系的研究獲《金融研究》“年度最佳論文獎(jiǎng)”(2014)，兼任上海金融法院專(zhuān)家委員會(huì)委員，山東省政府發(fā)展研究中心研究員。

【大金融思想學(xué)術(shù)沙龍】

大金融思想沙龍是中國(guó)人民大學(xué)國(guó)際貨幣研究所和財(cái)政金融學(xué)院貨幣金融系聯(lián)合發(fā)起設(shè)立的高層次學(xué)術(shù)沙龍。沙龍立足中國(guó)實(shí)踐、緊跟國(guó)際前沿，為推動(dòng)新時(shí)期“大金融”學(xué)科建設(shè)，深入開(kāi)展“大金融”理論、政策與戰(zhàn)略研究，搭建高水平、專(zhuān)業(yè)化、開(kāi)放式的學(xué)術(shù)交流平臺(tái)。

“大金融”概念，在學(xué)理上源于黃達(dá)教授所倡導(dǎo)的宏微觀金融理論相結(jié)合的基本思路，在理念上源于金融和實(shí)體經(jīng)濟(jì)作為一個(gè)不可分割的有機(jī)整體的系統(tǒng)思維。中國(guó)人民銀行副行長(zhǎng)陳雨露在《大金融論綱》中系統(tǒng)論證了“大金融”命題的基本內(nèi)涵和方法論思想，為全面構(gòu)建有利于促進(jìn)長(zhǎng)期經(jīng)濟(jì)增長(zhǎng)和增強(qiáng)國(guó)家競(jìng)爭(zhēng)力的“大金融”體系框架奠定了理論和實(shí)證基礎(chǔ)。

上期回顧：