主题 Topic：The Perils of Credit Booms (信贷扩张的潜在风险)
时间Time：3月25号（周五）｜ March 25th (Friday), 09:00 – 10:10 am
地点Venue：文波楼208室｜Room 208 , WENBO
主讲人Speaker：董丰，上海交通大学安泰经济管理学院助理教授，上海交通大学宏观金融研究中心研究员。2014年获美国华盛顿圣刘易斯大学(Washington University in St. Louis )经济学博士学位；2011年到2013年期间曾于美联储圣刘易斯分行担任技术研究员。他的论文已发表在Economic Theory (SSCI) 等国际知名期刊上。
研究领域:
宏观经济学，货币经济学，金融经济学
Dr. Feng Dong is an assistant professor of Department of Antai College of Economics and Management, Shanghai Jiao Tong University. He is also a research fellow in Research Center of Contemporary Finance of Shanghai Jiao Tong University. Dr. Dong earns his PhD degree in Economics at Washington University in St. Louis, USA, in 2014, and was invited as a research assistant in Federal Reserve Bank in St. Louis during 2011 and 2013.He has published academic paper in Economic Theory (SSCI).
Research Area:
Macroeconomics, Monetary Economics, Financial Economics,
Abstract:
Credit booms often cause economic expansions. But some credit booms end in financial crises yet others do not. To find out why, this paper presents a dynamic general equilibrium model of production economies with adverse selection in the financial market. Entrepreneurs can take on short-term collateralized debt and trade long-term assets to finance investment. Funding liquidity can erode market liquidity. High funding liquidity discourages firms from selling their good long-term assets since these good assets have to subsidize lemons when there is information asymmetry. This can cause a liquidity dry-up in the market for long-term assets and even a market breakdown, resulting in a financial crisis. Multiple equilibria can coexist. Credit booms combined with changes in beliefs can cause equilibrium regime shifts, leading to an economic crisis or expansion.
