报告题目 | China's financial crisis - the role of banks and monetary policy | ||
报告人（单位） | Kent Matthews（Cardiff Business School, Cardiff University, UK） | ||
点评人（单位） | 刘晓星教授 （东南大学） | 点评人（单位） | 尹威博士 （东南大学） |
时间地点 | 2015年8月26日（周三下午2：00）九龙湖经济管理学院2-201会议室 | ||
报告内容摘要 | |||
This paper develops a model of the Chinese economy using a DSGE framework that accommodates a banking sector and money. The model is used to shed light on the recent period of financial crisis. It differs from other applications in the use of indirect inference to estimate and test the fitted model. We find that the main shocks that hit China in the crisis were international and that domestic banking shocks were unimportant. Officially mandated bank lending and government spending were used to supplement monetary policy to aggressively offset shocks to demand. An analysis of the frequency of crises shows that crises occur on average about every half-century, with about a third accompanied by financial crises. We find that monetary policy can be used more vigorously to stabilise the economy, making direct banking controls and fiscal activism unnecessary. | |||
报告人简介 | |||
Kent Matthews is Associate Dean for Engagement and the Sir Julian Hodge Professor of Banking and Finance at Cardiff Business School. He has held previous posts at the National Institute of Economic and Social Research, and the Bank of England, and has been a research visitor to the Hong Kong Monetary Authority. His research has been published in high quality academic journals such as European Economic Review, Journal of Money, Credit and Banking, Journal of Bank and Finance, International Review of Financial Analysis and Journal of International Financial Markets, Institutions and Money, etc. His research has been in five main areas: Modelling and forecasting the macro economy; Monetary and Credit influences on the economy; Banking deregulation, competitiveness and performance; Relationship banking and SME financing; and the Economics of the underground economy (including violent injury determination). | |||
