时间：2019年6月11日星期二13:30-15:00
地点：华东师范大学中北校区理科大楼A508
主持人：胡金星
主讲人：Yongheng Deng
报告主题：
Understanding the Risk of China’s Local Government Debts and Its Linkage with Property Markets
内容摘要：
The intertwining of local Chinese housing markets with government fiscal policies is the direct result of China’s recent economic growth and fiscal reforms that have forced local governments to rely on land sales to fund infrastructure projects via a unique funding mechanism known as Local Government Financing Vehicles (LGFVs). We study the linkage between the solvency of LGFV debt and local housing market risk. Our results show that in areas with higher expected house price growth LGFVs issue debt with lower risk premiums. However, in contrast to concerns about excessive local government debt being fueled by surging property prices, we show that LGFVs do not take advantage of this pattern by issuing more bonds during the booming period of housing markets.
主讲人简介：
Yongheng Deng is a Professor and the John P. Morgridge Distinguished Chair in Business, in the Department of Real Estate and Urban Land Economics, Wisconsin School of Business, University of Wisconsin – Madison.Professor Deng holds a Ph.D. in Economics from University of California at Berkeley, and a PostDoc Fellow in the Wharton Real Estate Center, The Wharton School of the University of Pennsylvania.
Before joining Wisconsin School of Business, Professor Deng has served as a Provost's Chair Professor of Real Estate and Finance, Director of the Institute of Real Estate Studies, and Head of the Department of Real Estate, at the National University of Singapore (NUS). He was also a Professor in the Department of Finance at NUS Business School. Professor Deng was a Professor with tenure at the University of Southern California (USC), School of Policy, Planning and Development, and the Marshall School of Business. He was an Economist and Expert in the Office of Federal Housing Enterprise Oversight (OFHEO) – a financial regulator overseeing Fannie Mae and Freddie Mac – in Washington DC.
Professor Deng has chaired the World Economic Forum's Global Agenda Council on Real Estate, and also served as a Vice Chair of the Forum's Global Agenda Council on Financing and Capital, Co-Chair of UN Sustainable Development Solutions Network (UN SDSN), Singapore Chapter. He has served as the 50th President of the American Real Estate and Urban Economics Association (AREUEA), the first Asian to be elected President in the Association’s 50-year history.
Professor Deng has published his research works in leading economics and finance journals. Some of those journals include Econometrica, Journal of Financial Economics, Journal of Urban Economics, Review of Finance, China Economic Review, European Economic Review, Capitalism and Society... Major global media have frequently cited his research works, for example, Wall Street Journal, New York Times, Economist Magazine, Telegraph, Fobes, People’s Daily (China), and more.