时 间：2020年11月24日（周二）13:30-15:00
地 点：理科大楼A302会议室（中山北路校区）
题 目：The Collateral Channel of Monetary Policy: Evidence from China
主讲人：王永钦 复旦大学经济学院教授
摘 要：
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 estimate the 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 there is 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.
内容简述：作者用中国货币政策的一项抵押品要求的变化，展示了货币政策是如何通过债券市场发挥作用。
报告人简介：
王永钦博士是复旦大学经济学院教授，教育部青年长江学者（金融学方向），复旦大学经济学博士（2004），耶鲁大学博士后（2008-2010），哈佛大学富布赖特高级访问学者（2016-2017），现任复旦大学绿庭新兴金融业态研究中心主任、经济学院985 平台副主任。在国际和国内经济学权威期刊发表（其中有多篇为卷首文章），如Journal of Economics, China Economic Review （2篇）, 《经济研究》（9篇）、《管理世界》（2篇）、《金融研究》（5篇）、《世界经济》（7篇）和核心期刊等发表四十多篇；并已出版中英文著作8部。关于中国发展制度基础和债务杠杆的研究在国内外学术界取得了较大的社会反响，引发了很多后续的研究。最近的研究兴趣为金融经济学、发展经济学和应用微观。