[3月1日]国际经济学workshop

发布日期:2017-02-27 14:02:48    来源:北京大学国家发展研究院

时间:2017年3月1日(周三)10:30-12:00 am

地点:北大国发院/中国经济研究中心小教室

主持人:余淼杰 余昌华

主讲人:李昭(University of International Business and Economics)

题目:A Theory of Endogenous Asset Fire Sales, Bank Runs, and Contagion

摘要:In a global-games framework, we endogenize asset fire sales, bank runs, and contagion by emphasizing a lack of information: investors can be uncertain whether banks selling assets to fend off runs are insolvent or simply illiquid. However, it is this uncertainty that leads to asset price collapses and runs in the first place. We show that a balanced-budget asset purchase program promotes financial stability by breaking down this vicious cycle. By contrast, increasing capital can exacerbate fire sales in the presence of adverse selection, because runs on well-capitalized banks signal high risks. We also derive implications regarding regulatory disclosure policies.

主讲人简介:李昭,2016年8月至今,任对外经济贸易大学金融学院助理教授(讲师)。2006年武汉大学本科毕业,获经济学、数学双学士;2008年获得武汉大学金融学硕士学位;2009年获得法国图卢兹经济学院(Toulouse School of Economics)经济数学硕士学位;2015年获得西班牙庞培法布拉大学(Universitat Pompeu Fabra)金融学博士学位。主要研究领域为银行学、金融稳定与监管、公司金融、CEO激励。