[4月19日]国际经济学workshop

发布日期:2017-04-17 10:21:00    来源:北京大学国家发展研究院

时间:2017年4月19日(周三)10:30-12:00 am

地点:北大国发院/中国经济研究中心万众楼一楼小教室

主持人:余淼杰 余昌华 王歆

主讲人:金昊(Xiamen University)

题目:Foreign Asset Accumulation among Emerging Market Economies: a Case for Coordination

摘要:We develop a two-sector, core-periphery country general equilibrium framework with endogenous financial crises and argue for coordination on foreign asset accumulations among emerging market economies (EMEs). We show that a national planner in each peripheral country prefers a higher foreign asset position than the decentralized agents. This is consistent with the policy prescription derived in Bianchi (2011). However, a coordinator for all peripheral countries, who internalizes the effect of aggregate peripheral savings on the world interest rate, prefers a lower foreign asset position relative to the national planner. We find that uncoordinated foreign asset accumulations may even be inferior to decentralized equilibrium once we allow for a variable world interest rate. Our quantitative analysis shows that the coordinated level of net foreign assets for the peripheral countries is only 56% that of the uncoordinated level.

主讲人简介:金昊,厦门大学王亚南经济研究院和经济学院助理教授。于2007年获厦门大学金融工程和应用数学双学位,之后获美国加州大学圣芭芭拉分校经济学硕士和美国康奈尔大学应用统计学硕士学位,并于2016年获美国印第安纳大学布鲁明顿分校经济学博士学位。主要研究方向包括:国际经济学,宏观经济学,货币与财政政策。

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