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新结构经济学Workshop:Global Financial Imbalances and Endogenous Growth in a North-South Setting
发布日期：2016-10-28 04:26 来源：北京大学国家发展研究院
时间：2016年10月28日下午15:30-17:00
地点：朗润园万众楼小教室
主持人：徐佳君、王歆、王勇
主讲人：Basant K Kapur (National University of Singapore)Topic: Global Financial Imbalances and Endogenous Growth in a North-South Setting
Abstract：
This paper seeks to integrate two areas of current interest – the study of Global Financial Imbalances (GFI) between North and South, and endogenous product and process innovation in N and S. N entrepreneurs develop new products, and contract with S firms to produce those products once developed. The N developer knows ex ante the infinite trajectory of optimal process innovation that the S firm can undertake, partly on the basis of which the former will decide whether or not to develop and market the new product. We consider two regimes, a Financial Autarchy (FA) and a Financial Integration (FI) regime. Trade flows are unrestricted in both regimes, but financial (debt) flows only occur under FI: we generate these flows by assuming, in line with findings of Hofstede and Hofstede (2005), that S consumers have a lower rate of time preference than N consumers. We show under our parameter calibration that moving from FA to FI induces significant endogenous dynamic responses of product and process innovation, which significantly affect the macroeconomic and welfare consequences of FI. Thus, abstracting from innovation, as calibrated models of GFI typically do, can result in considerable mis-estimation of the macroeconomic, growth, and welfare consequences of FI.Speaker:
Basant Kapur obtained his PhD from Stanford University in 1974, and is currently Professor of Economics at the National University of Singapore. Over the course of his career, he has worked in various areas of Economics – financial repression and liberalization in less developed economies, open-economy macroeconomics, the Singapore Economy, values and economics, housing price dynamics, growth and well-being, and endogenous growth and structural change, in closed and open economies. He has published in the Journal of Political Economy, Quarterly Journal of Economics, International Economic Review, Economic Journal, Journal of Development Economics, Economics and Philosophy, Social Choice and Welfare, Economic Theory, Journal of Economic Dynamics and Control, Journal of Economics, and other journals.
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新结构经济学Workshop:Global Financial Imbalances and Endogenous Growth in a North-South Setting
发布日期：2016-10-28 04:26 来源：北京大学国家发展研究院
时间：2016年10月28日下午15:30-17:00
地点：朗润园万众楼小教室
主持人：徐佳君、王歆、王勇
主讲人：Basant K Kapur (National University of Singapore)Topic: Global Financial Imbalances and Endogenous Growth in a North-South Setting
Abstract：
This paper seeks to integrate two areas of current interest – the study of Global Financial Imbalances (GFI) between North and South, and endogenous product and process innovation in N and S. N entrepreneurs develop new products, and contract with S firms to produce those products once developed. The N developer knows ex ante the infinite trajectory of optimal process innovation that the S firm can undertake, partly on the basis of which the former will decide whether or not to develop and market the new product. We consider two regimes, a Financial Autarchy (FA) and a Financial Integration (FI) regime. Trade flows are unrestricted in both regimes, but financial (debt) flows only occur under FI: we generate these flows by assuming, in line with findings of Hofstede and Hofstede (2005), that S consumers have a lower rate of time preference than N consumers. We show under our parameter calibration that moving from FA to FI induces significant endogenous dynamic responses of product and process innovation, which significantly affect the macroeconomic and welfare consequences of FI. Thus, abstracting from innovation, as calibrated models of GFI typically do, can result in considerable mis-estimation of the macroeconomic, growth, and welfare consequences of FI.Speaker:
Basant Kapur obtained his PhD from Stanford University in 1974, and is currently Professor of Economics at the National University of Singapore. Over the course of his career, he has worked in various areas of Economics – financial repression and liberalization in less developed economies, open-economy macroeconomics, the Singapore Economy, values and economics, housing price dynamics, growth and well-being, and endogenous growth and structural change, in closed and open economies. He has published in the Journal of Political Economy, Quarterly Journal of Economics, International Economic Review, Economic Journal, Journal of Development Economics, Economics and Philosophy, Social Choice and Welfare, Economic Theory, Journal of Economic Dynamics and Control, Journal of Economics, and other journals.
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