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北京大学国家发展研究院

微观理论workshop:China's Financial System in Equilibrium

发布日期：2017-05-04 10:10    来源：北京大学国家发展研究院

时间：2017年5月4日（周四）14:00-15:30  

地点：北京大学朗润园万众楼小教室

主讲人：罗杰 Jie Luo（清华大学中国财政税收研究所）

题目："China's Financial System in Equilibrium"

摘要：This paper presents a macro view of China’s financial system, where a state-owned monopolistic banking sector coexists, endogenously, with markets for corporate bonds and private loans. The source and size distributions of external finance are determined jointly in the model's equilibrium. Consistent with data, in equilibrium smaller firms obtain finance through the private lending market, larger firms use bank loans, and the largest by way of corporate bonds. The model predicts, and the data supports, that removing the controls on bank lending rates or tightening the supply of external finance reduces bank loans but increases bond finance. We argue that this may partially explain the observed decline in banking and the rise of the bond market in China, over the past ten years. The model also suggests that removing all interest rate controls would increase the rate of return on lending, expanding banking but squeezing direct lending.


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