-
首页
-
- 首页
- WORKSHOP预告
国际经济学workshop: Dollar Debt and the Inefficient Global Financial Cycle
发布日期：2024-04-02 12:00 来源：
主讲人：Paul Fontanier（Yale School of Management）
主持人：余昌华（北京大学国家发展研究院）
时间：2024年4月2日（周二）下午3:00-4:30（北京时间）
地点：线上会议
Zoom会议号：926 3889 7210
密码：908060
摘要：
This paper proposes a tractable model of the Global Financial Cycle and study its welfare implications for emerging market economies (EMEs). When local firms issue debt denominated in dollars, central banks must increase their policy rate as the U.S. tightens in order to offset balance sheet effects stemming from the depreciation of their currency. When global financial markets are imperfect, this synchronized policy response has negative spillovers: all individual countries seek to attract capital inflows at the expense of one another, exacerbating the Global Financial Cycle. This congestion externality requires further tightening and results in inefficiently low levels of output and employment in EMEs, and generates gains from coordination. On the contrary, discouraging debt issuance in dollars through macroprudential policy has positive spillovers, and does not necessarily require coordination between EMEs. Its optimal use dampens the Global Financial Cycle and its inefficiencies.
主讲人介绍：
Paul Fontanier is an Assistant Professor in Finance at Yale SOM since Fall 2022. Paul is an applied theorist with interests at the intersection of Finance, Macroeconomics, and Behavioral Economics. In his most recent research, he analyzes how policymakers should adapt their macroprudential and monetary policies when the financial sector is vulnerable to belief-driven boom-bust cycles. He was awarded the AQR Top Finance Graduate Award in 2022.
国家发展研究院官方微信
Copyright© 1994-2012 北京大学 国家发展研究院 版权所有, 京ICP备05065075号-1
保留所有权利，不经允许请勿挪用
-
首页
-
国际经济学workshop: Dollar Debt and the Inefficient Global Financial Cycle
发布日期：2024-04-02 12:00 来源：
主讲人：Paul Fontanier（Yale School of Management）
主持人：余昌华（北京大学国家发展研究院）
时间：2024年4月2日（周二）下午3:00-4:30（北京时间）
地点：线上会议
Zoom会议号：926 3889 7210
密码：908060
摘要：
This paper proposes a tractable model of the Global Financial Cycle and study its welfare implications for emerging market economies (EMEs). When local firms issue debt denominated in dollars, central banks must increase their policy rate as the U.S. tightens in order to offset balance sheet effects stemming from the depreciation of their currency. When global financial markets are imperfect, this synchronized policy response has negative spillovers: all individual countries seek to attract capital inflows at the expense of one another, exacerbating the Global Financial Cycle. This congestion externality requires further tightening and results in inefficiently low levels of output and employment in EMEs, and generates gains from coordination. On the contrary, discouraging debt issuance in dollars through macroprudential policy has positive spillovers, and does not necessarily require coordination between EMEs. Its optimal use dampens the Global Financial Cycle and its inefficiencies.
主讲人介绍：
Paul Fontanier is an Assistant Professor in Finance at Yale SOM since Fall 2022. Paul is an applied theorist with interests at the intersection of Finance, Macroeconomics, and Behavioral Economics. In his most recent research, he analyzes how policymakers should adapt their macroprudential and monetary policies when the financial sector is vulnerable to belief-driven boom-bust cycles. He was awarded the AQR Top Finance Graduate Award in 2022.
访问学者申请
EMAIL
北京大学
ENGLISH
