Interesta Rate Liberalization and Capital Allocation
讲座名称：
Interesta Rate Liberalization and Capital Allocation
讲座时间：
2016-11-25
讲座人：
许志伟
形式：
校区：
兴庆校区
实践学分：
讲座内容：
讲座题目：Interesta Rate Liberalization and Capital Allocation(利率自由化与资本配置)
讲座时间：2016年11月25日 （周五）上午9:30-11：00
讲座地点：西交大财经校区教学楼八楼学术交流厅
讲座人：许志伟 博士
讲座摘要：We study consequences of removing interest rate controls in a two-sector model of China. The model incorporates a key aspect of the distorted financial system in China:
state-owned enterprises (SOEs) have greater incentive to expand production and easier access to credit than private firms. In this second-best environment, liberalizing interest rate controls may have ambiguous effects on aggregate production and welfare. We show that, following the liberalization reform, capital moves from low-productivity firms to high-productivity firms within each sector, and thus improving aggregate productivity. However, the reform also reallocates capital from the more efficient private sector to the less efficient SOE sector,
reducing aggregate productivity and welfare. To examine the net effects of interest-rate liberalization, we calibrate a dynamic general equilibrium model to Chinese data and compute transition dynamics. We find that interest-rate liberalization can lead to significant reductions in aggregate productivity and social welfare, unless distorted incentives for SOEs and
unfavored credit access for POEs can be substantially alleviated.
相关视频