报告题目 | The Collateral Channel of Monetary Policy: Evidence from China | ||
报告人（单位） | 王永钦教授（复旦大学） | ||
点评人（单位） | 刘晓星教授 （东南大学） | 点评人（单位） | 尹威副教授 （东南大学） |
在线会议信息 | 2020年12月4日晚上7：00； 腾讯会议ID：845 917 553；入会密码：201204 | ||
报告人简介 | |||
复旦大学经济学院教授，博士生导师，教育部青年长江学者（金融学），复旦大学经济学博士（2004），耶鲁大学博士后（2008-2010），哈佛大学富布赖特高级访问学者（2016-2017），现任复旦大学绿庭新兴金融业态研究中心主任、经济学院985 平台副主任。在国际和国内经济学权威期刊发表（其中有多篇为卷首文章）如Journal of Economics, China Economic Review （2 篇）, 《经济研究》(11篇)、《管理世界》（2 篇）、《金融研究》（5篇）、《世界经济》（8篇）和核心期刊等发表四十多篇；并已出版中英文著作8 部。关于中国发展制度基础和债务杠杆的研究在国内外学术界取得了较大的社会反响，引发了很多后续的研究。最近的研究兴趣为金融经济学、发展经济学和应用微观。研究成果被《新华文摘》、《人大复印资料》等转载，并获得了上海市第七、八届邓小平理论研究优秀成果奖和上海市第九届哲学社会科学优秀成果奖，入选教育部“新世纪优秀人才支持计划”（2008）、“浦江人才”（2011）和2012-2013 年度上海“社科新人”。关于中国金融体系的研究获《金融研究》“年度最佳论文奖”（2014），兼任上海金融法院专家委员会委员，山东省政府发展研究中心研究员。
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报告内容提要 | |||
Collateral-based monetary policy tools have been used extensively by major central banks. Lack of proper policy counterfactuals, however, makes it difficult to empirically identify their causal effects on the financial market and the real economy. We exploit a quasi-natural experiment in China, where dual-listed bonds are traded in two mostly segmented markets: the interbank market regulated by the Central Bank, and the exchange market regulated by the securities regulator. During a policy shift in our study period, China's Central Bank included a class of previously ineligible bonds in the interbank market to become eligible collateral for financial institutions to borrow money from its Medium-Term Lending Facility (MLF). This policy shift allows us to implement a triple-difference strategy to estimate the causal impact of the collateral-based unconventional monetary policy. We find that in the secondary market the policy reduced the spreads of the newly collateralizable bonds in the treatment market (the interbank market) by 42-62 basis points. We also find that there is a pass-through effect from the secondary market to the primary market: the spreads of the treated bonds newly issued in the interbank market were reduced by 54 basis points. | |||
