讲座：Real Effects of International Channels of Monetary Policy
题 目：Real Effects of International Channels of Monetary Policy
演讲人：Yi Huang, Assistant Professor and Pictet Chair in Finance and Development
Graduate Institute of International and Development Studies
主持人：董丰 助理教授 上海交通大学安泰经济与管理学院金融系
时 间：2018年1月10日 14:30-16:00
地 点：上海交通大学 徐汇校区新上院S201
This paper evaluates the impact of international monetary policy shocks (IMP) from United States and Eurozone on corporate loans in Colombia during the period 2004-2014. We find that macro-prudential policies and capital controls implemented in 2007q2 to 2008q4 mitigate the impact of IMP shocks on corporate loans. Besides, restrictions to bank funding from abroad are found to reduce bank lending and its effect is augmented during periods of tight monetary policy conditions in United States and Eurozone. We also identify that IMP shocks affect more foreign currency corporate loans and that during capital controls this effect disappears. Results indicate that macro-prudential policies and capital controls contribute to mitigate the impact of IMP shocks, but it may have a cost for the economy as firms can be financially constrained, especially those in need of funding in foreign currency.
Professor Huang is assistant professor of international economics and Pictet Chair in Finance and Development at the Graduate Institute of International and Development Studies. Prof. Huang was an economist in the Research Department of the IMF and a research associate of Globalization and Monetary Policy Institution in the Federal Reserve Bank of Dallas. He also has been a visiting PhD student at the UC- Berkeley and a research fellow at the Hong Kong Institute for Monetary Research as well as the visiting assistant professor at the London Business School. Prof. Huang also serves at the Council on Global Economic Imbalances at the World Economic Forum. Professor Huang’s research consists of international economics, finance, financial economics and emerging market economies. His recent research focuses on the influence of corporation’s financing and investment to financial market and labor market. Professor Huang gained his Master’s degree from the China Center for Economics Research, Peking University, and his Ph.D. in International Macroeconomic and Finance from the London Business School.