讲座：Financial Stability, Growth and Macroprudential Policy
题 目：Financial Stability, Growth and Macroprudential Policy
演讲人：Chang MA , Assistant Professor of Finance, Fanhai International School of Finance, Fudan University
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：2019年3月27日 14:30-16:00
地 点：上海交通大学 徐汇校区安泰楼B1516
This paper studies the effect of optimal macroprudential policy in a small open economy model where growth is endogenous. By introducing endogenous growth, this model is able to capture the persistent effect of financial crises on output, which is different from previous literature but consistent with the data. Furthermore, there is a new policy trade-off between the cyclical and trend consumption growth. By constraining external borrowing to reduce systemic risk, the macroprudential policy hurts trend growth in good times but reduces the permanent output loss from a crisis. In a calibrated version of my model, I find that the optimal macroprudential policy significantly enhances financial stability (reducing the probability of crisis by two-thirds) at the cost of lowering average growth by a small amount. The welfare gains from policy intervention do not increase with endogenous growth because crises are rare events.
Dr. Ma received his PhD from Johns Hopkins University in 2018. His research fields consist of International Finance, Macroeconomics and Macroprudential Policy.