讲座：Financial Frictions, Entry and Growth: A Study of China
题 目：Financial Frictions, Entry and Growth: A Study of China
演讲人：Qiusha PENG (彭秋莎), 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20日 14:30-16:00
地 点：上海交通大学 徐汇校区安泰楼B1516
With a focus on the entry channel, this paper investigates the role of business deregulation and financial reform in China’s credit and stock markets in explaining the rapid economic growth of China over the past twenty years. A dynamic general equilibrium growth model with heterogeneous consumers and firms is developed. Quantitative results using firm-level data show that the structural reforms that facilitated business formation and growth led to significantly higher aggregate output. This was driven by resource reallocation resulting from stronger market competition, in particular caused by the massive influx of new firms. Policy analysis shows that further reform can also have a large impact.
Dr. Peng received her PhD from University of Pennsylvania in 2015. Her research fields consist of Financial Markets and Macroeconomics.