讲座主题：The Real Effects of Entrusted Lending in China

主讲嘉宾：孙琪（上海财经大学金融学院副教授）

讲座时间：2019年5月31日（周五），14：00-15：30

讲座地点：沙河校区1号楼201

嘉宾简介：孙琪，南加州大学经济学博士，现任上海财经大学金融学院副教授。

研究领域为宏观经济学、公司金融等。他的多篇学术成果发表在顶级国际学术期刊，如the Journal of the European Economic Association；the Journal of Financial Economics等。

内容摘要：I develop a two-sector equilibrium model of shadow bank lending in China, in which firms with privileged access to credit provide entrusted loans to firms with limited access to credit. I show that given the initial distorted between-sector allocation of bank loans, entrusted lending can improve the capital allocation by channelling funds toward more productive firms. However, for the allocation of new bank credit injected into the economy, the existence of entrusted lending could amplify the misallocation, through the lender’s interest rate arbitrary behavior. I also conduct counterfactual exercises to examine the allocation effects of credit policies during the period 2009-2012. I quantify the size of the crowding out effect induced by the partial liberalization of the state sector’s borrowing constraint.