演讲嘉宾：王永钦 复旦大学教授

演讲题目：The collateral channel of monetary policy: Evidence from China

时 间：2021.10.8（周五）19:00-20:30

地 点：腾讯会议 518 947 282

会议密码：关注"人大财政金融学院"公众号，后台回复1008获取会议密码

主办单位：财政金融学院货币金融系

内容摘要：

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.

嘉宾简介：

王永钦，复旦大学经济学院教授，博士生导师，青年长江学者，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。在国际期刊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9 部。入选“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。

【大金融思想学术沙龙】

大金融思想沙龙是中国人民大学国际货币研究所和财政金融学院货币金融系联合发起设立的高层次学术沙龙。沙龙立足中国实践、紧跟国际前沿，为推动新时期“大金融”学科建设，深入开展“大金融”理论、政策与战略研究，搭建高水平、专业化、开放式的学术交流平台。

“大金融”概念，在学理上源于黄达教授所倡导的宏微观金融理论相结合的基本思路，在理念上源于金融和实体经济作为一个不可分割的有机整体的系统思维。中国人民银行副行长陈雨露在《大金融论纲》中系统论证了“大金融”命题的基本内涵和方法论思想，为全面构建有利于促进长期经济增长和增强国家竞争力的“大金融”体系框架奠定了理论和实证基础。

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