题目：Financial Repression, Credit Misallocation and Systemic Financial Risk in China

　　报告人：王勋，北京大学国家发展研究院，研究员

　　时间：2018年11月2日(周五)15:00~17:00

　　地点：经管院B208

　　报告摘要如下：

　　Systemic financial risk has increasingly become a challenge to China’s macroeconomic stability since the 2008 global crisis. In this paper, we first calculate systemic financial risk in China and thereafter examine how financial repression affects systemic financial risk. Using a firm level data set that includes 72 listed financial institutions and a dynamic GMM identification strategy, we identify economic mechanisms through which financial repression affects systemic financial risk in China. We show that regions with higher SOE ratio and lower GDP growth and regional financial institutions exhibit a disproportionally higher growth of systemic risk. Our paper provides new insights into the real effects of distortions in financial system on the financial stability.

　　报告人简介：

　　王勋，北京大学国家发展研究院研究员。主要研究领域为金融改革、国际金融与中国经济。曾在瑞典斯德哥尔摩经济学院从事博士后研究。在Oxford Bulletin of Economics and Statistics, China economic review, Growth and Change以及《中国社会科学》、《经济研究》等中英文期刊发表论文多篇。2011年毕业于北京大学国家发展研究院，获经济学博士学位。