讲座题目： Asset-side Bank Runs and Liquidity Rationing: A Vicious Cycle

　　报告人：黄宗博(香港中文大学-深圳，助理教授)

　　报告时间：2018年5月30日(周三)上午10:00-11:30

　　报告地点：经管院 B226

　　主办单位：数理经济与数理金融系，主持人：李晓蹊

　　摘要: This article studies the role of bank liquidity rationing in managing panics in a dynamic model of credit line run. In downturns banks tighten liquidity by cutting credit lines. Anticipating this, borrowers run to draw down credit lines in the first place, which imposes further pressure on banks. Thus liquidity rationing and credit line runs form a feedback loop that amplifies bank distress. I fit the model to the U.S. commercial bank data and find that the feedback effects contribute to about two thirds of the total credit contraction in downturns. From a normative perspective, a commitment tax on cutting credit lines is effective in mitigating runs.

　　简介: 黄宗博博士于2017年获得美国普林斯顿大学经济学博士学位，现为香港中文大学(深圳)金融学助理教授。他的研究集中在公司金融和宏观金融，侧重于金融摩擦的对于实体经济的影响。