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胡佳胤——规范影子银行:金融创新与系统风险

发布时间: 2018/12/18 15:40:38     点击次数:次   打印本页

北航经商院 • 经济学双周论坛 第24期

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“北航经商院 • 经济学双周论坛”将在本周四迎来第24期讨论,具体安排如下:

时间:本周四(12月20日)中午12:00-14:00

地点:新主楼A949

在此诚挚邀请您参与讨论和分享!

题目:规范影子银行:金融创新与系统风险

TitleRegulating Shadow Banks: Financial Innovation versus Systemic Risk

主讲人:胡佳胤

Presenter:Jiayin Hu

Abstract

Why do we have shadow banks and what is the optimal shadow bank regulation? I develop a bank run model featuring the tradeoff between financial innovation and systemic risk to investigate the role of shadow banking and the regulation. In my model, the traditional banking sector is regulated such that it can credibly provide safe assets, while a shadow banking sector creates space for beneficial investment opportunities created by financial innovation but also provides regulatory arbitrage opportunities for non-innovative banks. Systemic risk arises from the negative externalities of asset liquidation in the shadow banking sector, which may lead to a self-fulfilling recession and costly government bailouts. Heavy regulatory punishment on systemically important shadow banks controls existing systemic risk and has a deterrent effect on its accumulation ex ante. My paper is the first to formalize the designation authority of a macro-prudential regulator in systemic risk regulation.

主讲人简介(Introduction):

胡佳胤现为美国哥伦比亚大学经济系博士候选人,导师为美国金融学会前主席、哥大商学院及经济系教授Patrick Bolton。主要研究方向为银行理论和公司金融,并担任International Journal of Central Banking审稿人。2014年毕业于清华大学经济管理学院。

Jiayin Hu is a Ph.D. candidate in the Department of Economics at Columbia University under the supervision of Professor Patrick Bolton, former President of the American Finance Association. Her research interests are banking, financial intermediation, and applied corporate finance. She has refereed for International Journal of Central Banking. Prior to Columbia, she received her bachelor's degree in economics from Tsinghua University in 2014.