講座題目：Credit Boom, Global Saving Glut and Lending Constraints

時間：2023年4月21日（周五）中午12：15-13：15

地點：博學(xué)樓925

主講人：金昊

主講人簡介：

金昊，經(jīng)濟學(xué)博士，現(xiàn)任北京航空航天大學(xué)經(jīng)濟管理學(xué)院副教授，研究領(lǐng)域為宏觀經(jīng)濟學(xué)、國際金融學(xué)、貨幣與財政政策。論文發(fā)表于Review of Economic Dynamics、Journal of International Money and Finance、Macroeconomic Dynamics、經(jīng)濟研究、經(jīng)濟學(xué)（季刊）、中國工業(yè)經(jīng)濟、財貿(mào)經(jīng)濟等國內(nèi)外經(jīng)濟學(xué)權(quán)威期刊。主持國家自科基金和教育部人文社科基金青年項目，參與多個國家社科重大和自科面上項目。擔(dān)任Review of Economic Dynamics、Journal of International Money and Finance、Economic Modelling、經(jīng)濟學(xué)（季刊）、中國工業(yè)經(jīng)濟、系統(tǒng)工程理論與實踐等期刊的審稿人。研究成果曾獲福建省社會科學(xué)優(yōu)秀成果獎三等獎、中國數(shù)量經(jīng)濟學(xué)會優(yōu)秀科研成果獎?wù)撐囊坏泉劇?/span>

講座內(nèi)容簡介：

This paper explores the drivers of the credit boom prior to the Great Recession. We develop an open economy macroeconomic model with lending constrained banks who obtain funds from both domestic and foreign savers. The model shows that a global saving glut can capture the following four empirical facts during the credit boom: the deteriorate of US current account balance, the rise of the foreign-to-domestic liability ratio on US commercial banks, the fall of deposit rates, and the decrease of mortgage interest rates. We find that these facts are difficult to reconcile with an alternative explanation that attributes the credit boom only to looser bank lending constraints, because they increase the deposit rate.