【题 目】Interesta Rate Liberalization and Capital Allocation

(利率自由化与资本配置)

【讲座人】许志伟 博士

【时 间】2016年11月25日 （周五）上午9:30-11：00

【地 点】西交大财经校区教学楼八楼学术交流厅

【简 介】许志伟博士，2013年获香港科技大学博士学位，现任上海交通大学安泰经济管理学院助理教授。主要研究方向为宏观金融、经济周期与中国经济，在

《Journal of Economic and Dynamics Control》、《Quantitative Economics》、《Economic Journal 》、《经济研究》、《管理世界》、《经济学(季刊)》等国内外顶尖期刊发表论文13篇。同时承担《China Economic Review》、《Journal of Economic and Dynamics Control》、《Macroeconomic Dynamics》、《Journal of Macroeconomics》、《Journal of Money, Credit and Banking》、《Studies in Nonlinear Dynamics & Econometrics》、《Economic Modelling》、《经济研究》、《经济学季刊》、《经济学报》、《财经研究》、《财贸经济》等国内外期刊的审稿工作，并主持国家自然科学基金青年项目以及上海市哲学社科青年基金各一项。

【摘要】We study consequences of removing interest rate controls in a two-sector model of China. The model incorporates a key aspect of the distorted financial system in China:

state-owned enterprises (SOEs) have greater incentive to expand production and easier access to credit than private firms. In this second-best environment, liberalizing interest rate controls may have ambiguous effects on aggregate production and welfare. We show that, following the liberalization reform, capital moves from low-productivity firms to high-productivity firms within each sector, and thus improving aggregate productivity. However, the reform also reallocates capital from the more efficient private sector to the less efficient SOE sector,

reducing aggregate productivity and welfare. To examine the net effects of interest-rate liberalization, we calibrate a dynamic general equilibrium model to Chinese data and compute transition dynamics. We find that interest-rate liberalization can lead to significant reductions in aggregate productivity and social welfare, unless distorted incentives for SOEs and

unfavored credit access for POEs can be substantially alleviated.

经金学院

2016年11月20日