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8月30日,王子(上海财经大学经济学院)
发布时间:2018-08-23   发布人:zs   点击数:622

报告人:王子,上海财经大学经济学院

时间:8月30日(周四)下午3:30—5:00

地点:博学楼1222教室

题目:Financial Liberalization and Trade Imbalances: A Quantitative Assessment

摘要:We develop a multi-country dynamic general equilibrium model to quantify the impacts of financial liberalization on global trade imbalances and welfare dynamics. In this model, we combine trade and capital flows across many countries with endogenous capital accumulation. Under financial liberalization, countries with comparative advantage in financial intermediation become international financial centers by attracting financial capital inflows, transforming them into physical capital, and conducting outward FDI. These capital flows lead to large and persist trade deficits in these countries. The model generates tractable gravity equations and capital accumulation process that characterize steady-states and transitional dynamics. Armed with these structural equations, we develop a new method to compute counterfactual transitional dynamics from the observed steady-state. By exploiting bilateral trade, FDI, and financial capital data over 1996-2006, we calibrate our model and find that the decline in the costs of trade, FDI, and international financial capital flow, respectively, can explain 18 percent, 10 percent, and 28 percent of the increase in global trade imbalances over this period.

报告人简介:王子,上海财经大学经济学院讲师,宾夕法尼亚州立大学经济学博士。

 

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