主題：Shadow Banking: China's Dual-Track Interest Rate Liberalization (影子銀行：中國的雙軌利率市場化)

主講人：王紅林，香港金融研究中心研究員

日期：2015年6月12日（周五）

時間：上午10:00-11:30

地點：清華Betvictor中文版4号樓102教室

語言：英文

摘要：

Shadow banking in China is mainly conducted by commercial banks to evade regulatory restrictions on deposit rate and loan quantity. It essentially constitutes a dual-track pragmatic approach to gradually liberalize the country's repressed interest rate policy. We show in equilibrium that shadow banking improves social surplus given high deposit reserve requirement and inefficient bond market. Full interest rate liberalization leads to additional gain in social surplus. The dual-track approach to interest rate liberalization avoids the potential economic turbulence caused by an otherwise single-track one-step approach.

主講人簡介:

Honglin Wang is a fellow of Hong Kong Institute for Monetary Research (HKIMR). Wang received a B.A. in Economics and International Business from Renmin University of China in 1998, and a M.A. and a Ph.D. in Agriculture Economics and Economics from Chinese Academy of Agricultural Sciences and Michigan State University (MSU) respectively. His papers have appeared in Journal of Econometrics, International Journal of Central Banking, International Finance Review and other leading economic journals. His research interests are mainly in monetary policy, real estate, bank and capital market and applied econometrics.