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[国民经济学seminar]系统性金融风险与金融监管
发布日期:2017-04-12
国民经济学seminar


系统性金融风险与金融监管

Systemic Risk and Financial Regulation
时间:2017年4月18日12:00-14:00
地点:中国人民大学明德主楼729会议室
主讲人:邵琛婕 (美国史蒂文斯理工学院金融工程博士)
内容提要:
    在最近二十年间,国际上分别发生了亚洲金融危机,俄国金融危机、巴西金融危机以及美国金融危机等。接连不断的金融危机引发了学者对金融系统稳定性的反思。2010年7月,美国国会制定了多德弗兰克法案,设立了金融系统稳定性监管协会和金融研究所。系统性金融风险被广泛认为是金融系统稳定性研究的重要内容。
    讲座将从三个层次,梳理系统性金融风险的效应:第一个层次是“金融传染性”,其表现形式是公司、行业或者体系如多米诺骨牌一样的倒闭效应;第二层次是“金融杠杆”,通过租借加杠杆的方式购买资产的顺周期效应;第三个层次是“损失额度”,即倘若系统危机事件发生,可能引发损失的效应。在理论阐述之后,讲座将从实践层面上,讲解全球不同国家和地区的系统性金融风险,以及中国潜在的系统性金融风险的根源。
ABSTRACT:
    Over the last 20 years, there have been significant concerns about the stability of financial systems, underlined by the East-Asian financial crisis, the Russian financial crisis, the Brazilian financial crisis, the United States financial crisis, etc. Systemic risk has been widely accepted as the fundamental underlying concept for the study of financial instability. In July 2010, the U.S. Congress enacted the Dodd Frank Wall Street Reform and Consumer Protection Act. The Dodd Frank Act created the Financial Stability Oversight Council (FSOC) and Office of Financial Research (OFR). Nowadays systemic financial risk is widely regarded as the important content of the financial system stability study.
    The seminar will firstly introduce a literature review of systemic risk from three different angles. The first perspective is “contagion”, a particularly strong propagation of failures from one institution, market or system to another. The second one is “leverage”, generally referred as any technique involving the use of borrowed funds in the purchase of an asset to make profit. Many researchers find the existence of procyclicality of leveraging effect through the recent boom and crisis. The third perspective is “losses”, which describes the potential losses if a systemic event occurs. In the following, the seminar will mainly focus on systemic risk of the practices of different countries, and discuss the root of potential systemic risk in China.
嘉宾介绍:
    Chenjie Shao is PhD candidate, department of financial engineering, school of systems & enterprises, Stevens Institute of Technology. Her research interests is financial engineering and systemic risk, macroeconomics and macroprudential policy, etc. url: https://www.linkedin.com/in/shao-chenjie-8505a321


Conference papers:
  Shao, Chenjie & Khashanah, Khaldoun (2015), “The Macroeconomic Effects of Bank Affiliated Mortgage Companies on the Business Cycle”, the 2016 China Economist Society North America Annual Conference in Sarcremento, CA, US. Shao, Chenjie & Khashanah, Khaldoun (2016), “Monetary and Macroprudential Policy Rules in a DSGE Model with Bank Affiliated Mortgage Companies”, the 2017 Scottish Economic Society Annual Conference in Perth, Scotland, U.K..
  Shao, Chenjie & Khashanah, Khaldoun (2017), “The Originate-to-Distribute Model and Macroprudential Policy”, the 2017 Canadian Economic Association Annual Conference in Antigonish, Nova Scotia, Canada.


Working papers:
  Yang, Hanchao; Khashanah, Khaldoun; Shao, Chenjie & Liu, Yan (2016), “Multi-Scale Economic Dynamics: The Micro-Macro Wealth Dynamics and the Two-Level Imbalances of the Euro Crisis”, Computational Economics (submitted).
 
                     中国人民大学经济学院
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