【ECON20181204】  
 
      宏观经济学研讨会          （总第239期）      
   
 
【时间】2018年4月11日（周三）12：15－13：45  
 
【地点】明商0202教室  
 
【主讲】刘凯 中国人民大学经济学院副教授  
 
【主题】Dollar Funding and The Lending Behavior Of Global Banks（Victoria Ivashina et al., Quarterly Journal of Economics, 2015）  
 
【摘要】A large share of dollar-denominated lending is done by non-U.S. banks, particularly European banks. We present a model in which such banks cut dollar lending more than euro lending in response to a shock to their credit quality. Because these banks rely on wholesale dollar funding, while raising more of their euro funding through insured retail deposits, the shock leads to a greater withdrawal of dollar funding. Banks can borrow in euros and swap into dollars to make up for the dollar shortfall, but this may lead to violations of covered interest parity when there is limited capital to take the other side of the swap trade. In this case, synthetic dollar borrowing also becomes expensive, which causes cuts in dollar lending. We test the model in the context of the Eurozone sovereign crisis, which escalated in the second half of 2011 and resulted in U.S. money market funds sharply reducing their exposure to European banks in the year that followed. During this period dollar lending by Eurozone banks fell relative to their euro lending, and firms who were more reliant on Eurozone banks before the Eurozone crisis had a more difficult time borrowing.  
 
【主持】陈彦斌 教授  
 
 
 
人大宏观经济学研讨会（Macro Workshop）旨在追踪宏观经济学国际最新进展，倡导构建符合国情的动态优化模型，并使用计算机模拟研究经济增长、收入分配和宏观政策等中国宏观经济重大问题。  
联系人：刘哲希    Email：Macro_Workshop@163.com  
资料下载：www.docin.com/mydoc-88265459-1.html  
更多讲座信息请访问：econ.ruc.edu.cn，www.yanjiuyuan.com.cn。  
 
   
      中国人民大学经济学院