讲座题目：Credit Boom, Global Saving Glut and Lending Constraints

时间：2023年4月21日（周五）中午12：15-13：15

地点：博学楼925

主讲人：金昊

主讲人简介：

金昊，经济学博士，现任北京航空航天大学经济管理学院副教授，研究领域为宏观经济学、国际金融学、货币与财政政策。论文发表于Review of Economic Dynamics、Journal of International Money and Finance、Macroeconomic Dynamics、经济研究、经济学（季刊）、中国工业经济、财贸经济等国内外经济学权威期刊。主持国家自科基金和教育部人文社科基金青年项目，参与多个国家社科重大和自科面上项目。担任Review of Economic Dynamics、Journal of International Money and Finance、Economic Modelling、经济学（季刊）、中国工业经济、系统工程理论与实践等期刊的审稿人。研究成果曾获福建省社会科学优秀成果奖三等奖、中国数量经济学会优秀科研成果奖论文一等奖。

讲座内容简介：

This paper explores the drivers of the credit boom prior to the Great Recession. We develop an open economy macroeconomic model with lending constrained banks who obtain funds from both domestic and foreign savers. The model shows that a global saving glut can capture the following four empirical facts during the credit boom: the deteriorate of US current account balance, the rise of the foreign-to-domestic liability ratio on US commercial banks, the fall of deposit rates, and the decrease of mortgage interest rates. We find that these facts are difficult to reconcile with an alternative explanation that attributes the credit boom only to looser bank lending constraints, because they increase the deposit rate.