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学术预告|国际金融学院学术系列(第66期)

稿件来源:国际金融学院 | 作者:ISBF | 发布日期:2018-05-12

报告人:来特副教授
题  目:Financial integration and consumption smoothing in China
时  间:2018年5月15日(周二)9:00-10:00
地  点:珠海校区行政楼国际金融学院915会议室
主持人: 李婷婷副教授
 
报告简介:
In this paper, we test if financial integration contributes to household risk sharing and consumption smoothing in China by employing an empirical technique developed by Jappelli and Pistaferri (2011) and adapt it to an unevenly spaced Chinese household survey data across 1997 to 2011. We find that households are not able to insure against the bulk of the permanent shocks to income, but they can smooth the majority of the transitory shocks to income. We also find that, financial integration, measured by RMB covered interest rate differentials, or by the intensity of capital controls on the domestic capital market, has positive effect on households ability to insure against permanent income shocks. This result remains robust when we use alternative measures of household income, consumption, or alternatively grouped cohorts and when we exclude young households with head aged below 30. Our analysis provides important policy implications regarding China's progress of financial market opening to the rest of the world.

报告人简介:
来特,女,副教授,香港城市大学经济学博士,现任广东外语外贸大学金融学院副教授,曾任香港金融研究中心访问研究员,研究领域为国际金融,应用计量经济学,中国经济等,有9篇学术论文发表于SSCI经济学期刊,其中包括Journal of International Money and Finance,Review of Development Economics,China Economic Review,International Review of Economics and Statistics,Pacific Economic Review等。