報告題目：The collateral channel of monetary policy: evidence from China 貨幣政策的抵押品渠道:來自中國的證據

報告人：王永欽（復旦大學）

報告時間：021年5月27日（星期四）上午8:30-9:30

報告地點：商學院大樓318會議室

報告人簡介：

王永欽博士，復旦大學經濟學院教授🐭👱🏽‍♀️，博士生導師👩🏼‍🎓，復旦大學經濟學博士，耶魯大學博士後，哈佛大學富布賴特高級訪問學者🙋🏻‍♂️。

報告摘要👩🏻‍🦲：

Collateral-based monetary policy tools have been used extensively by major central banks. Lack of proper policy counterfactuals, however, makes it difficult to empirically identify their causal effects on the financial market and the real economy. We exploit a quasi-natural experiment in China, where dual-listed bonds are traded in two mostly segmented markets: the interbank market regulated by the Central Bank, and the exchange market regulated by the securities regulator. During a policy shift in our study period, China's Central Bank included a class of previously ineligible bonds in the interbank market to become eligible collateral for financial institutions to borrow money from its Medium-Term Lending Facility (MLF). This policy shift allows us to implement a triple-difference strategy to estimate the causal impact of the collateral-based unconventional monetary policy. We find that in the secondary market the policy reduced the spreads of the newly collateralizable bonds in the treatment market (the interbank market) by 42-62 basis points. We also find that there is a pass-through effect from the secondary market to the primary market: the spreads of the treated bonds newly issued in the interbank market were reduced by 54 basis point

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https://hartcenter.ecust.edu.cn/