凭借AER宏文一战成名, 放弃复旦辗转芝加哥和香港的宋铮在JPE上发文了！

凡是搞计量经济的，都关注这个号了

邮箱：econometrics666@126.com

Kinda Hachem and Zheng Song, Liquidity Rules and Credit Booms, Journal of Political Economy, 2021, June

This paper shows that liquidity regulation can trigger unintended credit booms in the presence of interbank market power. We consider a price-setter and a continuum of price-takers who trade reserves after the realization of idiosyncratic liquidity shocks. The price-takers are endogenously less liquid and circumvent regulation by engaging in shadow banking, which leads to a reallocation of funding away from the more liquid price-setter. This reallocation channel underlies the credit boom. Endogenous responses in bank liquidity ratios also affect the magnitude of the boom. We discuss extensions of the model and illustrate its quantitative performance with an application to China.

JPE:流动性监管和信贷繁荣

文章下载链接（长按以下二维码即可下载该文章），如果打不开，那就在文章后留言索取：

Song, Zheng, Kjetil Storesletten, and Fabrizio Zilibotti. 2011. "Growing Like China." American Economic Review, 101 (1): 196-233.

We construct a growth model consistent with China's economic transition: high output growth, sustained returns on capital, reallocation within the manufacturing sector, and a large trade surplus. Entrepreneurial firms use more productive technologies, but due to financial imperfections they must finance investments through internal savings. State-owned firms have low productivity but survive because of better access to credit markets. High-productivity firms outgrow low-productivity firms if entrepreneurs have sufficiently high savings. The downsizing of financially integrated firms forces domestic savings to be invested abroad, generating a foreign surplus. A calibrated version of the theory accounts quantitatively for China's economic transition.

• [1]陈沁,宋铮.城市化将如何应对老龄化?——从中国城乡人口流动到养老基金平衡的视角[J].金融研究,2013(06):1-15.

• [2]攀登,施东晖,宋铮.证券市场泡沫的生成机理分析——基于宝钢权证自然实验的实证研究[J].管理世界,2008(04):15-23+186.

• [3]封进,宋铮.中国农村医疗保障制度:一项基于异质性个体决策行为的理论研究[J].经济学(季刊),2007(03):841-858.

• [4]封进,宋铮.中国人口年龄结构与养老保险制度的福利效应[J].南方经济,2006(11):22-33.

• [5]袁志刚,宋铮.人口年龄结构、养老保险制度与最优储蓄率[J].经济研究,2000(11):24-32+79.

• [6]宋铮.改进人力资源配置效率的政策分析——以提高师范院校新生质量为典型案例[J].经济科学,1999(06):42-48.

• [7]袁志刚,宋铮.城镇居民消费行为变异与我国经济增长[J].经济研究,1999(11):20-28.

• [8]宋铮.中国居民储蓄行为研究[J].金融研究,1999(06):47-51+81.

• [9]袁志刚,宋铮.消费理论的新发展及其在中国的应用[J].上海经济研究,1999(06):2-9.

• [10]赵扬,宋铮.对我国高等教育产业化的理论思考[J].教育发展研究,1999(05):38-41+44.

• [11]宋铮、陈凯迹，东亚奇迹:来自新增长理论的研究，世界经济文汇. 1999,(02)

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