北京pk10漏洞规律|北京pk10计划免费凤凰

學術講座

A Dynamic Model of Loan Stacking

時間:2019-03-29

Finance Seminar2019-11)


Topic: A Dynamic Model of Loan Stacking

Speaker: Ernest Liu,Princeton University

Time: Wednesday, 3 April, 10:30-12:00

Location: Room 217, Guanghua Building 2


Abstract:

Loan stacking—that a borrower takes out overlapping loans from multiple lenders—is a common phenomenon in many credit markets. We build a dynamic model of loan stacking and show that, because overlapping creditors may impose default externalities to each other, expanding financial access by introducing more lenders may severely backfire. Capital allocation is distorted away from the most productive uses. Entrepreneurs choose inefficient and limited-growth endeavors. These problems are exacerbated when borrowers have access to more lenders, explaining why increased access to finance does not always improve outcomes. We estimate the model using loan-level, credit registry data from Mexico and perform various policy counterfactuals.


Introduction:

Ernest Liu is a postdoctoral research associate at Princeton University, where he will start as an assistant professor in July 2019. His research studies the implications of weak ?nancial institutions for economic growth, allocation of resources, and economic development. He has done work that uses production network theory to understand industrial policies, specifically the strong government support for upstream industries that are widely adopted in developing economies. His other work shows how low long-term interest rates encourage market concentration and slow down productivity growth; how ?nancial market imperfections not only distort economic allocations via underinvestment, but may have much amplifying effects because of the interactions across economic sectors or because the relationships between borrowers and lenders create underdevelopment traps. He received his PhD in Economics from MIT in 2017.

http://scholar.princeton.edu/ernestliu/


Your participation is warmly welcomed!

分享

010-62747039

北京大學光華管理學院2號樓

?2017 北京大學光華管理學院 版權所有 京ICP備05065075-1
北京pk10漏洞规律 AG惊吓鬼屋怎么打 开心农场3内购破解版 奶块可以挖多少矿能赚钱 报数21的游戏规则 河北时时平台 经典拳击比赛 双色球矩阵权式胆拖公式 乐捕鱼达人金币版 上证指数每日行情 网赌坚持一年每天赢600 福建时时中奖号码表 套圈套人民币赚钱吗 qq分分彩计划专业版 付费彩票计划软件大全 波克捕鱼是腾讯游戏吗 股票分析论文