题目：Risk-taking with Financing Constraints

主讲人：Wei Cui, University College London

时间：2024年12月30日（星期一）上午10:30-11:45

地点：暨南大学（石牌校区）中惠楼106会议室

主讲人简介：

崔巍，2008年本科毕业于清华大学经管学院经济系，2013年从普林斯顿大学取得经济学博士学位，现为伦敦大学学院副教授。他的研究兴趣集中在宏观经济和金融的交叉领域，特别强调（在金融市场不完美时）宏观政策对生产效率，经济波动和财富分配的影响。其研究论文发表在《政治经济学杂志》(JPE)、《货币经济学杂志》(JME)、《欧洲经济协会杂志》(JEEA)、《美国经济评论》（AER, 会议刊）等众多顶级学术刊物上。

Abstract：

We analyze how financing constraints affect non-financial firms' risk-taking behaviors, shaped by leveraged returns and associated risks. We show that improved credit conditions can either promote or deter socially productive risk-taking. Following an interest rate cut, firms are less likely to take risks in a low-interest-rate environment but more inclined to do so in a high-interest-rate setting. This result leads to a non-monotonic, hump-shaped relationship between interest rates and the dispersion of firm returns at the aggregate level. When risk-taking enhances overall productivity, total factor productivity and the ''IS'' curve also display a hump shape. An optimal interest rate may exist, determined by the extent of return associations and credit limits. Financial regulation, targeting asset pledgeability and the interdependence of firms' risky projects, can thus shape the effectiveness of interest rate policy.