讲座简介：
 

主讲人1：智天皓
主题：“Banking shadow” and housing price inflation: the case of China

Abstract: This paper investigates the emergence of banking shadow in China and its interconnection with housing price inflation from 2008 to 2017. As defined by Sun and Jia (2015), conventional shadow banking acts merely as a financial intermediary, which does not involve the creation of new credit. Banking shadow, on the other hand, creates new credit disguised as Depository Corporation to Financial Corporation (DCFC) transactions. We found that there is a significant rise of banking shadow activities in terms of a surge in net DCFC claims as well as sharp increase of DCFC ratio relative to other asset classes and macro variables, and the expansion of banking shadow had significantly contributed to housing price inflation in the last decade. On the policy side, we recommend that it is crucial to monitor the ongoing development of DCFC transactions in order to curb excessive growth of banking shadow activities and maintain financial stability.

主讲人2：刘博涛
主题：Optimal capital structure and investment decisions under time-inconsistent preferences