讲座题目：

Crowdfunding Regimes and the Harrod-Balassa-Sameulson Effect in Emerging-Market Economies

众筹制度与新兴市场经济中的哈罗德-巴拉萨-萨缪尔森效应

时间：2023年12月12日

地点：腾讯会议（腾讯会议号：890-024-527）

报告人：Paul McNelis

报告摘要

This paper examines ow the presence of a crowdfunding regime conditions the Harrod-Balassa-Samuelson effect in a small-open economy during an export boom generated by a favorable terms-of trade shock. We compare and contrast a limited participation banking (LPB) regime, in which firms borrow from banks for financing costs of labor, investment and intermediate goods for both the relatively risk-less natural-resource traded sector and the non-traded sector. The second regime is more financially-inclusive banking/crowdfunding (BCF) regime, in which the households directly receive returns to capital from pooled lending to home-goods firms. Simulation results show that the banking regime better insulates the economy the Harrod-Balassa-Sameulson effect.

报告人介绍

Paul McNelis教授毕业于美国约翰霍普金斯大学，目前为美国波士顿学院经济与金融系访问教授，与福德汉姆大学加百列商学院金融学讲席教授（荣休）。他的研究领域为计算宏观经济学与国际金融。他在Journal of Monetary Economics, Review of Economics and Statistics, Journal of Applied Econometrics, Journal of Economic Dynamics and Control, Journal of International Money and Finance, Journal of Financial Stability等期刊发表论文多篇，并在多个国家和地区的中央银行担任研究员。