题目：The Political Economy of Local Government Debt in China

报告人：张劲帆，香港中文大学（深圳），副教授

时间：2023年3月24日(周五) 10:30～11:30

地点：经管院C372

主办单位：999策略白菜手机论坛金融系  999策略白菜手机论坛金融研究中心  999策略白菜手机论坛金融发展与政策研究中心  999策略白菜手机论坛金融工程与风险管理研究中心

报告摘要：

China's local government debt has experienced dramatic increase in the past decade. Drawing on manually collected data sets on China's local government debt and the political network of provincial and prefectural level bureaucrats, this paper provides systematic empirical evidence for the effect of political network on the expansion of local government debt in China. We find that the personal connection between provincial secretaries and the city leaders allows for LGFVs in these cities to borrow more, and the provincial secretaries' connection to the central government officials reinforces this effect. Echoing the debt expansion, politically connected cities have more infrastructure investment. However, we also find that these politically connected cities suffer more solvency risk.

报告人简介：

张劲帆教授获耶鲁大学金融学博士，清华大学电子工程学博士，哈佛大学统计学硕士，清华大学电子工程学硕士，清华大学电子工程学学士，北京大学经济学双学位学士；曾担任国际货币基金组织（IMF）经济学家、中国人民银行研究局高级访问学者、长江商学院助理教授，现任香港中文大学（深圳）经济管理学院副教授、博士生导师、博士项目主任，中国证监会中证金融研究院特聘研究员，深圳高等金融研究院宏观金融稳定与创新研究中心联合主任。在国内外顶级经济金融学学术期刊，包括American Economic Review: Insights, Review of Financial Studies, Journal of Financial Economics, Review of Finance和《金融研究》等杂志发表论文多篇。研究成果获得Review of Finance, Best Paper Award Finalist, 2022; WFA Annual Meeting Best Paper Award, 2011.