全球金融治理系列講座（5）——國外利率沖擊與資産價格泡沫

Asset Bubbles and Foreign Interest Rate Shocks

2017年9月27日晚上，7:00-8:30

bevictor伟德官网主教樓913（bevictor伟德官网會議室）

主持人：

張禮卿，bevictor伟德官网教授、國際金融研究中心主任、全球金融治理協同創新中心主任。

演講人：

王鵬飛教授，香港科技大學

Professor Wang obtained his PH.D. degree in Economics from Cornell University in 2007 and is the professor of Economics at Hong Kong University of Science and Technology since 2016. His research interest lies in the areas of business cycles, monetary economics and financial economics. Many of his research papers in these areas have been published by world leading journals, such as American Economic Review, Econometrica, Journal of Economic Theory, Journal of Monetary Economics, Journal of Financial Economics , American Economic Journal: Macroeconomics, and Economic Journal. Professor Wang is a recipient of the Pushan award in 2017 for his work on two-way capital flows. He has taught advanced macroeconomics, intermediate macroeconomics and financial macroeconomics at HKUST.

王鵬飛教授于2007獲得康奈爾大學經濟學博士學位，現為香港科技大學經濟系教授。他的研究興趣在商業周期、貨币經濟學和金融經濟學等領域，許多成果研究成果已在American Economic Review, Econometrica, Journal of Economic Theory, Journal of Monetary Economics, Journal of Financial Economics , American Economic Journal: Macroeconomics和 Economic Journal等世界頂級期刊發表。他在資本雙向流動領域的傑出研究獲得了2017浦山獎。他在香港科技大學教授的課程為高級宏觀經濟學、中級宏觀經濟學和金融經濟學。

Abstract：

We provide an infinite-horizon general equilibrium model of a small open economy with both domestic and international financial market frictions. Firms face credit constraints and use a bubble asset (land) as collateral to borrow. A land bubble can provide liquidity and relax credit constraints. Low foreign interest rates are conducive to bubble formation. A rise in foreign interest rate can cause the collapse of the asset bubble and a sudden stop. Asset bubbles provide an important amplification mechanism.

主辦單位：bevictor伟德官网國際金融研究中心、全球金融治理協同創新中心