一、主題：Cyclical Dynamics of Trade Credit with Production Networks

二、時間：2019年5月8日，中午12:30-14:00
三、地點：bevictor伟德官网沙河校區東區主教302教室
四、主持人：金谷，bevictor伟德官网助理教授  

五、主講人簡介
夏俊傑，北京大學新結構經濟學研究院助理教授。2017年畢業于美國南加州大學。研究領域包括宏觀經濟、金融、國際貿易。目前研究課題有貿易信貸與生産結構網絡；資源錯配與出口動态分析；自動化、産業升級與勞動力結構；技能溢價；收入分配與财富不平等；産業政策與園區經濟。  

演講内容簡介：We show that in production and trade networks that characterize the Chinese economy there is an externality that (inefficiently) reduces the supply of trade credit from upstream firms to downstream firms. Since a credit expansion affects more directly firms in upstream industries (due to their closer connection with banks), the credit expansion does not fully propagate to downstream firms through trade credit because of the externality. Manufacturing industry data for the period 2005-2016 supports the theoretical findings. In particular, we observe that during the credit expansion period of 2005-2011, the higher growth of credit received by upstream manufacturing industries was not accompanied by a similar growth of trade lending to downstream industries.