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854期 1月15日 :Volatile Capital Flows and Financial Integration: The Role of Moral Hazard(Tomoo Kikuchi 高级研究员, 新加坡国立大学李光耀公共政策学院)

【主讲】Tomoo Kikuchi 高级研究员 (新加坡国立大学李光耀公共政策学院)

【主题】Volatile Capital Flows and Financial Integration: The Role of Moral Hazard

【时间】2018年1月15日 (周一) 15:30-17:00

【地点】上海财经大学经济学院楼701室

【语言】英文

【摘要】In recent decades, international capital flows have become large and volatile, with major inflows often preceding similarly large outflows. Greater financial integration has coincided with greater volatility. To better understand this phenomenon, we study a model in which income and capital flows between countries are jointly determined in a world economy with integrated financial markets. In a setting that combines risky entrepreneurial activities with moral hazard, we find that a shift from autarky to financial integration leads to boom-bust cycles in capital inflows, output and consumption.

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