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871期 4月2日 :The Real Effects of Entrusted Lending(孙琪, 上海财经大学金融学院助理教授)

【主讲】孙琪 (上海财经大学金融学院助理教授)

【主题】The Real Effects of Entrusted Lending

【时间】2018年4月2日 (周一) 15:30-17:00

【地点】上海财经大学经济学院楼402室

【语言】英文

【摘要】 I develop a two-sector equilibrium model of entrusted lending in China, in which state sector firms with privileged access to credit provide entrusted loans to private sector firms with limited access to credit. I show that in a stationary state entrusted lending improves capital allocation by channeling funds to more productive private firms. However, during a bank credit expansion, new loans have been allocated more disproportionately toward state firms through an amplification effect induced by entrusted lending. On the other hand, the channel of entrusted lending boosts the transmission efficiency of credit stimulus by enlarging the impact of credit expansion on output growth. I also show that a partial liberalization of the state sector's borrowing constraint could lead to a lower efficiency of capital allocation, by a crowding out effect of raising the marginal cost of bank lending. Finally, the model presents a quantitative explanation for the dramatic increase of entrusted loans since 2010.

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