Policy Conference 2018 Program.pdf



PROGRAM DETAILS


Friday, September 21, 2018, 11:00 am - 5:00 pm 

Registration - Lobby, 1/F Building 1, PBC School of Finance


Friday, September 21, 2018, 12:00 pm - 1:00 pm 

Luncheon - Cafeteria, B1/F Building 3, PBC School of Finance


Friday, September 21, 2018, 1:00 pm - 1:15 pm

Welcome Speech - Room 3-300, 3/F Building 3, PBC School of Finance

Speaker: Bernard Yeung, Dean and Stephen Riady Distinguished Professor, National University of Singapore Business School; President, ABFER


Friday, September 21, 2018, 1:15 pm - 2:15 pm

Keynote Speech - Room 3-300, 3/F Building 3, PBC School of Finance

Speaker: Hao Zhou, Associate Dean and Unigroup Chair Professor of Finance, Tsinghua rnUniversity PBC

School of Finance; Vice Chair, Tsinghua University rnNational Institute of Financial Research

Speech: A Reform Perspective on China's Macreconomy and Financial Policy

Coffee Break (2:15 pm - 2:30 pm)


Friday, September 21, 2018, 2:30 pm - 4:00 pm

New Approaches to Globalization: on China's Capital Account and Current Account - Room 3-300, 3/F Building 3, PBC School of Finance

Session Chair: Antonio Fatas, INSEAD and ABFER


       Optimal Capital Account Liberalization In China

       Zheng Liu, Federal Reserve Bank of San Francisco

       Mark M. Spiegel, Federal Reserve Bank of San Francisco

       Jingyi Zhang, Shanghai University of Finance and Economics

Discussant: Xiaodong Zhu, University of Toronto and Tsinghua University


Trade Reforms and Current Account Imbalances: When Does the General Equilibrium Effect Overturn a Partial Equilibrium Intuition?

       Jiandong Ju, Tsinghua University

       Kang Shi, The Chinese University of Hong Kong

       Shang-Jin Wei, Columbia University and NBER

       Discussant: Changhua Yu, Peking University


       Coffee Break (4:00 pm - 4:15 pm)


Friday, September 21, 2018, 4:15 pm - 5:45 pm

Banking and Shadow Banking in China - Room 3-300, 3/F Building 3, PBC School of Finance

Session Chair: Hao Zhou, Tsinghua University


  The Risk of Implicit Guarantees: Evidence from the Shadow Interbank Market in China

  Ji Huang, The Chinese University of Hong Kong

Zongbo Huang, The Chinese University of Hong Kong

Xiang Shao, Fudan University

Discussant: Ruichang Lu, Peking University


       Going Bankrupt in China

Bo Li, Tsinghua University

Jacopo Ponticelli, Northwestern University and CEPR

Discussant: Hao Liang, Singapore Management University


Friday, September 21, 2018, 6:00 pm - 7:30 pm

Dinner - Hall 666, 3/F, ZUI AI Restaurant


Saturday, September 22, 2018, 8:30 am - 5:00 pm

Registration - Room 3-300, 3/F Building 3, PBC School of Finance


Saturday, September 22, 2018, 9:00 am - 11:45 am

Bond Market: Policies and New Developments - Room 3-300, 3/F Building 3, PBC School of Finance

Session Chair: Hong Zhang, Tsinghua University


Corporate Foreign Bond Issuance and Interfirm Loans in China

Yi Huang, The Graduate Institute Geneva

Ugo Panizza, The Graduate Institute Geneva and CEPR

Richard Portes, London Business School, CEPR and NBER

       Discussant: Si Cheng, The Chinese University of Hong Kong


       Pledgeability and Asset Prices: Evidence from Chinese Corporate Bond Markets

Hui Chen, Massachusetts Institute of Technology and NBER

Zhuo Chen, Tsinghua University

Zhiguo He, The University of Chicago and NBER

Jinyu Liu, University of International Business and Economics

Rengming Xie, CITIC Securities

Discussant: Jennifer Huang, Cheung Kong Graduate School of Business


Coffee Break in Between (10:30 am - 11:00 am)


Understanding China’s Evolving Credit Risk Maze

Ronald W. Anderson, London School of Economics and Sun Yat-Sen University

Discussant: Ning Zhu, Tsinghua University


Saturday, September 22, 2018, 12:00 pm - 1:00 pm

Luncheon - Cafeteria, B1/F Building 3, PBC School of Finance


Saturday, September 22, 2018, 1:00 pm - 2:00 pm

Keynote Speech - Room 3-300, 3/F Building 3, PBC School of Finance

Speaker: Beatrice Weder di Mauro, President, CEPR; Distinguished Fellow, EMI INSEAD; Professor of Economics Policy and International Macroeconomics, Johannes Gutenberg University of Mainz

Speech: Freeing Capital Flows

Coffee Break (2:00 pm - 2:30 pm)


Saturday, September 22, 2018, 2:30 pm - 5:15 pm

Equity Market: The Influence of Government and Regulations - Room 3-300, 3/F Building 3, PBC School of Finance

Session Chair: Bernard Yeung, National University of Singapore and ABFER


Government Incentives and Financial Intermediaries: The Case of Chinese Sell-Side Analysts

Sheng Cao, Tongji University

Xianjie He, Shanghai University of Finance and Economics

Charles C.Y. Wang, Harvard Business School

Huifang Yin, Shanghai University of Finance and Economics

       Discussant: Li An, Tsinghua University


Gate Fees: Shell Values and Regulatory Risk in Chinese Equity Markets

Charles M. C. Lee, Stanford University

Yuanyu Qu, Tsinghua University

Tao Shen, Tsinghua University

Discussant: Laura Liu, Peking University


Coffee Break in Between (4:00 pm - 4:30 pm) 


State Capitalism vs. Private Enterprise

Donghua Chen, Nanjing University

Dequan Jiang, Wuhan University

Alexander Ljungqvist, New York University and NBER

Haitian Lu, Hong Kong Polytechnic University

Mingming Zhou, University of Colorado at Colorado Springs

       Discussant: Hong Ru, Nanyang Technological University


Saturday, September 22, 2018, 5:30 pm - 7:00 pm

Dinner - Cafeteria, B1/F Building 3, PBC School of Finance