【主题】Debt Contracts, Outside Equity and Financial Development
【报告人】闫如斯（讲师，中央财经大学金融学院）
【时间】2023年11月15日周三13:30-15:00
【地点】高等研究院232会议室
【语言】英文
【摘要】How important are different financial contracts for economic development? Using cross-country firm-level data, I document the extensive usage of alternative debt contracts and outside equity by public firms. At the aggregate level, development in each segment of the financial system is significantly linked to GDP per capita and wealth inequality. To rationalize the empirical patterns and quantify the aggregate consequences, I develop a heterogeneous agent model of entrepreneurs who face asset-based or cash flow-based debt and outside equity frictions. The model is calibrated to a large set of countries in vastly different stages of financial development. Quantitatively, with asset-based debt (cash flow-based debt), reducing debt frictions to the level of the high debt high equity development benchmark group raises average output in the low debt low equity group by 20.2% (8.3%) on average, compared to a 5.7% (6.5%) increase when reducing equity frictions.
【报告人简介】 Rusi Yan is a lecturer at Central University of Finance and Economics, School of Finance. She receives her Ph.D. in Economics from Washington University in St. Louis, M.S. in Economics from University of Wisconsin - Madison and B.B.A. in Finance from National University of Singapore. Her main research interests are macro-development and macro-finance.
