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數字金融workshop：?Resisting Working Capital Constraint: Evidence from 80 Million Individual Business Owners

發(fā)布日期：2024-06-04 12:00    來(lái)源：

第十二講 ?Resisting Working Capital Constraint: Evidence from 80 Million Individual Business Owners

時(shí)間/Time： 6月4日 周二 北京時(shí)間下午 14:00-15:30

Tuesday 4 June 2024, 2-3:30 p.m.

地點(diǎn)/Venue：

線(xiàn)下：北京大學(xué)國家發(fā)展研究院承澤園校區131教室

線(xiàn)上：ZOOM會(huì )議（會(huì )議號: 897 2560 1400  密碼: 938759）

主講人/Speaker：  羅文瀾 Wenlan Luo

主持人/Host：     胡佳胤 Jiayin Hu

Abstract

Using a weekly panel of loans, income, and expenditure data for 80 million individual business owners (IBOs) in China, we document that in anticipation of future business opportunities, IBOs tend to raise more external credit and exhibit lower current income to consumption passthrough. These patterns are not consistent with standard consumption-saving behaviors but can be rationalized by a model of entrepreneurs facing working capital constraints. Based on such a model estimated to these patterns, we evaluate the importance of self vs. external finance in explaining the rapid growth of IBOs during 2018-2020 and the role of credit support in stabilizing their income and consumption during the COVID-19 pandemic.

主講人介紹/Biography:

清華大學(xué)經(jīng)管學(xué)院經(jīng)濟系副教授，博士生導師。2011年畢業(yè)于清華大學(xué)經(jīng)管學(xué)院，獲經(jīng)濟學(xué)學(xué)士學(xué)位。2017年獲美國喬治城大學(xué)經(jīng)濟學(xué)博士學(xué)位。主要研究領(lǐng)域為宏觀(guān)經(jīng)濟學(xué)。文章發(fā)表于A(yíng)merican Economic Journal: Macroeconomics, The Economic Journal, Review of Economics and Statistics, Review of Economic Dynamics等期刊。主持國家自然科學(xué)基金。講授課程包括：貨幣銀行學(xué)（本科），經(jīng)濟增長(cháng)（本科），高級宏觀(guān)經(jīng)濟學(xué)（博士）。


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