研讨论文

Optimal Development Policies with Financial Frictions (Econometrica. Itskhoki and Moll. 2019)

主讲人

马展泽（北大光华管理学院23级博士生）

内容简介

Is there a role for governments in emerging countries to accelerate economic development by intervening in product and factor markets? To address this question, we study optimal dynamic Ramsey policies in a standard growth model with financial frictions. The optimal policy intervention involves pro-business policies like suppressed wages in early stages of the transition, resulting in higher entrepreneurial profits and faster wealth accumulation. This, in turn, relaxes borrowing constraints in the future, leading to higher labor productivity and wages. In the long run, optimal policy reverses sign and becomes pro-worker. In a multi-sector extension, optimal policy subsidizes sectors with a latent comparative advantage and, under certain circumstances, involves a depreciated real exchange rate. Our results provide an efficiency rationale, but also identify caveats, for many of the development policies actively pursued by dynamic emerging economies.

点评老师

王忏 明洋

时间

4月13日14:00-17:00

地点

学术会堂712

活动对象

创新发展学院、金融学院学生

人数规模

30人

主办单位

创新发展学院中国经济与管理研究院、金融学院联合主办