题目：The Consequences of a Small Bank Collapse: Evidence from China

演讲人：周臻（清华大学五道口金融学院 副教授）

时间：2023年2月28日（周二）12:00-13:00

地点：同济大厦A楼505室

同步#腾讯会议：545812810

会议密码：467990

参会链接：https://meeting.tencent.com/dm/fXxtbTVwoN0k

摘要：

Upon assuming control of Baoshang Bank, Chinese bank regulators announced that they would eschew bailing out large creditors of this city-level distressed bank in full. This paper investigates the consequences of this unexpected deviation from the long-standing full bailout policy. Employing a difference-in-differences methodology, we find that this event significantly increased credit spreads and decreased the funding ratio of negotiable certificates of deposit (NCD) issued by systemically unimportant (SU) banks relative to those issued by systemically important (SI) banks. The deterioration of funding conditions for SU banks is economically significant and persistent, resulting in the distress of other SU banks. This finding demonstrates that deviating from a widely anticipated bailout, even for a small bank, can jeopardize ex-post financial stability due to a decline in market confidence regarding future bailouts. Ex-ante, however, it is found that the induced implicit non-guarantee improves price efficiency and credit allocation, strengthens creditors’ monitoring, and reduces the risk-taking of SU banks.

演讲人简介：

周臻博士现任清华大学五道口金融学院副教授。周臻于2016年毕业于纽约大学，取得经济学博士学位。在此之前，他获得了清华大学的经济学硕士学位和复旦大学经济学学士学位。

周臻现阶段的主要研究领域是信息经济学的理论研究以及其在金融中介与银行监管、公司金融、宏观经济等领域的运用。他近期的工作重点关注金融市场恐慌的形成机制以及针对恐慌的相关政策的有效性。他在 American Economic Review，Journal of Economic Theory，Games and Economic Behavior 等一流学术期刊上发表过多篇论文。