题目： The US-China Trade War and Portfolio Choice of Chinese Households

Speaker：李婕（首都经济贸易大学国际经济管理学院 副教授）

Date：2022年12月6日（周二）12:00-13:00

Tencent meeting：509196676

PW：413489

Link：https://meeting.tencent.com/dm/0IlhECMKbMzI

Abstract:

This paper studies how the US-China trade war affects the portfolio choice of Chinese households. We exploit variation in exposure to the trade war across cities, which comes from cross-industry difference in US tariff increases and cross-city difference in industry composition. In a difference-in-differences fashion, we compare portfolio holdings of the same household before and after the trade war. Based on data from a nationally representative Chinese household finance survey, a 0.01 increase in US tariff reduces the stock market participation rate by 11.9 percent, and reduces the stock share of portfolios by 17.7 percent. We show suggestive evidence that the trade tar reduces households’ stock holdings by inducing risk aversion. Our findings help understand the relationship between trade policy and household finance, and provide new perspectives on the consequences of the US-China trade war.

Bio:

李婕，于2018年毕业于新加坡国立大学，获得经济学博士学位。现任首都经济贸易大学国际经济管理学院副教授。主要研究领域：国际贸易，应用计量经济学，发展经济学，劳动经济学等。曾在《Journal of International Economics》、《Journal of Comparative Economics》, 《China Economic Review》等期刊发表学术论文，并主持国家自然科学基金青年项目。