北大经院工作坊第313场
International Production Networks and the Propagation of Financial Shocks
宏观经济学工作坊
主讲人：
陈思好（复旦大学经济学院助理教授）
主持人：
陈仪（北京大学经济学院副教授）
题目：
International Production Networks and the Propagation of Financial Shocks （国际生产网络和金融冲击传播）
时间：
2021年6月25日（周五）10：00-11：30
地点:
经济学院305会议室
主讲人简介：
陈思好，复旦大学经济学院助理教授，2019年获得香港科技大学经济学博士，研究领域集中于国际宏观经济学。目前研究专注于开放经济体的货币政策、国际生产网络和人民币汇率制度。曾在国际期刊Journal of Monetary Economics发表论文。
摘要：
This paper investigates how external sector-level financial shocks are transmitted to a small open economy through international production networks. Using a multi-sector two-country model with asymmetric country size, I show analytically that a financial shock to the large country's production sector affects downstream sectors (through a price effect) and upsteam sectors (through a direct demand effect and a comlementary or substitution effect). These effects work through international production networks, affecting the small country's output and GDP. Quantitatively, using simulation exercises and structural factor analyses, I show that U.S. sector-level financial shocks account for a significant fraction of fluctuations in Mexico's GDP around the global financial crisis. International production networks amplify the real effect of external financial shocks by a factor greater than ten during the crisis.
