一、主讲人：苟琴，中央财经大学金融学院副教授。2014年在北京大学获经济学博士学位；2009年在南开大学获经济学学士学位；2011年至2012年在美国纽约大学访问。主要研究领域包括国际金融、宏观经济、实证银行经济等。曾在China Economic Review、European Journal of Finance、《管理世界》《世界经济》《金融研究》等期刊发表10余篇学术论文。曾获得澳大利亚中国经济学会（CESA）最佳论文、《金融研究》优秀论文、中国新兴经济体研究会优秀论文等学术奖项。曾多次参加国内外高水平学术会议。主持国家自然科学基金青年项目等课题。  

二、讲座时间：2019年10月21日星期一，下午13：00-14：30

三、讲座地点：沙河校区丁香园1号楼301会议室

四、主持人：黄志刚，中央财经大学金融学院教授

Abstract:

This paper aims to explicitly investigate themultilateral effects of capital controls on capital flows and the financialvulnerabilities in emerging market economies. We build a tractablemultinational equilibrium model to explore the mechanism of the spillovereffect of capital control on capital flow and capital price co-movement. Usinga comprehensive portfolio allocation dataset of EFPR and a newly constructedhigh frequency similarity-weighted average capital control index of othercountries (SWACC), this paper then empirically tests the theoreticalpropositions. We find that SWACC is positively associated with the globalfund's portfolio weight allocated to a country, the total portfolio flows intothis country, and the capital price co-movement between this country andadvanced capital markets. Further analysis shows that these impacts are morepronounced for capital inflow control, and in extreme circumstance when thecapital flow is extremely high or low. Our results are robust to a variety ofalternative measures, regression design and methods.