一、主题：Cyclical Dynamics of Trade Credit with Production Networks

二、时间：2019年5月8日，中午12:30-14:00
三、地点：中央财经大学沙河校区东区主教302教室
四、主持人：金谷，中央财经大学金融学院助理教授  

五、主讲人简介
夏俊杰，北京大学新结构经济学研究院助理教授。2017年毕业于美国南加州大学。研究领域包括宏观经济、金融、国际贸易。目前研究课题有贸易信贷与生产结构网络；资源错配与出口动态分析；自动化、产业升级与劳动力结构；技能溢价；收入分配与财富不平等；产业政策与园区经济。  

演讲内容简介：We show that in production and trade networks that characterize the Chinese economy there is an externality that (inefficiently) reduces the supply of trade credit from upstream firms to downstream firms. Since a credit expansion affects more directly firms in upstream industries (due to their closer connection with banks), the credit expansion does not fully propagate to downstream firms through trade credit because of the externality. Manufacturing industry data for the period 2005-2016 supports the theoretical findings. In particular, we observe that during the credit expansion period of 2005-2011, the higher growth of credit received by upstream manufacturing industries was not accompanied by a similar growth of trade lending to downstream industries.