报告人：智天皓 博士

时间：2019年5月15日（星期三）下午4:00-5:00

地点：T2-102

语言：英语

报告摘要：

Financialization is referred to as “a process whereby financial markets, financial institutions, and financial elites gain greater influence over economic policy and economic outcomes” (Palley, 2007). Numerous studies have documented the positive and negative impact of financialization on macroeconomy. In this research project, we aim to answer the question from a theoretical perspective: Given the endogenous nature of credit creation, to what extent does finance serve the real economy, and beyond which point would it become speculative and eventually engender financial instability? Contrary to most empirical and theoretical studies in this field that emphasize on the role of banking and financial institutions, we focus on the short-term profit incentives of non-banking agents at the micro level, and model their heterogeneous behaviours that transit between two states, i.e. the productive state and the speculative state. From this framework of analysis, we are able to determine the efficacy of various types of monetary and fiscal stimuli at the macro level, which is particularly relevant in the post-crisis era.

讲者简介：

Dr Tianhao Zhi is assistant professor of financial mathematics at Division of Science and Technology, UIC. He obtained his Master’s Degree in Economics (research track) at University of Queensland under Prof James Laurenceson and Dr Thanh Le, and later on he received his PhD in Finance at University of Technology Sydney under Prof Carl Chiarella, Dr Corrado Di Guilmi and Prof Tony Xuezhong He. Before joining UIC, Tianhao had worked at Sun Yat-sen university in Guangzhou for two years as research assistant professor. He has diverse research interests in the field of behavioural finance, nonlinear economic dynamics and banking theory. His works have been published (accepted) by numerous international and domestic journals such as Studies in Nonlinear Dynamics and Econometrics (SNDE), Emerging Markets Review (EMR), and Frontiers of Finance (金融前沿).