题目：Did Unconventional Interventions Unfreeze the Credit Market? Some International Evidence 时间：2013年4月11日（周四）10:10－11：30 地点：北大经济学院107 演讲者：童晖，国际货币基金组织 我们非常高兴地邀请到国际货币基金组织（IMF）研究部研究员童晖先生担任本次讨论人的主讲人。 童晖简历： 2004年UC Berkeley 经济学博士，曾在英国央行国际金融部工作。童晖博士的研究领域为国际金融、金融市场等，近年来先后在Journal of International Economics , Review of Financial Studies , American Economic Review, Review of International Economics等一流期刊上发表多篇论文，并和诺贝尔经济学奖得主George Akerlof合作撰写了论文“Lemons with Naiveté — A New Theory of Business Cycle” 。欢迎大家参加童晖博士的学术讨论会。
Abstract: “This paper investigates whether and how unconventional interventions in 2008-2010 unfroze the credit market. We construct a novel dataset of 192 interventions for 15 countries during 2008-2010, and examine heterogeneous responses in stock prices to the interventions across 5516 non-financial firms in those countries. The stock prices increased when the interventions were announced, particularly for firms with a large intrinsic liquidity need for working capital. Moreover, recapitalization is more effective than other types of interventions. Hence the interventions alleviated the liquidity constraint on non-financial firms. However, the quantitative effect of any given intervention was limited.” 北京大学经济学院金融学系 北军大学金融创新与发展研究中心 2013年3月15日 | 
