讲座题目：On the Optimal Design of a Financial Stability Fund

主讲人：刘岩

时间：2025年5月26日（星期一）上午9:30-11:30

地点：创新港涵英楼经济金融研究院8121报告厅

摘要：

We develop a model of a Financial Stability Fund (the ‘Fund’ henceforth) for a union of sovereign countries. By design, the contract prevents country defaults, as well as undesired expected losses, which in a union translate into excessive risk mutualizations. A participant country has greater ability to borrow and share risks than using sovereign debt financing. The Fund contract also provides better incentives for the country to reduce endogenous risks. These efficiency gains arise from the ability of the Fund to offer long-term contingent financial contracts, subject to limited enforcement (LE) and moral hazard (MH) constraints. We develop the theory and quantitatively compare the constrained-efficient Fund economy with an incomplete markets economy with default. We calibrate our economy to the euro area ‘stressed countries’ in the debt crisis (2010--2012). Substantial welfare gains are achieved, particularly in times of crisis. The Fund is, in fact, a risk-sharing, crisis prevention and resolution mechanism, which transforms the participant countries ‘defaultable sovereign debt into the union’s safe assets. In sum, our theory can help to improve current official lending practices and, for example, to eventually design a European Fiscal Fund.

报告人简介：

刘岩，现任中山大学商学院副教授，兼任武汉大学大数据研究院金融大数据研究中心副主任。主要研究领域为宏观经济学、金融中介理论、货币银行学、公司金融，主持“中国银行业数据库（CBD）”项目，主持多项国家自然科学基金研究项目，作为子课题负责人或主要人员参与科技部重点研发计划、国家自然科学基金重点项目、国家社科重大项目等多项重大、重点研究课题。在《人民日报·内参》《经济研究》《中国工业经济》《金融研究》《经济学（季刊）》Review of Economic Studies, Journal of International Economics, China Economic Review等国内外权威期刊发表论文20余篇。获得2020年首届PwC3535年度最佳论文奖，并两次获得中国金融学年会最佳论文奖。

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2025年5月20日