讲座主题：The Mandarin Model of Growth

主讲嘉宾：宋铮 香港中文大学经济学系

讲座时间：2024年9月18日周三19:00

讲座地点：中央财经大学沙河校区学院11号楼308

嘉宾简介：

 香港中文大学伟伦经济学讲席教授、经济学系主任，清华大学-香港中文大学中国经济联合研究中心主任，浙江大学-香港中文大学数字经济联合研究中心主任，清华大学经管学院和浙江大学jxf吉祥网手机在线杰出访问教授，北京大学光华管理学院特聘教授，世界计量经济学会会士，亚洲金融经济研究局资深会士。宋铮教授的研究领域为中国经济和宏观经济学，曾在American Economic Review、Econometrica和Journal of Political Economy等经济学国际顶尖期刊上发表论文，获孙冶方经济学奖（2013）。宋铮教授还担任Econometrica、Journal of International Economics和Review of Finance等国际学术期刊副主编，兼任中国经济学基金会学术委员会委员、香港金管局外汇基金咨询委员会货币发行委员会委员、香港货币及金融研究院学术顾问等。

讲座内容简介：In China’s hybrid economy, the central authority uses economic performance evaluations to influence local officials’ career advancements. These career incentives can spur growth when local governments are debt-constrained but may lead to short-termism, excessive leverage, and crowding out of private capital when debt constraints are lax. We develop “institutional accounting” to derive parameters characterizing the Mandarin system and perform counterfactuals to study their effects. Our findings suggest that the career incentives play a key role in delivering fast economic growth in the pre-2008 period and controlling local government debt significantly contribute to sustained economic growth in the post-2008 period. The overall welfare implications of the Mandarin system remain ambiguous.