【主讲】 车嘉华，香港中文大学

【主题】 预算软约束，调动积极性：最后的晚餐

【时间】 2011-9-29（周四）14:30-16:00

【地点】 清华经管学院 伟伦楼409

【语言】 英文

【主办】 清华大学经济管理学院经济系

【Speaker】 Jiahua Che, City University of Hongkong

【Topic】 The Last Supper: Complementing Financial Discipline with

Bailouts

【Time】 14:30-16:00, 2011-9-29, Thursday

【Venue】 Weilun 409, Tsinghua SEM

【Language】English

【Organizer】Department of Economics

Abstract:

Does financial bail-out destroy incentives? The conventional wisdom says

yes. We investigate the question by, first, asking why there is financial

bail-out in the first place, then, embedding the question into an

environment where financial bail-out is called for, and finally, analyzing a

particular mechanism that solves the twin problem of the need for bail-out

and the moral hazard thus associated. We show that, when done properly,

financial bail-out improves, rather than destroys, incentives. Our analysis

sheds light on the experience of China’s financial and real sector

development and offers a useful benchmark for understanding bail-out during

financial crises in general.