报告题目：The Impact of Chinese Interbank Liquidity Risk on Global Commodity Markets

主讲人：曺庸煥 （Yonghwan Jo），辽宁大学经济研究院助理教授，韩国科学技术院 （KAIST）博士

论文摘要：We show that short-term funding liquidity risk in the Chinese interbank system affects global commodity markets. To circumvent capital controls, investors in China import commodities, collateralize them, and invest in high-yielding shadow banking products. We examine how risk of the shadow banking products affects commodity markets. Specifically, due to maturity mismatch problems of these products, we focus on funding liquidity risk. We find strong empirical support that this liquidity risk affects commodities futures risk premiums. Moreover, we show, as expected, that this impact is stronger for metal commodities as they are better suited as collateral.

时间：2018年12月19日（周三），09:00-11:00

地点：蒲河校区则行楼217会议室

主办：转型国家经济政治研究中心