4th Annual Conference: Papers & Slides

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Government Financial Products, Policies, and Institutions

Keynote Speaker

Jiang Wang (MIT), “China’s Financial System: Developments and Challenges”  Slides

Paper Session I. Real Effects of Government Guarantees
  1. William Mullins (UC San Diego) and Patricio Toro (Central Bank of Chile), “Credit Guarantees and New Bank Relationships”  Slides
  2. Reint Gropp (IWH/University of Magdeburg), Andre Guettler (University of Ulm/IWH), and Vahid Saadi (IWH/Goethe University), “Public Bank Guarantees and Allocative Efficiency”  Slides
  3. Priyank Gandhi (Notre Dame), Hanno Lustig (Stanford/NBER), and Alberto Plazzi (USI Lugano/SFI), “Equity is Cheap for Large Financial Institutions”  Slides
Paper Session II. China’s Credit Policies
  1. Andrew Ang (BlackRock), Jennie Bai (Georgetown), and Hao Zhou (Tsinghua University), “The Great Wall of Debt: Real Estate, Political Risk, and Chinese Local Government Credit Spreads”  Slides
  2. Haoyu Gao (Central University of Finance and Economics), Hong Ru (Nanyang Technological University), and Dragon Yongjun Tang (University of Hong Kong), “Subnational Debt of China: The Politics-Finance Nexus”  Slides
  3. Bo Li (Tsinghua University), Zhengwei Wang (Tsinghua University), and Hao Zhou (Tsinghua University), “China’s Anti-Corruption Campaign and Credit Reallocation to non-SOEs”  Slides
Paper Session III. Informing Mortgage Market
  1. Andreas Fuster (Federal Reserve Bank of NY), Stephanie H. Lo (Harvard), and Paul S. Willen (Federal Reserve Bank of Boston/NBER), “The Time-Varying Price of Financial Intermediation in the Mortgage Market”  Slides
  2. Neil Bhutta (Federal Reserve Board) and Benjamin J. Keys (Wharton), “Eyes Wide Shut? Mortgage Insurance During the Housing Boom”  Slides
  3. Jane Dokko (Formerly U.S. Treasury) and Edward Golding (Formerly HUD), “Economics of Underwriting, Pricing and Managing (Mitigating) Credit Risk: Implications for (Re)Organizing the Mortgage Market”  Slides