講座主題：Globalization and Bubbly Government Debt

主講嘉賓：王藝臻，清華大學(xué)

時 間：2025年12月1日（周一）16:00

地 點(diǎn)：中央財經(jīng)大學(xué)沙河校區(qū)13號學(xué)院樓321

主 辦：中央財經(jīng)大學(xué)國際經(jīng)濟(jì)與貿(mào)易學(xué)院

講座內(nèi)容：

Why do government debt bubbles (r < g) primarily benefit“Northern”countries despite their lower financial frictions? This paper shows that financial globalization drives this phenomenon. In our open-economy model, countries differ in financial development, reflected by sovereign debt’s pledgeability as collateral.“Southern”nations’demand for superior Northern collateral creates a premium, fostering r < g conditions and debt bubbles in the North. This“exorbitant privilege”boosts Northern investment and consumption by attracting Southern funds while exporting fiscal costs via perpetual debt rollover. Thus, financial development and globalization explain the uneven global distribution of these debt bubbles.

嘉賓簡介：

王藝臻，清華大學(xué)經(jīng)濟(jì)管理學(xué)院2021級應(yīng)用經(jīng)濟(jì)學(xué)博士研究生，指導(dǎo)老師為董豐副教授。本科畢業(yè)于中國人民大學(xué)經(jīng)濟(jì)學(xué)-數(shù)學(xué)雙學(xué)位實(shí)驗(yàn)班。研究領(lǐng)域包括開放經(jīng)濟(jì)、宏觀金融、政府債務(wù)、財政貨幣政策等。

學(xué)術(shù)成果于AEJ: Macro、《金融學(xué)季刊》返修中，另有多篇中英文工作論文在投。曾獲清華大學(xué)綜合一等獎學(xué)金、清華經(jīng)管經(jīng)濟(jì)系優(yōu)秀博士論文等榮譽(yù)。

編輯:易彥

審核:段玉婉