讲座题目：Formal and Informal Finance: Underlying Channels and Welfare Effects
主讲嘉宾：高明，北京大学经济学院金融学副教授、博士生导师
讲座时间：2019年12月18日（周三）上午9:00-11:00
讲座地点：中国科学院大学中关村校区青年公寓6号楼307教室
内容摘要：By taking advantage of China’s dramatic institutional shifts over time and large variations across communities concerning democracy and social interaction, I analyze the disparity in availability of formal and informal finance by their different mechanisms, including local governance and family network. I find that households’ financial access to both formal and informal finance has a significant impact on family welfare improvement. However, in regions with higher access to formal finance, the influence of informal finance declines. The influence of formal finance is limited to urban non-agricultural households, and informal finance is particularly important for rural areas and agricultural hukou households. This implies that a substitute and complementary relationship between formal and informal finance exists.
嘉宾简介：高明现任北京大学经济学院金融学副教授、博士生导师。他的研究领域是家庭金融、行为金融和投资学，也非常关注增长、贫困和不平等议题。相关成果发表于《经济研究》、《管理世界》、Journal of Financial Economics、Journal of Futures Markets、Economics Letters等中英文期刊，曾获首届中国金融发展学术论坛优秀论文奖、第七届中国贫困地区可持续发展战略论坛优秀论文奖。高明于2003年考入北京大学光华管理学院，先后获得经济学学士（2009）和经济学博士（2014）学位。他同时拥有北京大学国际关系学院的法学学士（2009）学位。加入北京大学经济学院之前，他是北京大学光华管理学院博士后和普林斯顿大学经济系和本德海姆金融中心访问学者。个人主页：http://scholar.pku.edu.cn/gao
