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【10.20讲座】alfredo schclarek curutchet: the countercyclical behavior of national development banks in latin america and the caribbean
2017-10-18
the countercyclical behavior of national development banks in latin america and the caribbean
时间：2017年10月20日下午16:00-17:30
地点：朗润园万众楼小教室
主持人：夏俊杰、王歆、王勇
主讲人：alfredo schclarek curutchet (national university of córdoba)
【摘要】
this paper investigates empirically the cyclical lending patterns of national development banks. to this purpose, we compare the lending activity of national development banks, across crisis and normal times, with that of public, foreign and domestic private banks using information on the annual financial statements of 336 major banks from 31 latin american and caribbean countries over the period of 1995-2014. using dynamic panel regressions that allow controlling for loan demand and other factors, we find robust evidence that national development and public retail-oriented banks have counter acted the slow down in the lending activity of private banks during crises by significantly increasing their provision of loans. our results are particularly important when considering productive lending to the corporate sector. the findings suggest that governments have played an active countercyclical role in their banking systems directly through both national development and retail-oriented public banks. certainly, national development banks’ size, governance structure and financial condition play a key role in determining that the counter cyclical response is effective in mitigating the macroeconomic effects of financial turmoil. in addition, it is important that special and innovative credit lines are designed in line with the specific needs of companies in times of crisis. moreover, credit lines for infrastructure projects that increase the countries’ productive and export capabilities is also advisable.
【主讲人】
alfredo schclarek curutchet holds a ph.d. in economics from lund university, sweden. he also earned a masters and a ba in economics from lund university. he studied in argentina, canada and sweden. he is currently assistant professor at the national university of córdoba, argentina, where he teaches macroeconomics for undergraduate and phd students. in addition, he is assistant researcher at the national scientific and technical research council, argentina (conicet) and academic director of the center for participatory research in economic and social policies (cippes). he worked at the european central bank, germany, the united nations, denmark and the national agency for investment development, argentina. he has won several awards including the prize "ten outstanding young persons of the year 2007," cordoba stock exchange and economic research annual award 2007, category: young professionals, central bank of argentina.