Mao Jie | Research on the Prevention and Resolution of Macroeconomic Risks under International Econ
Recently, the 2020 Academic Symposium on International Trade Disputes and Globalization Restructuring, jointly organized by the Center for International Finance and Economics Research (CIFER) of the National Institute of Financial Research at Tsinghua University and the Center for Cross-border Digital Capital Research (IDC) of the Institute of Fintech at Tsinghua University, was held.2020 International Conference on US-China Trade Disputes and Reforms in GlobalizationThe meeting was successfully held online. Mao Jie, a postdoctoral researcher at the School of Economics, Fudan University, participated.Attended and shared his experiences with collaborators, including the Department of International Finance at Fudan University.professorThe topic of Liu Hongzhong and Dr. Yan Jingzhou from the School of Mathematics, Shanghai University of Finance and Economics was...Research on Preventing and Mitigating Macroeconomic Risks under International Economic Uncertainty: A Perspective from International Macroprudential Supervision under Capital Account OpeningThe article.
Mao Jie, male, holds a PhD in Finance from Fudan University and completed postdoctoral research in Applied Economics at Fudan University. He is also a recipient of the Shanghai "Super Postdoctoral Fellowship." His main research areas include continuous-time macroeconomic and financial theory, microstructure theory of financial markets, and dynamic asset pricing theory. He has published numerous academic papers in journals such as *Financial Research*, *Securities Market Herald*, *Systems Engineering*, and *World Economic Research*. He has led research projects funded by the China Postdoctoral Science Foundation and serves as an anonymous peer reviewer for journals such as *Financial Research*. He has also received the Ping An National Inspirational Program Academic Paper Award.
Mao Jie
Teacher Mao JieShare articles with collaboratorsThey mentioned that, under the assumption of uncertainty in the international economic environment, they constructed a two-country model of continuous-time macroeconomic finance, and studied the impact mechanism and transmission process of international economic uncertainty on the country's macroeconomic risks in the full state space.
By numerically solving the global equilibrium dynamics of the model, they found that: (1) when the domestic wealth level is relatively low, the relative increase in domestic economic uncertainty will increase the domestic fundamental risk, the risk of sudden cessation of capital flows, and the risk of capital liquidity, thereby increasing the domestic macroeconomic risk; while when the domestic wealth level is relatively high, the relative increase in domestic economic uncertainty will only increase the domestic fundamental risk, thereby increasing the domestic macroeconomic risk; (2) the relative increase in foreign economic uncertainty will increase the foreign fundamental risk, thereby increasing the foreign spillover risk to the domestic macroeconomy. They then introduced cross-border capital flow tax and international price stability to examine the policy effects of these two international macroprudential regulations in the context of international economic uncertainty.
They found that in most cases, implementing cross-border capital flow taxes and international price stabilization can effectively prevent and control domestic macroeconomic risks. However, implementing cross-border capital flow taxes has little negative impact on total social welfare, while implementing international price stabilization will slightly reduce total social welfare.
Li Xingshen
Li Xingshen, a doctoral candidate at the School of Finance, Central University of Finance and Economics, provided a brief summary of this paper, praising its novel research perspective, cutting-edge theoretical application, rigorous logic, and rich content. He offered the following suggestions: 1. How does the paper's study of "uncertainty in the international economic environment" differ from research on economic policy uncertainty? 2. The assumption that exogenous shocks in the domestic macroeconomy and exogenous shocks in the foreign macroeconomy are orthogonal may not reflect reality; more detailed empirical testing could be added. 3. Regarding model details: How are capital account controls and macroprudential policies incorporated into the model in Parts 3 and 4, and what are the differences between this model and the model before these policies were introduced? Further explanation is needed. 4. The interpretation of the results should be explained in conjunction with my country's specific economic situation. For example, the statement that "as the share of domestic wealth increases, the leverage ratio decreases accordingly, thus reducing domestic economic risk" is inconsistent with reality. 5. This paper should strengthen the economic explanation of the empirical results, explaining the specific reasons.
Special Forum on Trade and Financial Risks in the Context of GlobalizationParticipating guests and scholars