一、报告题目：

Foreign Direct Investment and Debt Financing in Emerging Economies

二、报告人：

Paul Luk, Hong Kong Baptist University

三、报告时间：

2018年11月08日 （周四） 下午15:30-17:00

四、报告地点：

知新楼B423

五、报告人简介：

Paul Luk，香港浸会大学经济系助理教授。2007年本科毕业于香港大学，2009年于英国牛津大学获得经济学硕士学位（M.Phil in Economics），并于2014年获经济学博士学位（D.Phil in Economics）。主要研究领域为宏观经济学，国际经济学，中国经济。研究论文发表于知名国际期刊Journal of Economic Dynamics and Control, Macroeconomic Dynamics，Economics Letters， China Economic Review, Pacific Economic Review等。

六、 报告摘要：

The rich dynamics of capital

flows is an important characteristic of business cycles in emerging market economies. In the data external debt is always procyclical, while FDI is procyclical only in normal times. We provide a microfounded rationale for this pattern by linking financial shocks to capital flows. For this purpose, we build a small open economy model in which firms are subject to borrowing constraints, and are either owned domestically or by foreign investors who purchase firms through FDI. During a financial crisis, the valuation gap per unit net worth between foreign and domestic investors widens, which triggers more FDI in flow. Our model produces business cycle moments consistent with empirical observations.

七、主办单位：

龙门客栈资料库