时间：3月24日 12:00-13:30

地点：向东楼406

主题：Eurozone Disease in China: Currency Overvaluation and Local

主要内容：

The eurozone and China are alike in terms of their unbalanced regional growth and a common currency. Greece, similar to western China, with growth much slower than that of Germany, similar to eastern China, calls for a weak currency. However, the euro (the RMB in the case of China), because it is the common currency for the entire eurozone (China), cannot depreciate to match Greece's (western China's) weak fundamentals and is thus overvalued relative to the economy of Greece (western China). Without monetary autonomy to devalue its overvalued currency, Greece (western China) must turn to debt issuance to boost its growth, leading to higher Greek (western China) indebtedness. We therefore establish a link between regional currency overvaluation and local government indebtedness. Using panel data of 234 Chinese cities over the sample period of 2004 - 2013, we show that city-level currency overvaluation is positively associated with higher local government debt. Our _ndings suggest that a 1% increase in the overvaluation of RMB prompts the new issuance of local government debt by approximately 0.2%. This e_ect mainly exists in China's western cities and can be magni_ed by a higher degree of spatial disequilibrium.主讲人简介：

陆铭，上海交通大学安泰经济管理学院特聘教授、教育部长江学者、中国发展研究院执行院长、中国城市治理研究院研究员、上海国际金融与经济研究院研究员。曾作为富布莱特学者工作于美国哈佛大学和国家经济研究局（NBER），作为兼职（客座）研究员受聘于复旦大学、新加坡管理大学、东北财经大学等国内外高校。曾担任世界银行和亚洲开发银行咨询专家。学术畅销书《大国大城》的作者。担任《经济学（季刊）》副主编，Asian Economic Papers (MIT出版社)编辑和《世界经济》等期刊编委。研究领域为中国经济、城乡和区域经济发展、劳动经济学。近年来的研究主要是对城市和区域发展政策进行评估，并为城市可持续发展，促进国内市场一体化和经济持续增长提供来自空间政治经济学的战略思考。