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Jianjun Miao: Convergence and Financial Development

The researchers analyze the relationship among growth, inflation, and financial development. Figure 1 presents the cross-sectional evidence on a sample of 71 countries over the period 1960-1995. Panels A and B show that the average inflation rate is negatively correlated with the average per capita GDP growth rate and positively correlated with the average money growth rate

Winter Camp

The 5th NSE International Conference Closed with Success

The fifth New Structural Economics International Conference was held during August 6-7 at Peking University. The theme of this conference was Structural Change, Industrial Upgrading and Economic Growth.

NSE Conference

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China and the West: The Role of the State in Economic Growth

On Thursday, March 21 and Friday, March 22,China and the West: The Role of the State in Economic Growth, a two-day conference jointly hosted by the School of International and Public Affairs (SIPA)

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04/26:Listing Gaps, Merger Waves, and the Privatization of American Equity Finance
Venue：Room 359S, Overseas Exchange Center, Peking University
Speaker：William L. Megginson

We document that the U.S. economy has experienced over the last 25 years sharply declining numbers of listed firms, extraordinary volumes of mergers and of pri-vate equity investments, and abnormally high aggregate valuations for U.S. listed corporations. We synthesize and empirically analyze these trends and their inter-connections and document the recent emergence of a new model of equity finance in the United States. We show that the listing gap identified by Doidge, Karolyi, and Stulz (2017) was caused by an unprecedented merger wave occurring between 1997-2001, which directly reduced the number of listed firms, and by the rise of the private equity industry, which curtailed new listings through IPOs.

04/22:The 29th NSE International Development Forum
Venue：Room 359s, Overseas Exchange Center, Peking University
Speaker：Dr. Era Dabla-Norris

Many advanced and emerging market economies are in the midst of stark demographic change. Steady declines in fertility rates have led to a faster reduction in the rate of growth of the working-age population relative to the overall population. In combination with rising longevity, this development has pushed up old-age dependency ratios share of the working-age population. As increasingly fewer workers are available and labor force participation rates drop, economic output is bound to fall. Aging would also exert considerable pressure on public finances as outlays for pensions and health care increase. The overall macroeconomic impact would depend on how households and firms react to the changing demographic landscape. This presentation will discuss how these demographic shifts could influence public and private---and hence national saving---by explicitly considering the role of pension system characteristics. In countries with aging populations, national saving is important to bolster retirement security and allow workers to more easily bear the costs of financing pension programs while maintaining their living standards. This presentation will focus on the interplay between public and private saving, and the role of pension system attributes (coverage of the elderly, benefits, and the type of funding) in shaping saving profiles across countries in the coming decades. Policies to cope with the aging challenge will be outlined, with a focus on pension systems and long-term saving.

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Institute of New Structural Economics