【Macro Seminar】How Does Stock Market Liberalization Spur Growth?
2026/04/21
研討會日期 : 2026-04-21
時間 : 14:30
主講人 : Professor Chang Ma (馬 暢)
地點 : Conference Room C103
主持人 : Professor Chun-Che Chi
演講者簡介 : Dr. Chang Ma received his Ph.D. in Economics from Johns Hopkins University in 2018. He is currently an Associate Professor at Fudan University. His research interests are International Macroeconomics and Finance.
演講摘要 : We develop a theoretical framework to analyze the growth effects of stock market liberalization. By attracting foreign investors, stock market liberalization increases growth through two channels: a funding cost channel, which reduces capital costs and spurs investment, and a learning-from-market channel, where price signals improve allocative efficiency and raise total factor productivity (TFP). We quantitatively evaluate the importance of these two channels in explaining the large positive growth effects documented in the literature.
