题    目：Getting  Rich in China: an Empirical and Structural Investigation of Wealth Mobility

嘉    宾：孙琪 资深经济学家 阿里巴巴罗汉堂

主持人：喻洋 助理教授 上海交通大学安泰经济与管理学院

时    间：2022年3月4日（周五）14:30-16:00

地    点：上海交通大学 徐汇校区 安泰经济与管理学院 A507室

内容简介：

We study  the properties of individual wealth growth and mobility in China using the  China Household Finance Survey. We find that capital gains is the most  important factor in generating wealth mobility while individual savings play a  minor role. The second finding is that housing wealth is important for wealth  mobility due to the high share of housing in household portfolios and the  large cross-sectional dispersion in housing capital gains. The third finding  is that wealth mobility increases with households' debt. To capture these  features of the Chinese economy we construct a general equilibrium model where  households choose three types of assets: housing, stock market investment and  risk-free bonds (or debt when negative). We then use the calibrated model to  explore the consequences of financial development and policies on wealth  distribution and mobility.

演讲人简介：

孙琪毕业于南加州大学经济学博士，目前是阿里巴巴罗汉堂的资深经济学家。在加入阿里巴巴之前曾任上海财经大学金融学院的（终身）副教授。他的研究领域包括宏观经济学、金融经济学、和平台经济学。他的研究发表于Journal of Financial Economics,  Journal of the European Economic Association, Journal of Financial and  Quantitative Analysis等国际顶级期刊。

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