STATE-RUN BANKS, MONEY GROWTH, AND THE REAL ECONOMY
Dean and Stephen Riady Distinguished Professor,
National University of Singapore
Abstract
Aggregate credit and investment growth correlate with prior money growth more strongly in economies whose banking systems are more fully state-run. Within countries, individual state-run banks’ lending correlates with prior money growth, while otherwise similar private-sector banks’ lending does not. Tests exploiting heterogeneity in likely political pressure on state-run banks associated with, e.g. central bank independence, privatizations, and election years, are consistent with a higher correlation of state-run banks’ lending with prior money growth if political pressure is stronger. These findings are consistent with a command-and-control channel of monetary stimulus transmission operating via state-run banks.
About the Speaker
Professor Bernard Yeung is the Dean and Stephen Riady Distinguished Professor in Finance and Strategic Management at National University of Singapore (NUS) Business School. Before joining NUS in June 2008, he was the Abraham Krasnoff Professor in Global Business, Economics, and Management at New York University (NYU) Stern School of Business. He has also served as the Director of the NYU China House, the honorary co-chair of the Strategy Department of the Peking University Guanghua School of Management, and Advisory Professor at the East China Normal University. From 1988 to 1999, he taught at the University of Michigan and at the University of Alberta from 1983 to 1988.
Professor Yeung`s research work has featured in more than 100 research publications covering topics in finance, strategy, foreign direct investment, international trade, international macroeconomics, institutional economics, sustainability, and economic history. His articles have appeared in journals in the fields of economics, finance, strategic management, international business, and accounting, as well as in top-tier media publications such as The Financial Times and The Wall Street Journal. He has contributed chapters in many leading books and written working papers.
He has also won several scholarly honours and awards for academic excellence, including the Irwin Outstanding Educator Award (2013) from the Business Policy and Strategy (BPS) division of the Academy of Management; the Excellence in Teaching Award (Executive Education) by Stern School of Business at NYU and Teacher Excellence Award (doctoral programmes) by University of Michigan Business School.
In addition, Professor Yeung has served on various committees and international advisory boards. He was a member of the Economic Strategies Committee in Singapore chaired by Mr Tharman Shanmugaratnam, Minister for Finance (2009). The committee was given the task of developing strategies for Singapore to build capabilities and maximise opportunities as a global city. Professor Yeung is also a member of several other committees, including the Management Advisory Committee of SPRING Singapore and the Financial Research Council of the Monetary Authority of Singapore.
Professor Yeung sits on the International Advisory Board of the Korea University Business School, the Intellectual Property of Singapore, the Institute of System Science Management Board, and the Strategic Recruitment Advisory Committee at NUS. He is the Dean Director on the Graduate Management Admission Council (GMAC) Board. He was also a member of the Maintenance of Accreditation Committee (MAC) and Asia Advisory Task force (AATF) of the Association to Advance Collegiate Schools of Business (AACSB). He is also an elected Fellow of the Academy of International Business (AIB).
Professor Yeung received his Bachelor of Arts in Economics and Mathematics from the University of Western Ontario and his MBA and PhD degrees from the Graduate School of Business at the University of Chicago.
Seminar Details
| Date |
Wednesday, 16 March 2016 |
| Time |
3.30pm to 5.00pm |
| Venue |
Singapore Management University
Lee Kong Chian School of Business, Level 2
Seminar Room 2.2
|
| Address |
Lee Kong Chian School of Business
50 Stamford Road
Singapore 178899
(Click here for map) (Building #2)
|
| Register |
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