Professor Wang obtained his PH.D. degree in Economics from Cornell University in 2007 and is the professor of Economics at Hong Kong University of Science and Technology since 2016. His research interest lies in the areas of business cycles, monetary economics and financial economics. Many of his research papers in these areas have been published by world leading journals, such as American Economic Review, Econometrica, Journal of Economic Theory, Journal of Monetary Economics, Journal of Financial Economics , American Economic Journal: Macroeconomics, and Economic Journal. Professor Wang is a recipient of the Pushan award in 2017 for his work on two-way capital flows. He has taught advanced macroeconomics, intermediate macroeconomics and financial macroeconomics at HKUST.
王鹏飞教授于2007获得康奈尔大学经济学博士学位，现为香港科技大学经济系教授。他的研究兴趣在商业周期、货币经济学和金融经济学等领域，许多成果研究成果已在American Economic Review, Econometrica, Journal of Economic Theory, Journal of Monetary Economics, Journal of Financial Economics , American Economic Journal: Macroeconomics和 Economic Journal等世界顶级期刊发表。他在资本双向流动领域的杰出研究获得了2017浦山奖。他在香港科技大学教授的课程为高级宏观经济学、中级宏观经济学和金融经济学。
We provide an infinite-horizon general equilibrium model of a small open economy with both domestic and international financial market frictions. Firms face credit constraints and use a bubble asset (land) as collateral to borrow. A land bubble can provide liquidity and relax credit constraints. Low foreign interest rates are conducive to bubble formation. A rise in foreign interest rate can cause the collapse of the asset bubble and a sudden stop. Asset bubbles provide an important amplification mechanism.