財金系擬於5/30(五) 邀請Prof. 葉宗穎 與 Prof. 吳俊吉，至本所進行專題演講。兩場專題演講訊息如下：

【第一場】

時間: 5/30(五) 9:50-10:20

地點: 管理學院一號館2F 冠德講堂

演講人: Prof. 葉宗穎

講題: State Financial Crisis and Sources of Systemic Risk

Abstract:

This paper examines state credit risk and the sources of systemic risk using the CDS data of 

individual US states. We find that state credit risk is strongly linked to economic fundamentals. 

Results show that common macroeconomic shocks are a fundamental source of systemic credit risk. 

The state financial crisis is primary due to deterioration in the state’s economic fundamentals 

rather than capital flows and illiquidity problems in financial markets. Macroeconomic variables 

have higher explanatory power for variations in CDS prices and systemic and idiosyncratic components 

of credit risk across states than do financial market variables. Results suggest that macroeconomic 

factors contain information unspanned by financial market variables.

【第二場】

時間: 5/30(五) 10:30-12:00

地點: 管理學院一號館2F 冠德講堂

演講人: Prof. 吳俊吉

講題: TBA