Research

Publications

1. Does Capital Account Liberalization Affect Income Inequality? (with Dan Su), Oxford Bulletin of Economics and Statistics, 83, 2 (2021).   Data   Online Appendix

2. What Does Peer-to-Peer Lending Evidence Say About the Risk-taking Channel of Monetary Policy? (with Yiping Huang and Chu Wang),  Journal of Corporate Finance, 66 (2021). WP Version  Online Appendix

3. Total Factor Productivity Growth at the Firm-Level: The Effects of Capital Account Liberalization (with Dan Su), Journal of International Economics, 139 (2022).  Long WP Version

4. Surges and Instability: The Maturity Shortening Channel (with Dan Su),  Journal of International Economics, 139 (2022). WP Version

5. Household Indebtedness, Financial Frictions and the Transmission of Monetary Policy to Consumption: Evidence from China (with Michael Funke and Doudou Zhong), Emerging Markets Review, 55 (2023).  WP Version

6. Financial Technologies and the Effectiveness of Monetary Policy Transmission (with Iftekhar Hasan and Boreum Kwak), European Economic Review, 161 (2024). WP Version

Working Papers

1. Firm-level Uncertainty and Productivity: the Financial Friction Channel (with Dan Su) Updated: May 2024

2. BigTech Credit, Small Business, and Monetary Policy Transmission: Theory and Evidence (with Yiping Huang, Han Qiu, Dan Su, and Changhua Yu), reject and resubmit at Management Science   Updated: April 2024  VoxChina  SUERF Policy Brief

3. Technological Innovation and the Bank Lending Channel of Monetary Policy Transmission (with Iftekhar Hasan and Tuomas Takalo)   Updated: March 2024

4.  Climate Policy and International Capital Reallocation (with Marius Fourne) Updated: February 2024

5. Global Political Ties and the Global Financial Cycle (with Gene Ambrocio and Iftekhar Hasan) Updated: December 2023

6. Dilemma and Global Financial Cycle: Evidence from Capital Account Liberalization Episodes  Updated: April 2022

7. Within Gain, Structural Pain: Capital Account Liberalization and Economic Growth (with Dan Su)    Updated: July 2018 (under revision)

Work in Progress

1.  Macroeconomic Expectations and Credit Supply (with Steven Ongena)

2. Twin Instabilities (with Dan Su)  

Policy Work & Book Chapters

• China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations (with Michael McMahon and Alfred Schipke), IMF Working Paper 18/244 Media Coverage: Bloomberg; South China Morning Post

• Monetary Policy Communication: Frameworks and Market Impact (with Michael McMahon and Alfred Schipke), The Future of China’s Bond Market, edited by Alfred Schipke, Markus Rodlauer & Longmei Zhang, published by the International Monetary Fund, Washington, DC, 2019.

• Consequences of China’s Opening to Foreign Banks (with Ran Li, Wen Lei and Yiping Huang), China’s Domestic Transformation in a Global Context, edited by Ligang Song, Ross Garnaut, Cai Fang & Lauren Johnston, published by The Australian National University Press, 2015.