Research
Publications:
1. A Robust Textual Analysis of the Dynamics of Hong Kong Property Market (with Ken Wong, Max Kwong and Michael Cheng) Pacific Economic Review, 28(3): 314-346.
2. Dynamics of Secured and Unsecured Debt Over the Business Cycle (with Tianxiao Zheng) Review of Economic Dynamics, 2022, 44: 284-314.
3. Global bank risk and monetary policy in an emerging economy Macroeconomic Dynamics, 2022, 26(6): 1615-1646.
4. Measuring Economic Policy Uncertainty in China (with Yun Huang) China Economic Review, 2020, 59: 101367.
Data of Economic Policy Uncertainty in China is available here.
The paper received the Elsevier China Economic Review Best Paper Award 2021.
5. Foreign Direct Investment and Debt Financing in Emerging Economics (with Tianxiao Zheng) Journal of Money, Credit and Banking, 2020, 52(4): 863-905.
6. Economic Policy Uncertainty Spillovers in Small Open Economies: the Case of Hong Kong (with Michael Cheng, Philip Ng and Ken Wong) Pacific Economic Review, 2020, 25(1): 21-46.
The paper has been recognized as a top cited article 2019-2020.
A version of the EPU index for Hong Kong is now hosted by Economic Policy Uncertainty database, and also here.
7. The Asian Financial Crisis and International Reserve Accumulation: A Robust Control Approach (with Sang Seok Lee) Journal of Economic Dynamics and Control, 2018, 90: 284-309.
8. A Model of Chinese Capital Account Liberalisation (With Dong He) Macroeconomic Dynamics, 2017, 21(8): 1902-1934.
9. The Internationalisation of the Renminbi as an Investing and Funding Currency: Analytics and Prospects (With Dong He and Wenlang Zhang) Pacific Economic Review, 2016, 21(3): 295-323.
10. Chained Financial Contracts and Global Banks. Economics Letters, 2015, 129: 87-90.
Working Papers:
1. Output Concerns and Precautionary Savings in Emerging Markets' Debt and Reserve Accumulation (with Refet S. Gurkaynak, Sang Seok Lee and Ju Hyun Pyun)
2. Welfare and Optimal Bank Capital Structure: A Macro-finance Approach
Some Older Papers:
1. Financial-Friction Macroeconomics with Highly Leveraged Financial Institutions (with David Vines)
2. Debt Deleveraging and the Zero Bound: Potentially Perverse Effects of Real Exchange Rate Movements (with David Vines)
3. Understanding Chinese Renminbi Appreciation: A Microfounded Model with Imperfect Capital Mobility (with David Vines)
-Best PhD Conference Paper in Chinese Economic Association (UK/Europe) Conference 2010
4. Optimal Monetary and Fiscal Policy in an Economy with Endogenous Public Debt (with David Vines)
5. The Optimal Coordination of Fiscal and Monetary Policy in a New Keynesian Framework (with David Vines)