Andrew J. Sinclair, Ph.D.
Visiting Assistant Professor of Finance
California Institute of Technology
Email: ajsincla@caltech.edu
Research Areas: Chinese Economics; Institutions and Markets; Political Economy of Finance
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Biography
Biography
I am an expert on China's economic system. My research examines the relationship between institutions and markets, focusing on how a country's political, economic, and cultural institutions shape incentives and economic behavior. I focus on the institutional differences between China and the West, and analyze how these differences affect market outcomes, both domestically and globally. My work seeks to develop a unified framework for understanding Chinese economics.
I received my PhD in financial economics from Yale University and previously served on the faculty at The University of Hong Kong (HKU). My research has been published in leading economics journals, including The Economic Journal and the Journal of Economic Theory, and has been featured by The Financial Times, Bloomberg, and Vox China. I have been invited to present my work on China at leading academic, policy, and financial institutions, including Yale University, the Federal Reserve Board of Governors, BlackRock, and the Hoover Institute at Stanford (YouTube link).
In recognition of my commitment to teaching, I received the Faculty Outstanding Teaching Award (Undergraduate Teaching) from the Faculty of Business and Economics at HKU in 2022, and the HSS Brass Division Award for Teaching from the Division of the Humanities and Social Sciences at Caltech in 2025.
中文简介
中文简介
我对中国经济体制的研究，源于对不同制度环境下市场运行方式的长期兴趣。在中国这样一个制度高度复杂、国家与市场深度交织的经济体中，许多在西方语境下被视为“例外”的现象，实际上具有内在逻辑。我的研究尝试从制度与激励出发，系统分析中国经济运行的内在机制，并将中国经验纳入更一般的经济学分析框架之中。
Published and Accepted Papers
Published and Accepted Papers
1. Banking on the Confucian Clan: Why China Developed Financial Markets So Late [Paper Link]
Zhiwu Chen, Chicheng Ma, and Andrew Sinclair, The Economic Journal, 2022, 132 (644)
2. Wealth, Endogenous Collateral Quality, and Financial Crises [Paper Link]
Zehao Liu and Andrew Sinclair, Journal of Economic Theory, 2022, 204 (105526)
3. Do Prime Brokers Intermediate Capital? [Paper Link]
Andrew Sinclair, Journal of Financial Intermediation, 2023,101004
4. Retail Hedge Funds [Paper Link]
Andrew Sinclair and Chuyi Zhang, Journal of Alternative Investments, 2026, 28 (3)
5. China's Global Currency: Re-pegging the Hong Kong Dollar [Link to earlier draft]
Andrew Sinclair, accepted for publication in The Washington Quarterly, 2026
Working Papers
Working Papers
6. Executive Authority and Implicit Guarantees [SSRN Link]
Andrew Sinclair, 2025
7. Discounting Chinese Industrial Policy [SSRN Link]
Andrew Sinclair and Chuyi Zhang, 2025
8. State Control and Global Fragmentation [SSRN Link]
Andrew Sinclair, 2025
9. Price Controls and Wealth Redistribution in the Chinese IPO Market [SSRN Link to earlier draft]
Yongning Deng, Andrew Sinclair, and Chuyi Zhang, 2023
Book Projects
Book Projects
10. Understanding China Through Finance
Andrew Sinclair, 2024
Other Writing
Other Writing
11. A China-led global system alongside that of the US is Xi Jinping's ultimate aim [Link]
Andrew Sinclair, The Guardian, August 12, 2025
Interviews
Interviews
1. Andrew Sinclair Develops a Theory of Chinese Economics [Link]
Cynthia Eller, Caltech News, December 12, 2025
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