Affiliation: Senior Fellow, Research Institute of Economy, Trade and Industry (RIETI), Japan

Address: RIETI, 11th floor, Annex, Ministry of Economy, Trade and Industry. 

1-3-1 Kasumigaseki, Chiyoda-ku, Tokyo, 100-8901 JAPAN

E-mail: zhang-hong-yong @ rieti.go.jp

CV: January 2026 (PDF) 

Research Interests: 

• International Trade and Investment, International Finance and Macroeconomics

• Political Economy, Economic History 

Selected Papers:

• Multinationals and Structural Transformation, with Vanessa Alviarez (IDB), Cheng Chen (Clemson U), Nitya Pandalai-Nayar (UT Austin), Liliana Varela (LSE), and Kei-Mu Yi (Houston U), February 2026. 

Revise and Resubmit, Journal of Monetary Economics

• Remembering Li Keqiang: Policy Divergence in Zhongnanhai and Its Economic Consequences, with Asei Ito (UTokyo) and Jaehwan Lim (Aoyama Gakuin), 

The China Quarterly, Cambridge University Press, June 2025. 

• The impact of export controls on international trade: Evidence from the Japan-Korea trade dispute in the semiconductor industry, with Ryo Makioka (Hokkaido U), 

Journal of the Japanese and International Economies, December 2024.

• Uncertainty, imperfect information, and expectation formation over the firm’s life cycle, with Cheng Chen (Clemson U), Tatsuro Senga (Keio U), and Chang Sun (HKU), 

Journal of Monetary Economics, November 2023.