Academic Journal Paper
Building a Beautiful China through Locally Adapted Strategies: Economic Impacts of Environmental Governance in the Yangtze River Basin. Shiyi Chen, Qinzhu Sun, Hui Qiao. The Journal of World Economy 48(9): 3-32, 2025 [in Chinese] (corresponding author)
陈诗一, 孙沁竹, 乔慧. 因地制宜建设美丽中国：长江流域治理的经济效应[J]. 世界经济, 2025, 48(9): 3-32（通讯作者）
Summary: This paper examines how firms with heterogenous productivity react to a uniform environmental policy (i.e., the Outline of the Yangtze River Economic Belt Development Plan), and assesses their aggregate impacts on regional industrial transformation patterns and economic performance.
介绍：本文以2016年发布的《长江经济带发展规划纲要》为例，研究了异质性的企业如何针对自身比较优势，对统一环境政策作出差异化的反应，以及差异化的生态治理路径对区域整体产业转型和经济发展的影响。
International Energy Trade and Inflation Dynamics: The Role of Invoicing Currency Use during the Low Carbon Transition. Hui Qiao, Ping Qin, Yang Liu, and Yugang Yang. Energy Economics 128: 107178, 2023. (first author)
Summary: We develop a three-country open economy model to investigate how invoice currency use impacts a firm's response to government monetary policy in the international energy market competition.
Volatility Spillover between Oil and Stock Prices: Structural Connectedness Based on a Multi-Sector DSGE Model Approach with Bayesian Estimation. Ying Tung Chan and Hui Qiao. International Review of Economics & Finance 87: 265–86, 2023. (corresponding author)
Summary: We use a structural approach to analyze the welfare consequence of the volatility spillover from oil prices to the stock market, and solve for an optimal oil tax rule when the social planner is risk-averse.
Book Chapter
Market-Based Environmental Policies to Promote Clean Transition. Hui Qiao, Ping Qin, Lili Li, Jie-Sheng Tan-Soo. Resource Misallocation Theorem. Climate Change and Energy Transition. ISBN: 978-981-96-6673-7. (first author)
Summary: This chapter examines how market-based environmental policies perform under different local regulatory and industrial contexts. We compare China's ETS pilots in Shanghai and Tianjin, and find that Shanghai’s program achieved more significant SO₂ emission reductions.
Designing Emissions Trading Schemes for a Price-Regulated and Concentrated Industry: Insights from China’s Power Sector. Dong-Hyuk Kim, Hui Qiao, Ying Zheng. [R&R at International Journal of Industrial Organization, Working Paper]
Summary: We discuss the carbon market design within an industry with pre-existing distortions. In particular, we demonstrate that intensity-based carbon trading (i.e., the TPS) could result in higher social welfare than mass-based policy (i.e., C&T) when the industry is price-regulated and highly concentrated.
Chinese Paper
Energy Transition, Market Competitiveness, and Invoicing Currency Choice. Yang Liu, Hui Qiao, Liyan Han. [R&R at Economic Research Journal, in Chinese]