ASEAN+3 Macroeconomic Research Office - Senior Economist
Tsinghua University - Ph.D. in Economics/Master/BSc
Bank for International Settlements (visiting 2025-2026)
Princeton University (visiting 2016-2017)
Email: liwenzhe@tsinghua.org.cn
Senior Economist working at the intersection of monetary policy, financial stability, and macroeconomic research. Currently based in Singapore at AMRO, engaging with policymakers and academia across the region and translating sophisticated economic analysis into sharp policy insights. Career spanning international organizations, China's central bank, and investment bank CICC, with experience in policy formulation, team management, and international cooperation with the BIS, IMF, and major central banks. Trained at Tsinghua University, obtaining a B.Sc. in Mathematics and Physics, an M.Econ. in Finance, and a Ph.D. in Economics, with research experience at Princeton and the BIS. Drawn to the defining questions about how inflation and credit evolve, how monetary transmission works across different financial structures, and what institutions can do to preserve stability.
“Using the Balance Sheet Framework for Monetary Analysis: The Case of China”, Economic Affairs, 2024, 44 (3), 501–526 (pdf-wp, NEW )
“China’s Shadow Banking in 2020–2022: An Empirical Study”, Humanities and Social Sciences Communications, 2024, 11 (282), 1-14. Presented at conference co-organized by HKAoF/HKIMR, IMF, BIS and AMRO in Hong Kong, 2024 (pdf, slides, news; cited by: 4, NEW )
"Economic Analysis of China’s Shadow Banking: Development Drivers", Economist, 2021, 267 (3), 91-100, (in Chinese) 中国影子银行的经济学分析：发展驱动因素 经济学家, 2021, 267 (3), 91-100 (pdf-wp; cited by: 27(CNKI), 7)
“Economics of China's Shadow Banking: Impact on Monetary Policy”, China Economic Studies, 2020, 322 (5): 55-70, (in Chinese) 中国影子银行的经济学分析:对货币政策调控的影响 中国经济问题, 2020, 322 (5), 55-70 (pdf; cited by: 8(CNKI), 3)
“Economics of China's Shadow Banking: The Impact on Financial Stability”, Financial Regulation Research, 2020, 101 (5), 31-47, (in Chinese). China Social Science Excellence of RUC (CSSE) Full-Text Republish, Finance & Insurance (in Chinese), 2020, (10), 16-26 中国影子银行的经济学分析：对金融稳定的影响 金融监管研究, 2020, 101(5), 31-47. 人大复印报刊资料全文转载, 《金融与保险》2020, (10), 16-26 (cited by: 42(CNKI), 2)
“Economics of China's Shadow Banking: Definition, Composition, and Measurement”, Journal of Financial Research, 2019, 465 (3), 53-73, (in Chinese) 中国影子银行的经济学分析:定义、构成和规模测算 金融研究, 2019, 465 (3), 53-73 (pdf; cited by: 249(CNKI), 19)
“Microeconomic Explanation to China’s PPI and CPI Dynamics ——An Analytical Framework Based on DSGE Model”, (with Bin Li) Public Finance Research, 2018, 427 (9), 15-31, (in Chinese) 对我国PPI与CPI走势的微观解释——一个基于DSGE模型的分析框架（和李斌合作）财政研究, 2018, 427 (9), 15-31 (pdf-wp; cited by: 8(CNKI))
“Does Targeted Monetary Policy Matter? A Perspective from China”, Economic Affairs, 2018, 38 (1), 106-124. Presented at BIS 10th Annual Workshop of the Asian Research Networks in Chengdu, 2017 (pdf; cited by: 9)
Note: All papers in this section could be downloaded by clicking paper titles and accessing publisher websites. For access convenience, download links with free access are included to the end of each entry, with pdf indicating published version, and pdf-wp indicating working paper version. Data of "cited by" are from Google Scholar, and citation data from CNKI are also listed for papers written in Chinese.
"The Strength of the Inflation-Output Link in China" (with Mikael Jesulius), BIS Working Papers, 2026, No 1353. Bank for International Settlements ACC research network on "Inflation expectations and central bank policy in Asia-Pacific". May 28, 2026 (pdf, NEW )
“What Determine Monetary Policy Mandates in Central Bank Legislation? -By Legal Tradition or Economic Considerations?”, SSRN, August 27, 2024 (pdf)
“Economics of China’s Shadow Banking: Driving Growth Factors”, Economic Research Journal Working Paper Series, 2019, W1363, (in Chinese) 中国影子银行的经济学分析：发展驱动因素 《经济研究》工作论文, 2019, W1363 (pdf)
“The Limit of Evil: Effects of Inflation and Public Debt on Capital Market Development”, (with David Leung, Alfred Wong, and Jiayue Zhang) Hong Kong Monetary Authority Research Memorandum, 2019, 02 (pdf)
“Evolution of physical forms of money and three perspectives of its definition”, China Finance, 2025, 1040 (2), 91-92, (in Chinese) 货币的形态演变和三个层次 中国金融, 2025, 1040 (2), 91-92 (English, Chinese, NEW )
“My 12 Years of Study at Tsinghua University”. Financial View, 2019, (12): 88-90, (in Chinese). And in Tsinghua Alumni Gazette, 2020, 82(2), 43-45. (authorized republish) 我在清华大学求学十二年. 金融博览, 2019, (12): 88-90. 清华校友通讯, 2020, 82(2): 43-45. （授权转载发表）(pdf)
Bank for International Settlements, Committee on the Global Financial System. Unconventional Monetary Policy Tools: A Cross-country Analysis. BIS CGFS Papers, 2019, No.63. (as Member of the Working Group) (pdf)
Bank for International Settlements, Committee on the Global Financial System. Establishing Viable Capital Markets. BIS CGFS Papers, 2019, No.62. (as Member of the Working Group) (pdf)
Bank for International Settlements, Markets Committee. Electronic Trading in Fixed Income Markets. BIS Markets Committee Papers, 2016, No. 7 . (as Member of the Study Group) (pdf)