Research

Publications

Papers in English

1.     “In the Shadow of Shadow Banking: A Liquidity Perspective”, with Ping He and Chengbo Xie, Theoretical Economics, 2025, 20 (1), 131-168. https://doi.org/10.3982/TE5712

Winner of the Best Paper Award of the 20th Chinese Finance Annual Meeting, 2023.

2.     “Bank competition and resilience to liquidity shocks”, with Xueyu Yin, Haiyang Tu, and Chengsi Zhang, International Review of Economics & Finance, 2025, 102. https://doi.org/10.1016/j.iref.2025.104210

3.     “Information Cost and Securitization”, with Zhongjie Fan and Dunzhe Tang, Economics Letters, 2024, 239. https://doi.org/10.1016/j.econlet.2024.111759

4.     “Optimal Primary Dealer Selection in Financial Networks”, with Rongtai Chu, Zhongjie Fan, and Dunzhe Tang, Economics Letters, 2024, 234. https://doi.org/10.1016/j.econlet.2023.111480

5.     “A Fiscal Theory of Money and Bank Liquidity Provision”, with Ping He and Chengbo Xie, Journal of Economic Theory, 2023, 214. https://doi.org/10.1016/j.jet.2023.105744

Winner of the Renmin University of China Award for Outstanding Research, 2023. 

6.     “Haircuts, Interest Rates, and Credit Cycles”, with Chengbo Xie, Economic Theory, 2023, 76 (1), 69-109. https://doi.org/10.1007/s00199-022-01447-z

7.     “Corporate Governance, Moral Hazard, and Financialization”, with Huoqing Tang and Chengsi Zhang, International Review of Economics & Finance, 2023, 88, 318-331. https://doi.org/10.1016/ j.iref.2023.06.042

8.     “Wealth, Endogenous Collateral Quality, and Financial Crises”, with Andrew Sinclair, Journal of Economic Theory, 2022, 204. https://doi.org/10.1016/j.jet.2022.105526

9.     “Real Liquidity and Banking”, with Ping He, Journal of Financial Intermediation, 2022, 49. https://doi.org/10.1016/j.jfi.2020.100895

10.     “Liquidity, Capital Requirements and Shadow Banking”, with Chengbo Xie, International Review of Economics & Finance, 2021, 76, 1379-1388. https://doi.org/10.1016/j.iref.2019.11.019

11.     “Growth Cycles and Business Cycles of the Chinese Economy through the Lens of the Unobserved Components Model”, with Yang Han and Jun Ma, China Economic Review, 2020, 63. https://doi.org/10.1016/j.chieco.2019.101317

12.     “Long-Term Impact of China’s Returning Farmland to Forest Program on Rural Economic Development”, with Yuchen Gao, Ruipeng Li, and Zhidan Shi, Sustainability, 2020, 12 (4), 1492.

13.     “Financialisation of Goods in China”, Economic and Political Studies, 2017, 5 (1), 87-105.

Papers in Chinese

1.     “Financial Contagion, Market Freezes, and Prudential Policies in the Interbank Market—A Network Perspective”, with Zhongjie Fan and Ping He, Journal of Financial Research (金融研究), 2024, (2).

2.     “The Mystery of Liquidity Shortages under the Credit Money System”, with Chengsi Zhang and Ping He, Studies of International Finance (国际金融研究), 2023, (6), 13-25.

3.     “Liquidity Illusion and High Leverage Ratio Dilemma”, with Chengsi Zhang and Ping He, Journal of Financial Research (金融研究), 2021, (7), 19-39.

Winner of the Excellent Paper Award of China Society for Finance and Banking, 2021.

4.     “The Historical Evolution Logic of Credit Money Creation Mechanism”, with Chengsi Zhang and Xueyu Yin, Studies of International Finance (国际金融研究), 2021, (7), 3-12.

5.     “Shadow Banking, Liquidity and the Scale of Social Financing”, with Ping He and Zhiwei Fang, China Economic Quarterly (经济学季刊), 2018, 17 (1), 45-72.

6.     “An Empirical Test of the Influence of Treasury Futures Trading on Interest Rate Volatility”, with Ping He and Zhongjie Fan, Journal of Tsinghua University (Science and Technology) (清华大学学报), 2017, 57 (5), 544-549.

7.     “Goods Financialization and Inflation in China”, with Chengsi Zhang and Yu Luo, Economic Research Journal (经济研究), 2014, (1), 140-154.

Winner of Sun Yefang Financial Innovation Award (China’s highest award in finance), 2016.

Winner of the Distinguished Paper Award of Xiaolin Shi Foundation of Chinese Economic Research, 2014.

8.     “A Retrospect of China's Full Credit Supply System”, with Chengsi Zhang, Chinese Review of Financial Studies (金融评论), 2012, (3), 105-112.

Working Papers

1.     “A Network Theory of Safety Premium”, with Zhongjie Fan and Ping He, Revise and Resubmit, Games and Economic Behavior

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3870960

2.     “Mobility and Housing: Cash Resettlement in China's Shantytown Renovation”, with Zhiguo He, Xinle Pang, Yang Su, and Kunru Zou

3.     “Government Guarantees, Credit Multiplier, and Financial Fragility”, with Zhongjie Fan and Ping He

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4609913

4.     “Information Frictions, Credit Constraints, and Distant Borrowing”, with Zhongjie Fan, Yuchao Peng, Nanxuan Wang, and Rui Zhang

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5068213

5.     “Optimal Shadow Banking”, with Jeffery (Jinfan) Chang and Ting Yang

https://papers.ssrn.com/abstract=3830240

6.     “Too Far to See Through: A Theory of Local Information on Bank Network Structure”, with Rongtai Chu, Zhongjie Fan, and Yunzhi Hu

Winner of the Best Paper Award of the 4th Banking and Financial Intermediary Conference, 2024.

7.     “A Theory of Deposit Payment and Bank Market Competition”, with Haiyang Tu and Chengsi Zhang

8.     “Endogenous Collateral Quality and Economic Recovery”

https://papers.ssrn.com/abstract=3896770

9.     “Regulatory Arbitrage and Non-Financial Firms’ Shadow Banking Activities”, with Huoqing Tang and Chengsi Zhang

10.   “The Effects of Transportation Infrastructure on Combating Corruption: Evidence from China”, with Fangwen Lu and Xin Tan