Yang Zhou, and Shigeto Kitano. “Capital controls or macroprudential regulation: Which is better for stabilizing land booms and busts?” Open Economies Review Volume 36, 835–871 (2025).
Published Version (Open Access); WP Version
Yang Zhou. “Benefits and Costs: the impact of capital control on Growth-at-risk in China.” International Review of Financial Analysis (2024): 103161
Published Version; WP Version; Research Column (in English)
Awarded Moriguchi Prize（森口賞）
Awarded PAFTAD Young Fellowship
Yang Zhou. "The effects of capital controls on housing price." The Journal of Real Estate Finance and Economics (2024)
Published Version (Open Access); WP Version; Research Column (in English)
Awarded Kanematsu Prize（兼松賞）
Shigeto Kitano, and Yang Zhou. "Effects of China’s capital controls on individual asset categories." Finance Research Letters 49 (2022): 103032.
Published Version (Open Access); WP Version
Awarded Kishimoto Prize（岸本賞）
[NEW!] Chunyang Hu, and Yang Zhou. "Do Domestic and US Economic Policy Uncertainty Increase China’s Macro-Financial Risk Connectedness?" SSRN Working paper. [R&R]
Abstract: While economic policy uncertainty (EPU) has been shown to increase systemic risk within financial institutions, there is limited knowledge about the role of EPU in influencing the risk connectedness (spillover) between financial markets and macroe-conomic sectors. This paper provides a systematic analysis and comparison of how macro-financial risk connectedness in China’s economy responds to an increase in do-mestic and US EPU. The results suggest that: (i) an increase in domestic EPU leads to a significant rise in macro-financial total risk connectedness for at least two years; (ii) specifically, the increase in domestic EPU elevates the risk connectedness from financial markets (foreign exchange and bond market) to other sectors and from other sectors to the macroeconomic sectors (GDP, consumption, and import); (iii) categor-ical EPUs exhibit a similar pattern to the overall EPU, with China’s monetary policy uncertainty (MPU) having the largest effects and China’s trade policy uncertainty (TPU) having the smallest effects; (iv) US EPU also increases China’s macro-financial risk connectedness, though the impact is lower in magnitude and shorter in duration; (v) however, during the US-China trade conflict, a rise in US TPU causes a more significant and persistent increase in China’s macro-financial risk connectedness.
[NEW!] Yang Zhou, and Shigeto Kitano. "Effects of Capital Flow Management Measures on Wealth Inequality: New Evidence from Counterfactual Estimators." RIEB Discussion Paper Series, No. 2024-30. [Submitted]
Abstract: We provide cross-country evidence that variations in capital flow management mea- sures (CFMs) result in differences in wealth inequality and distribution by using coun- terfactual estimators for causal inference. The imposition of aggregate CFMs increases wealth inequality in advanced economies, and the imposition of aggregate CFMs on outflows increases wealth inequality in emerging economies significantly. Diverging from previous studies, we analyze the impacts of ten distinct asset-specific CFMs. In particular, the imposition of the related CFMs to money market and derivatives reduces wealth inequality significantly. The decrease in wealth inequality is due to a decrease in the wealth shares of the top 1% and 10% groups along with an increase in the wealth shares of the middle 40% and bottom 50%. Overall, the effects of CFMs on wealth inequality and distribution are quite heterogeneous; they depend on income levels, capital flow directions, and asset categories.
Yang Zhou, and Shigeto Kitano. "Effectiveness of capital controls: Gates versus Walls." RIEB Discussion Paper Series, No. 2022-38. [R&R]
Abstract: This study analyzes the effectiveness of capital controls on international debt flows using data of 81 economies, including both advanced and emerging economies, over the period from 1995 to 2019. The analysis using the total sample shows that, although they are in the expected directions, the impulse responses of capital controls are statistically insignificant. Making various distinctions among samples (such as advanced and emerging economies and pre- and post-crisis periods), we still find that most results are statistically insignificant. However, the canonical distinction between the "gate" and "wall" economies indicates that the effectiveness of capital controls is relevant for the "wall" emerging economies.
日本ASEAN友好協力50周年に考える：ASEANと日本 ――変わりゆく経済関係―― ：統計からみたASEANの国々
Na Guo, and Yang Zhou. "House Price Fluctuation, Macro-prudential Supervision and Optimal Monetary Policy." Nankai Economic Studies, 02, pp186-206, April 2019
Na Guo, Qian Zhang, and Yang Zhou. “House Prices Stickiness, Financial Systemic Risks, and Macroeconomic Volatility - Based on the DSGE Model of Endogenous Systemic Financial Risks”, Modern Economic Science, Vol.39, No.06, pp7-16, November 2017
Xihe Liu, Yuanyuan Mu, and Yang Zhou. “Financial Institutions Arbitrage, Adaptive Learning, and the Effectiveness of Central Bank Forward Guidance”, Finance Economic Research, Vol.32, No.04, pp14-23, July 2017
Xihe Liu, Yang Zhou, and Yuanyuan Mu. “Study on The Path of Re-balancing of Balance Sheet by Enterprise De-leveraging and Household Leveraging”, Nankai Economic Studies, 03, pp111-126, June 2017