Working Papers
  1. International Equity and Debt Flows to Emerging Market Economies: Composition, Crises, and Controls, with Shang-Jin Wei, first version in Dec 2020, revised in Oct 2023, [NBER WP], revision requested by Journal of International Economics. 
  2. The Effect of the China Connect, with John Rogers and Sili Zhou, [VoxChina], [WSJ.com], first version in Aug 2019, revised in Jul 2024, [FRB WP], [BOFIT DP], revision requested by Journal of Monetary Economics.
  3. Foreign Reserves and Capital Controls: A Financial Development Perspective, with Hidehiko Matsumoto, first version in Feb 2023,  revised in May 2025.
  4. A Nascent International Financial Channel of China’s Monetary Policy Transmission, with Alessandro Rebucci and Sili Zhou, Aug 2025, revision requested by Journal of International Economics.

Work in Progress

  1. ​The Spillover Effects of Real Estate, with Kaiji Chen and Huancheng Du, first version in Apr 2024, new version coming soon.
Publications
  1. ​​Financial Stability, Growth and Macroprudential Policy [Publication][Code], Journal of International Economics 122, 103259, 2020.
  2. Capital Controls: A Survey of the New Literature [Publication], with Alessandro Rebucci, Oxford Research Encyclopedia of Economics and Finance, 2020.
  3. Self-Regulation versus Government Regulation: An Externality View [Publication][Online Appendix], Journal of Regulatory Economics 58(2), 166-183, 2020.
  4. ​Too Big to Fail and Optimal Regulation [Publication], with Hai Nguyen, International Review of Economics and Finance 75, 747-758, 2021.
  5. ​Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks and Firms [Publication], with Peter Bednarek, Daniel te Kaat, and Alessandro Rebucci, Review of Financial Studies 34(10), 5077-5134, 2021.
  6. Reform of the International Economic Order: Uncertainty and Economic Policy Coordination [Publication], with Haoyuan Ding, Yuying Jin and Kees Koedijk , Journal of International Money and Finance 127, 102692, 2022.
  7. Modern Pandemics: Recession and Recovery  [Publication], with John Rogers and Sili Zhou, [VoxEU], [COVID Economics Issue 5], [Econbrowser], [Market World], [UNIDO], Journal of the European Economic Association 21(5), 2098-2130, 2023.
  8. Sudden Stop with Local Currency Debt [Publication], with Siming Liu and Hewei Shen, Journal of International Economics 148, 103888, 2024.
  9. ​Welfare Gains from Market Insurance: The Case of Mexico and Oil-price Risk [Publication], with Fabian Valencia, Journal of International Money and Finance 142, 103028, 2024.
  10. Portfolio Flows and Household Portfolios [Publication], with Dominik Boddin, Daniel te Kaat, and Alessandro Rebucci, European Economic Review 172, 104904, 2025.
  11. A Housing Portfolio Channel of QE Transmission, with Dominik Boddin, Daniel te Kaat, and Alessandro Rebucci, Journal of Money, Credit and Banking, forthcoming.
Other Publications
  1. Establishing an Integrated Policy Framework to Coordinate Financial Openness and Security, with Shiyi Wang, View Financial (Jinrong Bolan, in Chinese), March 2025.
  2. Chinese Bond Market and RMB Internalization, with Huancheng Du, Fudan Financial Review (In Chinese), forthcoming.
  3. ​Global Economic and Financial Effects of 21st Century Pandemics and Epidemics", with John Rogers and Sili Zhou, pre-print published in Covid Economics, Issue 5, 2020 and Fudan Financial Review (In Chinese), Issue 8, 2020.
  4. Welfare Gains from Hedging Oil-price Risk, with Fabian Valencia, 2016 Mexico Selected Issues Paper, Ch. 3, 2016.
  5. Exchange Rate Regimes and Economic Performance: A Panel Data Study, 1990-2005, with Xuefei Bai and Mo Tian, World Economy Study, 2009, Serial No. 185. (In Chinese)