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    Charles ENGEL (Research Fellow)

    University of Wisconsin
    (August 2010; July - August 2006; July 2003)

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    Charles ENGEL (Research Fellow)

    University of Wisconsin
    (August 2010; July - August 2006; July 2003)
    Research Topic:
    • 2010: Currency Misalignments and Trade Imbalances
    • 2006: Expectations and Exchange-Rate Policy Real Exchange Rate Movements
    • 2003: On the Relationship between Pass-through and Sticky Nominal Prices
    Working Papers:
    • The Real Exchange Rate, Real Interest Rates, and the Risk Premium
    • Expectations and Exchange Rate Policy
    • Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
    • On the Relationship between Pass-through and Sticky Nominal Prices
    • Endogenous Exchange Rate Pass-Through when Nominal Prices are Set in Advance
    • Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibility
    Personal website: http://www.ssc.wisc.edu/~cengel/
    Email: [email protected]
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    Ramkishen RAJAN (Research Fellow)

    George Mason University
    (Jun - Jul 2010; Dec 2008 ; May - July 2007; May - July 2006; April - July 2001)

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    Ramkishen RAJAN (Research Fellow)

    George Mason University
    (Jun - Jul 2010; Dec 2008 ; May - July 2007; May - July 2006; April - July 2001)
    Research Topic:
    • 2010: Private Capital Flows and Emerging Asia Since the 1990s: With Particular Focus on Bilateral Equity Holdings
    • 2008: Trends, Drivers and Implications of Cross-Border M&A in Developing Asia
    • 2007: Intra-Developing Asia FDI Flows
    • 2006: Reserve Build-up and Monetary Sterilization in Developing Asia since the 1990s
    • 2001: Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?
    Working Papers:
    • How Different are FDI and FPI Flows?: Does Distance Alter the Composition of Capital Flows?
    • Cross-border Mergers and Acquisitions (M&As) in Developing Asia: The Role of Financial Variables
    • Trends and Drivers of Bilateral FDI Flows in Developing Asia
    • Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia
    • China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients
    • Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?

    Ramkishen S. RAJAN is Professor of International Economic Policy at the School of Public Policy, George Mason University (GMU). Prior to that he was on the faculty of the School of Economics, University of Adelaide for five years, where he remains a Visiting Associate Professor. He is also currently an Associate Faculty at the Center for Global Studies, George Mason University and an Adjunct Fellow at RIS (Delhi based think tank). He has held one year visiting positions at the LKY School of Public Policy, National University of Singapore and at the Department of Economics, Claremont McKenna College in California and shorter visiting positions at the Hong Kong Institute of Monetary Research, National University of Singapore, the Institute of Southeast Asian Studies and Institute of Policy Studies in Singapore and other institutes in Asia.

    Professor Rajan specializes in International Economic Policy with particular reference to the developing Asia-Pacific region. He holds Economics degrees from the National University of Singapore (B.Soc. Sci., Hons), Michigan (M.A.) and Claremont (M.A., PhD). Specific topics of interest include international capital flows and trade in Asia, exchange rate regimes and reserve policies in Asia, and Asian economic regionalism (monetary, financial and trade). He has published numerous journal articles and book chapters, 12 books (5 authored/co-authored) and a number of policy briefs, op-eds and book reviews on various aspects of international economics. He is on the Editorial Board of various academic journals including Development Policy Review, North American Journal of Economics and Finance, International Journal of Business, Management and Economics and e-social science Journal. Professor Rajan has been a consultant with the Asian Development Bank, the World Bank, the UN-ESCAP, Development Bank of Singapore and other places.

    Personal website: http://mason.gmu.edu/~rrajan1/
    Email: [email protected]
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    Assaf RAZIN (Research Fellow)

    Tel Aviv University
    (Nov - Dec 2010; Nov - Dec 2007; Nov - Dec 2006; Jan 2005; Dec 2003; Aug 2002)

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    Assaf RAZIN (Research Fellow)

    Tel Aviv University
    (Nov - Dec 2010; Nov - Dec 2007; Nov - Dec 2006; Jan 2005; Dec 2003; Aug 2002)
    Research Topic:
    • 2010: Financial Sector Deregulation, Credit Crunches and the Stock Market: New Evidence
    • 2007: Institutional Weakness and Asset Price Volatility
    • 2006: Foreign Direct Investment vs Foreign Portfolio Investment
    • 2005: Growth Effects of the Exchange Rate Regime and the Capital-Account Openness in A Crises-Prone World Market: A Nuanced View
    • 2003: Aggregate Supply and Potential Output
    • 2002: FDI Contribution to Capital Flows and Investment in Capacity
    Working Papers:
    • Equity Prices and Equity Flows: Testing Theory of the Information-Efficiency Tradeoff
    • Composition of International Capital Flows: A Survey
    • Credit Crunch, Creditor Protection, and Asset Prices
    • Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy as an Equilibrium Outcome of Globalization
    • Productivity and Taxes as Drivers of FDI
    • Globalization and Disinflation: The Efficiency Channel
    • Evaluation of Exchange-Rate, Capital-Market, and Dollarization Regimes in the Presence of Sudden Stops
    • Which Countries Export FDI, and How Much?
    • Aggregate Supply and Potential Output
    • FDI Contribution to Capital Flows and Investment in Capacity
    Personal website: http://www.tau.ac.il/~razin/
    Email: [email protected]
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    Pierre SIKLOS (Research Fellow)

    Wilfrid Laurier University
    (April 2019; Sep 2018; Sep 2016 - Mar 2017; July - August 2010; August 2008; April - May 2007; July - August 2006; March - April 2006)

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    Pierre SIKLOS (Research Fellow)

    Wilfrid Laurier University
    (April 2019; Sep 2018; Sep 2016 - Mar 2017; July - August 2010; August 2008; April - May 2007; July - August 2006; March - April 2006)
    Research Topic:
    • 2018: Does it Take a Convoy to get Inflation and Growth Back to Pre‐Crisis Levels?
    • 2016: Boom-and-Bust Cycles in Emerging Markets: How Important is the Exchange Rate Channel?
    • 2010: Institutional Frameworks, Regulatory Reforms, and Contagion Effects: Asian Stock Markets
    • 2008: Revisiting the Shocking Aspects of Asian Monetary Union
    • 2007: Fundamental Determinants of Emerging Market Bond Spread
    • 2006: Exchange Rate Pressure in Asia: Application Based on a New Measure
    Working Papers:
    • Boom-and-Bust Cycles in Emerging Markets: How Important is the Exchange Rate?
    • Enter the Dragon: Interactions between Chinese, US and Asia-Pacific Equity Markets, 1995-2010
    • Do Short Selling Restrictions Destabilize Stock Markets? Lessons from Taiwan
    • Revisiting the Shocking Aspects of Asian Monetary Unification
    • Determinants of Emerging Market Spreads: Domestic, Global Factors, and Volatility
    • Is Sterilized Intervention Effective? New International Evidence
    Personal website: http://www.wlu.ca/sbe/psiklos
    Email: [email protected]
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    Giorgio VALENTE (Research Fellow)

    City University of Hong Kong
    (Dec 2010 ; Aug - Sept 2008; Oct 2005 - Jan 2006 (part-time basis); Aug 2005; Jul - Aug 2004)

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    Giorgio VALENTE (Research Fellow)

    City University of Hong Kong
    (Dec 2010 ; Aug - Sept 2008; Oct 2005 - Jan 2006 (part-time basis); Aug 2005; Jul - Aug 2004)
    Research Topic:
    • 2010: Correlation Risk and Foreign Exchange Returns
    • 2008: The Duality of Liquidity
    • 2005 - 2006: The Microstructure of Interbank Liquidity and the Dynamics of Hong Kong Money Market Rates
    • 2004: US Federal Funds Rate and Hong Kong Interest Rates: Evidence from Futures Markets
    Working Papers:
    • Carry Trades and the Performance of Currency Hedge Funds
    • Market Liquidity and Funding Liquidity: An Empirical Investigation
    • FX Arbitrage and Market Liquidity: Statistical Significance and Economic Value
    • US Monetary Policy Announcements and the Term Structure of Interest Rate Differentials: Evidence from Hong Kong and Singapore

    Giorgio Valente is Professor in the Department of Economics and Finance, College of Business, City University of Hong Kong. He is also currently Professor of Finance at Essex Business School, University of Essex, UK (External Appointment). Previously, he held full-time positions at the University of Warwick, the Chinese University of Hong Kong and the University of Essex. He also held visiting research positions at various universities including, among others, the University of Cambridge, Toulouse University and National Taiwan University. His research focuses on issues in international finance and global investments, FX and fixed income market microstructure with particular interest in FX determination and forecasting and the behavior of international interest rates and security prices. He served as co-Editor of Applied Financial Economics and Applied Financial Economics Letters between 2005 and 2007 and he is currently on the Editorial Board of the Pacific Economic Review. Over the years Professor Valente has been visiting and consulting for several institutions including the US Federal Reserve, the Hong Kong Monetary Authority and the Bank for International Settlements. Since 2007 he serves as member of the Council of Advisers for the Hong Kong Institute for Monetary Research of the Hong Kong Monetary Authority. His biography is included in Marquis Who’s Who in the World, Who’s Who in America and Who’s Who in Asia and his profile has been included in the REPEC list of Top 200 World Young Economists (with less than 10 years from their PhD).

    Personal website: https://sites.google.com/site/gvperwebsite/
    Email: [email protected]
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    Eric van WINCOOP (Research Fellow)

    University of Virginia
    (Jun 2018; Jun 2017; Nov - Dec 2015 ; Nov - Dec 2012 ; May - June 2010; May - June 2009; May 2008; November - December 2006; August 2005)

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    Eric van WINCOOP (Research Fellow)

    University of Virginia
    (Jun 2018; Jun 2017; Nov - Dec 2015 ; Nov - Dec 2012 ; May - June 2010; May - June 2009; May 2008; November - December 2006; August 2005)
    Research Topic:
    • 2018: Evidence of a Global Capital Flows Cycle
    • 2017: Understanding the Co-movement between Capital Inflows and Capital Outflows
    • 2015: Slow Money: Implications for Capital Flows and Business Cycles
    • 2012: On the Global Nature of the Great Recession
    • 2010: Risk, Liquidity and Leverage in Macroeconomics
    • 2009: Gravity in International Finance
    • 2008: International Capital Flows under Dispersed Information
    • 2006: A Model of External Adjustment
    • 2005: Predictable Expectational Errors in Financial Markets
    Working Papers:
    • Global Drivers of Gross and Net Capital Flows
    • Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns
    • The Great Recession: A Self-Fulfilling Global Panic
    • Sudden Spikes in Global Risk
    • Self-Fulfilling Risk Panics
    • Gravity in International Finance
    • On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals
    • Disconnect and Information Content of International Capital Flows: Evidence and Theory
    • International Capital Flows
    • Predictability in Financial Markets: What Do Survey Expectations Tell Us?
    Personal website: http://people.virginia.edu/~ev4n/
    Email: [email protected]
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    Joseph FUNG (Research Fellow)

    Hong Kong Baptist University
    (Feb 2019; Apr and Jul 2009 (part-time basis); Feb - Sept 2008 (part-time basis); Aug 2005 - Jul 2006 (part-time basis); Mar - Dec 2004 (part-time basis))

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    Joseph FUNG (Research Fellow)

    Hong Kong Baptist University
    (Feb 2019; Apr and Jul 2009 (part-time basis); Feb - Sept 2008 (part-time basis); Aug 2005 - Jul 2006 (part-time basis); Mar - Dec 2004 (part-time basis))
    Research Topic:
    • 2019: The Dynamics of HKD Interest Rate and Spot HKD/USD Exchange Rate under the Linked Exchange Rate System
    • 2009: The Impact of Monetary Policy Change on Carry Trade and Liquidity in the Foreign Exchange Markets
    • 2008: Do Derivative Market Contain Useful Information for Forecasting the Timing and Magnitude of "Hot Money" Flows?
    • 2005 - 2006: The Microstructure of Inter-bank Liquidity and the Dynamics of Hong Kong Money Market Rates
    • 2004: Developments around Asian Financial Crisis, using Prices and Volumes of Index Derivatives in Hong Kong
    Working Papers:
    • Liquidity Crunch in Late 2008: High-Frequency Differentials between Forward-Implied Funding Costs and Money Market Rates
    • Do Derivative Markets Contain Useful Information for Signaling “Hot Money” Flows?
    • Initial Day Return and Underpricing Cost in Advance Payment Initial Public Offerings
    • FX Arbitrage and Market Liquidity: Statistical Significance and Economic Value
    • Order Imbalance and the Dynamics of Index and Futures Prices
    • Expiration-Day Effects - An Asian Twist
    • Order Imbalance and the Pricing of Index Futures
    • The Information Content of Option Implied Volatility Surrounding the 1997 Hong Kong Stock Market Crash
    Personal website: http://bus.hkbu.edu.hk/hkbusob/live/html/en/excel.php?id=jfungHKB&cv=0004
    Email: [email protected]
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    Leo F. GOODSTADT (Research Fellow)

    University of Dublin
    (May 2013 ; February - April 2011; March - June 2009; January - March 2007; October 2005 - March 2006)

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    Leo F. GOODSTADT (Research Fellow)

    University of Dublin
    (May 2013 ; February - April 2011; March - June 2009; January - March 2007; October 2005 - March 2006)
    Research Topic:
    • 2013: China’s Banking System: Future Reform Needs and Prospects
    • 2011: The Case for ‘Hands On’ Financial Regulation in Hong Kong
    • 2009: Hong Kong’s Transition to a Services-Based Economy
    • 2007: Government and Banking in the Context of Overall Economic Policies in Hong Kong 1945-85
    • 2005 - 2006: Historical Study of Hong Kong Banking Policy
    Working Papers:
    • China’s Banking: How Reforms Lost Momentum
    • The Local Government Crisis 2007-2014: When China’s Financial Management Faltered
    • China’s LGFV Crisis 2011: The Conflict between Local Autonomy, National Interest and Financial Reforms
    • China’s Financial Reforms: Why Dysfunctional Banking Survives
    • The Global Crisis: Why Laisser-faire Hong Kong Prefers Regulation
    • The Global Crisis: Fatal Decisions – Four Case Studies in Financial Regulation
    • The Global Crisis: Why Regulators Resist Reforms
    • A Fragile Prosperity: Government Policy and the Management of Hong Kong’s Economic and Social Development
    • Painful Transitions: The Impact of Economic Growth and Government Policies on Hong Kong's 'Chinese' Banks, 1945-70
    • Dangerous Business Models: Bankers, Bureaucrats & Hong Kong's Economic Transformation, 1948-86
    • Government without Statistics: Policy-making in Hong Kong 1925-85, with special reference to Economic and Financial Management
    • Crisis and Challenge: The Changing Role of the Hongkong & Shanghai Bank, 1950-2000
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    Tony LATTER (Research Fellow)

    The University of Hong Kong
    (February - March 2008; April - May 2006; August - December 2004; September 2003 - February 2004)

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    Tony LATTER (Research Fellow)

    The University of Hong Kong
    (February - March 2008; April - May 2006; August - December 2004; September 2003 - February 2004)
    Research Topic:
    • 2008: Is There an Unsatisfied Need for a Corporate Bond Market in Hong Kong?
    • 2006: Rules versus discretion: how Hong Kong matches up against purist currency board principles
    Working Papers:
    • What Future for the Hong Kong Dollar Corporate Bond Market?
    • Rules Versus Discretion in Managing the Hong Kong Dollar, 1983-2006
    • Hong Kong's Exchange Rate Regimes in the Twentieth Century: The Story of Three Regime Changes
    Occasional Papers:
    • Asian Monetary Union - Where Do We Go from Here?

    Tony Latter joined the School of Economics and Finance as Visiting Professor in February 2003, following his retirement from the Hong Kong Monetary Authority where he had for the previous four years been Deputy Chief Executive, responsible in particular for monetary policy and operations, economic research, payment systems, debt markets and currency.

    He has also held executive directorships of the HK Mortgage Corporation, HK Note Printing Ltd, HK Interbank Clearing Ltd and the HK Institute for Monetary Research.

    He was previously Deputy Secretary of Monetary Affairs in the HK Government, 1982-85, when he was responsible for re-establishing the currency board system at 7.80.

    He spent most of the rest of his career at the Bank of England, covering a wide range of duties in both research and operational areas. He also had a spell at the Bank for International Settlements, and during the 1990s he conducted a number of technical assistance assignments, mostly on behalf of the International Monetary Fund, to developing countries and countries of the former Soviet Union - including a period of residence in Ukraine.

    He has a masters degree in economics from Cambridge University and has written widely on central banking and related topics, and on economic policy in Hong Kong. His current research interests include the capital requirements of central banks, the policy response to deflation, and the monetary history of Hong Kong.

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    Andrew ROSE (Research Fellow)

    University of California, Berkeley
    (August 2008; April 2006; August 2002)

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    Andrew ROSE (Research Fellow)

    University of California, Berkeley
    (August 2008; April 2006; August 2002)
    Research Topic:
    • 2008: Meta-analysis of the effect of currency union or The interplay between sovereign debt, trade and aid
    Working Papers:
    • Well-Being in the Small and in the Large
    • Do We Really Know that the WTO Increases Trade?
    • One Reason Countries Pay Their Debts: Renegotiation and International Trade

    Andrew K. Rose is the B.T. Rocca Jr. Professor of International Business in the Economic Analysis and Policy Group, Haas School of Business at the University of California, Berkeley. He is also a Research Associate of the National Bureau of Economic Research (based in Cambridge, MA), and a Research Fellow of the Centre for Economic Policy Research (based in London, England). He received his Ph.D. from the Massachusetts Institute of Technology, his M.Phil. from Nuffield College, University of Oxford, and his B.A. from Trinity College, University of Toronto.

    Rose has published more than fifty papers in economics journals, including the American Economic Review, the Quarterly Journal of Economics, the Review of Economic Studies, and the Journal of Finance. His research addresses issues in international trade, finance, and macroeconomics. His teaching is in the areas of international macroeconomics and econometrics. He has organized more than twenty academic conferences.

    Rose was the managing editor of The Journal of International Economics from 1995 through 2001, and has been the faculty director of the Clausen Center for International Business and Policy at Haas since 1994. He has visited a number of other universities, including Stockholm, Tel Aviv, INSEAD, London School of Economics, and the European University Institute. He has also been a visiting scholar at a number of international and domestic policy agencies, including: IMF, World Bank, US Federal Reserve, US Treasury, UK Treasury, Asian Development Bank, Bank of Israel, Reserve Bank of New Zealand, Bank of Canada, and the Hong Kong Monetary Authority.

    Personal website: http://faculty.haas.berkeley.edu/arose/
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    Francis E. WARNOCK (Research Fellow)

    University of Virginia
    (March - April 2019; November 2006 - January 2007)

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    Francis E. WARNOCK (Research Fellow)

    University of Virginia
    (March - April 2019; November 2006 - January 2007)
    Research Topic:
    • 2019: International Capital Ebbs and Flows
    • 2006 - 2007: Housing Finance Around the World
    Working Papers:
    • Markets and Housing Finance
    Personal website: http://faculty.darden.virginia.edu/warnockf
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    Veronica WARNOCK (Research Fellow)

    University of Virginia
    (March - April 2019; November 2006 - January 2007)

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    Veronica WARNOCK (Research Fellow)

    University of Virginia
    (March - April 2019; November 2006 - January 2007)
    Research Topic:
    • 2019: International Capital Ebbs and Flows
    • 2006 - 2007: Housing Finance Around the World
    Working Papers:
    • The Natural Level of Capital Flows
    • Markets and Housing Finance
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    Yangru WU (Research Fellow)

    Rutgers University
    (December 2006 - January 2007; January - May - June 2003; June - September 2001)

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    Yangru WU (Research Fellow)

    Rutgers University
    (December 2006 - January 2007; January - May - June 2003; June - September 2001)
    Research Topic:
    • 2006: Testing and Dating Stock Market Bubbles: Evidence and Implication
    Working Papers:
    • Explosive Behavior and the Nasdaq Bubble in the 1990s: When Did Irrational Exuberance Escalate Asset Values?
    • Optimal Transaction Filters under Transitory Trading Opportunities: Theory and Empirical Illustration
    • Momentum Trading, Mean Reversal and Overreaction in Chinese Stock Market
    • Stock Market Integration, Return Forecastability and Implications for Market Efficiency: A Panel Study

    Yangru Wu obtained his PhD in Economics from the Ohio State University in 1993. He was Assistant Professor of Economics at the Chinese University of Hong Kong from 1993-1995, and Assistant Professor of Economics at West Virginia University from 1995-1997. Since 1997, he has been Associate Professor of Finance at the Faculty of Management, Rutgers University.

    His research covers a range of topics in international finance and applied macroeconomics, including foreign exchange risks, international equity market integration, welfare costs of inflation, asset price volatility and bubbles, and investment strategies. He has published research articles in numerous scholastic journals, including Journal of Finance, Economic Journal, Journal of Monetary Economics, Journal of Banking and Finance, Journal of Money Credit & Banking, Journal of Public Economics, Biometrika, Journal of Economic Dynamics & Control, Journal of International Money & Finance, and Journal of Applied Econometrics. He teaches courses in Finance at Rutgers at various levels and has been actively involved in several international executive MBA training programs.

    Personal website: http://andromeda.rutgers.edu/~yangruwu
    Email: [email protected]
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    Yuko HASHIMOTO (Research Fellow)

    Toyo University
    (August - September 2006)

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    Yuko HASHIMOTO (Research Fellow)

    Toyo University
    (August - September 2006)
    Research Topic:
    • 2006: The Optimal Size of Foreign Exchange Reserves in Asian Countries
    Working Papers:
    • Too Much for Self-Insurance? Asian Foreign Reserves
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    Charles JONES (Research Fellow)

    University of California, Berkeley
    (June 2006; June - July 2005)

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    Charles JONES (Research Fellow)

    University of California, Berkeley
    (June 2006; June - July 2005)
    Research Topic:
    • 2006: Ideas, Economic Growth and Why Some Countries are So Much Richer than Others
    Working Papers:
    • The Weak Link Theory of Economic Development
    • The Value of Information in Growth and Development

    Charles I. Jones is Professor of Economics at the University of California, Berkeley, and a Research Associate of the National Bureau of Economic Research. He has been honoured as a National Fellow of the Hoover Institution, a John M. Olin Foundation Faculty Fellow, and an Alfred P. Sloan Foundation Research Fellow. His research has been supported by a series of grants from the National Science Foundation.

    Professor Jones's main research contributions are to the study of long-run economic growth. In particular, he has examined theoretically and empirically the fundamental sources of growth in per capita income over time and the reasons underlying the enormous differences in standards of living across countries. In recent years, he has used his expertise in macroeconomic methods to study the economic causes behind the rise in health spending and longevity.

    Professor Jones graduated from Harvard College in 1989 and received his Ph.D. from M.I.T. in 1993.

    Personal website: http://elsa.berkeley.edu/~chad
    Email: [email protected]
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    Graciela L. KAMINSKY (Research Fellow)

    George Washington University
    (August - September 2006; June - July 2005)

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    Graciela L. KAMINSKY (Research Fellow)

    George Washington University
    (August - September 2006; June - July 2005)
    Research Topic:
    • 2006: Domestic and International Financial Links: A New Look at Bonds, Stocks, Money and Foreign Exchange Markets
    Working Papers:
    • Volatility in International Financial Market Issuance: The Role of the Financial Center

    Graciela L. Kaminsky is currently a professor of Economics and International Affairs at George Washington University. She received her Ph.D. from MIT and was assistant professor of economics at the University of California, San Diego and a staff economist at the Board of Governors of the Federal Reserve System before joining George Washington University. She has been a consultant and Visiting Scholar at the IMF, the World Bank, and the Inter-American Development Bank. She has also been a consultant to the Banco de Espana and the Korean Center for International Finance and visiting scholar to the Banco de Mexico and the Institute of International Economics, University of Stockholm. She was a visiting professor at the Department of Economics, Johns Hopkins University, Universidad de Los Andes (Bogota, Colombia), Universidad di Tella and Universidad San Andres, both in Buenos Aires, Argentina. She has published extensively on issues in open economy macroeconomics. In the last few years, her areas of research have been on financial crises, contagion, herding behavior, the effects of financial liberalization, and mutual-fund investment-strategies.

    Personal website: http://home.gwu.edu/~graciela
    Email: [email protected]
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    Chi-fai LO (Research Fellow)

    The Chinese University of Hong Kong
    (August - December 2006)

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    Chi-fai LO (Research Fellow)

    The Chinese University of Hong Kong
    (August - December 2006)
    Research Topic:
    • 2006: Structural Models for Estimating the Probabilities of Default of Listed Companies
    Working Papers:
    • Dynamics of Market Anomalies and Measurement Errors of Risk-free Interest Rates
    • Can Exchange Rate Dynamics in Krugman’s Target-zone Model be Directly Tested?
    • Pricing Corporate Bonds With Interest Rates Following Double Square-root Process
    • A Quasi-Bounded Target Zone Model – Theory and Application to Hong Kong Dollar
    • Discriminatory Power and Predictions of Defaults of Structural Credit Risk Models
    • Assessing Credit Risk of Companies with Mean-Reverting Leverage Ratios
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    Shouyong SHI (Research Fellow)

    University of Toronto
    (May 2006)

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    Shouyong SHI (Research Fellow)

    University of Toronto
    (May 2006)
    Research Topic:
    • 2006: Currency Areas and Monetary Coordination