• 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?

• 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.

• 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

• 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

• 2017: Identifying Asian Bank Lending Standards
• 2014 - 2015: Systemic Risk in Asian Bank Lending
• 2010: Rating Performance and Agency Incentives of Asian Structured Finance Transactions
• 2009: Asset Volatility, Credit Quality and Recovery for Hong Kong Borrowers
• 2007: Stressing Credit Risk Forecasts for the Hong Kong Banking System

• The role of loan portfolio losses and bank capital for Asian financial system resilience
• Securitization Rating Performance and Agency Incentives
• The Empirical Relation between Credit Quality, Recovery, and Correlation
• Credit Losses in Economic Downturns - Empirical Evidence for Hong Kong Mortgage Loans

• 2016: Chinese Real Exchange Rate
• 2014: SOE and Chinese Real Business Cycle
• 2010: Sectoral Labor Mobility and Monetary Policy in Small Open Economies
• 2009: Global Liquidity, Vertical Trade, and Financial Integration
• 2007: Explanation for Fear of Floating

• SOE and Chinese Real Business Cycle
• Sectoral Labor Adjustment and Monetary Policy in a Small Open Economy
• Vertical Trade and China's Export Dynamics
• The Optimal Currency Basket with Input Currency and Output Currency
• Input Substitution, Export Pricing, and Exchange Rate Policy

• 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

• 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

• 2009: International Financial Propagation
• 2007: Financial Portfolio for Emerging Market Economies: A DSGE Approach
• 2005: Financial Market Structure in Open Economy Macro Models
• 2004: Determinants of Optimal Exchange Rate Policy

• A New Dilemma: Capital Controls and Monetary Policy in Sudden-Stop Economies
• Leverage Constraints and the International Transmission of Shocks
• A Portfolio Model of Capital Flows to Emerging Markets
• Solving for Country Portfolios in Open Economy Macro Models
• Expectations and Exchange Rate Policy
• Currency Appreciation and Current Account Adjustment
• A Portfolio Theory of International Capital Flows
• Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
• Exchange Rate Regimes, Specialization and Trade Volume
• Exchange Rate Policy and Endogenous Price Flexibility
• Transfer Problem Dynamics: Macroeconomics of the Franco-Prussian War Indemnity
• Price Setting and Exchange Rate Pass-through: Theory and Evidence
• Endogenous Exchange Rate Pass-Through when Nominal Prices are Set in Advance
• Financial Constraints and Exchange Rate Flexibility in Emerging Market Economies
• International Risk-Sharing and the Exchange Rate: Re-evaluating the Case for Flexible Exchange Rates
• Mundell Revisited: A Simple Approach to the Costs and Benefits of a Single Currency Area
• Risk Sharing and the Theory of Optimal Currency Areas: A Re-examination of Mundell 1973
• Exchange Rates and Monetary Policy in Emerging Market Economies
• Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibility

• 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

• 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

• 2017: Monetary and Financial Spillovers to East Asia
• 2013: How Adoption and Diffusion of New Financial Instruments Influences the Development of Asian Financial Centres
• 2011: How did Asian Firms Manage to Invest and Grow during the Financial Crisis and the Global Downturn?
• 2008: Factors Determining the Willingness and Ability of Asian Firms to Access Financial Markets
• 2007: Credit Channel of Monetary Transmission in Asian Economies
• 2005: Corporate Finance under Low Interest Rates in Asia
• 2004: Effects of Interest Rate on the Financing of the Corporate Sector in Hong Kong

• Exploring Determinants of Firms’ Participation in the New Offshore Renminbi Debt Securities Market
• Investment and Asset Growth of Asian Firms: Evidence for Financial Resilience in the Recent Financial Crisis
• What Effect Has Bond Market Development in Emerging Asia Had on the Issuance of Corporate Bonds?
• Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets
• An Open Economy Model of the Credit Channel Applied to Four Asian Economies
• Corporate Finance Under Low Interest Rates: Evidence from Hong Kong

Professor Mizen has been a member of staff in the School of Economics at Nottingham since 1992. His research field is monetary and financial economics with an interest in the transmission mechanism of monetary policy and corporate finance. This covers research into the demand for monetary and credit aggregates, the financial behaviour of the corporate and household sectors of the UK economy, the relation between financial asset flows and real expenditure, corporate financing and the recent financial crisis. Currently Professor Mizen is investigating the effects of monetary policy on access to credit by firms and the consequences for households of increased borrowing and debt following the turmoil in financial markets. Professor Mizen has held research positions at the Federal Reserve (2008), European Central Bank (2003, 2004), the Bank of England (1997-2000), the International Monetary Fund (1995, 1996, 1999), and a number of universities. In 2002-03 he was Jean Monnet Fellow at the European University Institute, Florence. He is the co-author of Monetary Economics, Oxford University Press, with Mervyn K. Lewis, the Editor of the Festschrift for Professor C.A.E.Goodhart (Edward Elgar) and editor of Recent Developments in Monetary Policy (Edward Elgar) with K Alec Chrystal. Professor Mizen is Director of the Centre for Finance and Credit Markets (CFCM) and a Fellow of The Granger Centre for Time Series Econometrics.

• 2008: Testing the Causes of Hong Kong Unemployment: Estimation and Analysis of a Dynamic, General Equilibrium Model

• Feast and Famine: Explaining Big Swings in the Hong Kong Economy between 1981 and 2007
• Long-run and Cyclic Movements in the Unemployment Rate in Hong Kong: A Dynamic, General Equilibrium Approach

• 2007 - 2008: Anatomy of Deflation

• Leverage Constraints and the International Transmission of Shocks
• Hong Kong Consumer Prices are Flexible
• Currency Unions, Trade Flows, and Capital Flows
• Price Setting and Exchange Rate Pass-through: Theory and Evidence

James Yetman is currently a Senior Economist at the Bank for International Settlements. He completed his undergraduate studies in Economics at the University of Canterbury followed by a Masters from the University of British Columbia and a Ph.D from Queen's University at Kingston, which he completed in 1998. He then worked in the Research Department of the Bank of Canada for three years, on a variety of research projects related to Monetary Policy credibility, learning, testing policy objectives, and the impact of sticky prices on the macroeconomy. He joined the School of Economics and Finance of The University of Hong Kong in August, 2001. Current research questions include investigating why exchange rate pass-through varies so much across different countries, why an economy may wish to enter a currency union, and when a price level target for monetary policy may be preferable to an inflation target.

• 2007: Dividends vs. Credit Policy: Reforming SOEs and the Financial Sector in China

• Honor Thy Creditors Beforan Thy Shareholders: Are the Profits of Chinese State-Owned Enterprises Real?
• Banking In China: Are New Tigers Supplanting the Mammoths?

• 2016: Exploring the Diffusion and Dynamics of Producer Prices Across Asian Countries
• 2015: Chinese Monetary Policy in a DSGE Model with Parallel Shadow Banking
• 2011: What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics
• 2007: Modelling the Volatility Transmission between Renminbi and Asia Pacific US Dollar Futures
• 2005: Inflation Dynamics in Mainland China
• 2003: Growth and Convergence in a Two-region Model: The Hypothetical Case of Korean Unification

• Mapping China’s Time-Varying House Price Landscape
• To Guide or not to Guide? Quantitative Monetary Policy Tools and Macroeconomic Dynamics in China
• The Diffusion and Dynamics of Producer Prices, Deflationary Pressure Across Asian Countries, and the Role of China
• Monetary Policy Transmission in China: A DSGE Model with Parallel Shadow Banking and Interest Rate Control
• What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics
• Volatility Dependence across Asia-Pacific Onshore and Offshore Currency Forwards Markets
• Inflation in Mainland China - Modelling a Roller Coaster Ride
• Growth and Convergence in a Two-region Model: The Hypothetical Case of Korean Unification

• 2007: Are Capital Controls Effective? : Duration of Capital Controls and the Survival of Pegged Exchange Rate Regimes

• Navigating the Trilemma: Capital Flows and Monetary Policy in China
• Evaluating Foreign Exchange Market Intervention: Self-selection, Counterfactuals and Average Treatment Effects
• Banking and Currency Crises: How Common Are the Twins?

• 2013: China’s Fundamental Covariance
• 2007: Aggregation and Elasticity Pessimism

• Elasticity Optimism

• 2017: How the People’s Bank of China Conducts Monetary Policy: From Quantity Based Framework to Interest Rate Based Framework
• 2016: Monetary Policy Shocks and Exchange Rate in Emerging Asian Countries
• 2011: Effects of Monetary Policy Shocks on Exchange Rate in Emerging Asian Countries: Role of Foreign Investors in Stock vs. Bond Markets
• 2007: Transmission of Structural Shocks and Sources of Economic Fluctuation in the New Open Economy Macro Model

• From a Quantity to an Interest Rate-Based Framework: Multiple Monetary Policy Instruments and Their Effects in China
• Effects of Monetary Policy Shocks on Exchange Rate in Emerging Countries
• The RMB Debate: Empirical Analysis on the Effects of Exchange Rate Shocks in China and Japan
• International Macroeconomic Fluctuations: A New Open Economy Macroeconomics Interpretation

• 2007: The Internationalisation of RMB and its Impact on China Mainland's Financial System

• 2007: An Investigation of Insider Trading Around Share Repurchases in Hong Kong

• Channels of Interprovincial Risk Sharing in China
• Insider Trading in Hong Kong: Tests of Stock Returns and Trading Frequency
• Double Signals or Single Signal? An Investigation of Insider Trading Around Share Repurchases

• 2011: 'Contingent' Capital: An Efficient Stabilization Instrument for Financial Institutions?
• 2007: Hong Kong, Singapore, Shanghai: Onshore and Offshore Financial Development and its Implications for Monetary and Exchange Arrangements

• Mega-Banks’ Self-Insurance with Cocos: A Work in Progress
• Concocting Marketable Cocos
• Aspects, Models and Measures for Assessing the Competitiveness of International Financial Services in a Particular Location

• 2019: International Capital Ebbs and Flows
• 2006 - 2007: Housing Finance Around the World

• Markets and Housing Finance

• 2019: International Capital Ebbs and Flows
• 2006 - 2007: Housing Finance Around the World

• The Natural Level of Capital Flows
• Markets and Housing Finance

• 2006: Testing and Dating Stock Market Bubbles: Evidence and Implication

• 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.

• 2016: Local Government Debt and Firm Leverage: Evidence from China
• 2007: Issues of Basket Peg

• SOE and Chinese Real Business Cycle
• The Optimal Currency Basket with Input Currency and Output Currency
• Input Substitution, Export Pricing, and Exchange Rate Policy

• 2007: Real Exchange Rate, Productivity and Labour Market Efficiency

• Real Exchange Rate, Productivity and Labor Market Rigidities