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    Joshua AIZENMAN (Research Fellow)

    University of Southern California
    (April 2010 ; September 2009 ; May 2009)

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    Joshua AIZENMAN (Research Fellow)

    University of Southern California
    (April 2010 ; September 2009 ; May 2009)
    Research Topic:
    • 2010: On the Use of ‘Soft Capital Controls’: Cost-Benefit and Cross-Country Panel Study
    • 2009: International Liquidity Management by the Sovereign – on the Switch from Hoarding International Reserves towards Sovereign Wealth Funds
    Working Papers:
    • Trilemma Policy Convergence Patterns and Output Volatility
    • The Financial Crisis and Sizable International Reserves Depletion: From ‘Fear of Floating’ to the ‘Fear of Losing International Reserves’?
    Personal website: https://dornsife.usc.edu/cf/econ/econ_faculty_display.cfm?Person_ID=1043595
    Email: [email protected]
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    Yu-Chin CHEN (Research Fellow)

    University of Washington
    (August 2010 - September 2010 ; December 2009)

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    Yu-Chin CHEN (Research Fellow)

    University of Washington
    (August 2010 - September 2010 ; December 2009)
    Research Topic:
    • 2010: Risk and Return in Exchange Rates: Evidence from Commodity Currencies
    • 2009: Forecast Consensus and Asset Returns
    Working Papers:
    • A Macro-Finance Approach to Exchange Rate Determination
    • What Does the Yield Curve Tell Us about Exchange Rate Predictability?
    • Home Bias in Currency Forecasts
    Personal website: http://faculty.washington.edu/yuchin/
    Email: [email protected]
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    Yin-Wong CHEUNG (Research Fellow)

    City University of Hong Kong
    (Oct 2016 - Apr 2017; June 2011; Dec 2010 ; Nov - Dec 2009; Jun - Nov 2008; Jun - Aug 2005; Mar - Apr 2005; Jun - Sept 2003; Jun - Jul 2002; Dec 2001; Jun - Sept 2000)

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    Yin-Wong CHEUNG (Research Fellow)

    City University of Hong Kong
    (Oct 2016 - Apr 2017; June 2011; Dec 2010 ; Nov - Dec 2009; Jun - Nov 2008; Jun - Aug 2005; Mar - Apr 2005; Jun - Sept 2003; Jun - Jul 2002; Dec 2001; Jun - Sept 2000)
    Research Topic:
    • 2016: Financial market review on infrastructure finance in Hong Kong and policy implications for the Belt-and-Road Initiative
    • 2010 - 2011: Exchange Rate Dynamics and Interest Rate Policy Rules
    • 2009: China’s Capital Flight
    • 2008: The Empirics of China’s Outward Director Investment
    • 2005: Accumulating Large Amount of Foreign Exchange Reserves and the Policy Implications
    Working Papers:
    • The RMB Central Parity Formation Mechanism: August 2015 to December 2016
    • Effects of Capital Flow on the Equity and Housing Markets in Hong Kong
    • Offshore Renminbi Trading: Findings from the 2013 Triennial Central Bank Survey
    • The Renminbi Central Parity: An Empirical Investigation
    • The Nexus of Official and Illicit Capital Flows – The Case of Hong Kong
    • China’s Capital Controls – Through the Prism of Covered Interest Differentials
    • Exchange Rate Dynamics Under Alternative Optimal Interest Rate Rules
    • China’s Outward Direct Investment in Africa
    • Renminbi Going Global
    • Measuring Renminbi Misalignment: Where Do We Stand?
    • Accumulation of Reserves and Keeping Up with the Joneses: The Case of LATAM Economies
    • Renminbising China’s Foreign Assets
    • Capital Flight: China’s Experience
    • A Multiple-Horizon Search for the Role of Trade and Financial Factors in Bilateral Real Exchange Rate Volatility
    • The Empirics of China’s Outward Direct Investment
    • China’s Current Account and Exchange Rate
    • A Factor Analysis of Trade Integration: The Case of Asian and Oceanic Economies
    • Speculative Attacks: A Laboratory Study in Continuous Time
    • A High-Low Model of Daily Stock Price Ranges
    • Return, Trading Volume, and Market Depth in Currency Futures Markets
    • Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios
    • Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences
    • Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses
    • The Overvaluation of Renminbi Undervaluation
    • Nominal Exchange Rate Flexibility and Real Exchange Rate Adjustment: New Evidence from Dual Exchange Rates in Developing Countries
    • Does the Chinese Interest Rate Follow the US Interest Rate?
    • The Illusion of Precision and the Role of the Renminbi in Regional Integration
    • An Empirical Model of Daily Highs and Lows
    • A Reappraisal of the Border Effect on Relative Price Volatility
    • Cross-Country Relative Price Volatility: Effects of Market Structure
    • An Output Perspective on a Northeast Asia Currency Union
    • Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?
    • The Chinese Economies in Global Context: The Integration Process and Its Determinants
    • Exchange Rates and Markov Switching Dynamics
    • The Suitability of A Greater China Currency Union
    • Testing for Output Convergence: A Re-Examination
    • China, Hong Kong, and Taiwan: A Quantitative Assessment of Real and Financial Integration
    • Dissecting the PPP Puzzle: The Unconventional Roles of Nominal Exchange Rate and Price Adjustments
    • An Analysis of Hong Kong Export Performance
    • East Asian Equity Markets, Financial Crises, and the Japanese Currency
    • Effects of US Inflation on Hong Kong and Singapore
    • Hong Kong Output Dynamics: An Empirical Analysis

    After graduating from the University of Pennsylvania in 1990, Dr Cheung joined the University of California in Santa Cruz. His areas of research include econometrics, applied econometrics, exchange rate dynamics, asset pricing, and output fluctuation. Dr Cheung has published over 60 refereed articles in more than 30 professional journals including Econometric Theory, Game and Economic Behaviour, Journal of Business & Economics Statistics, Journal of Econometrics, Journal of International Economics, and Journal of Finance. He also co-authored a book on financial options (in Chinese). He has served on the editorial boards of three journals and is a research fellow of the CESifo research network. Dr Cheung has had visiting appointments in academic and research institutions in Australia, Hong Kong and Germany. He has presented his research at academic institutions and conferences in the United States, Canada, Germany, Spain, Hong Kong, Taiwan, Australia and New Zealand.

    Personal website: http://www.cb.cityu.edu.hk/staff/yicheung/
    Email: [email protected]
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    Eric GIRARDIN (Research Fellow)

    Aix-Marseille University
    (May - Dec 2017; May 2013; Dec 2012; Nov 2010 ; Sept 2010 ; April 2010 ; Jan 2009 ; Sep 2008)

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    Eric GIRARDIN (Research Fellow)

    Aix-Marseille University
    (May - Dec 2017; May 2013; Dec 2012; Nov 2010 ; Sept 2010 ; April 2010 ; Jan 2009 ; Sep 2008)
    Research Topic:
    • 2017: China’s Yield Curve and Monetary policy
    • 2012 - 2013: Speculation or Macro Fundamentals as a Source of Commodity Futures Price Volatility in China: A GARCH-MIDAS Approach
    • 2010: Central Bank Communication and Financial Markets in China
    • 2008 - 2009: Information Content of Order Flow and Cross-Market Flight Behaviour: Evidence from the Chinese Stock and Bond Markets
    Working Papers:
    • Fundamentals and the Volatility of Real Estate Prices in China: A Sequential Modelling Strategy
    • China’s Monetary Policy Communication: Money Markets not only Listen, They also Understand
    • Information Content of Order Flow and Cross-market Portfolio Rebalancing: Evidence for the Chinese Stock, Treasury and Corporate Bond Markets
    Personal website: http://www.greqam.fr/en/users/girardin
    Email: [email protected]
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    Galina Borisova HALE (Research Fellow)

    Federal Reserve Bank of San Francisco
    (Dec 2009 - Jan 2010)

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    Galina Borisova HALE (Research Fellow)

    Federal Reserve Bank of San Francisco
    (Dec 2009 - Jan 2010)
    Research Topic:
    • 2009 - 2010: “Effects of FDI on Chinese Firms Productivity and Incentives” and “Sources of Financing of Chinese Private Firms”
    Working Papers:
    • What are the Sources of Financing of the Chinese Firms?
    • Where to Find Positive Productivity Spillovers from FDI in China: Disaggregated Analysis
    • Credit Crunch, Creditor Protection, and Asset Prices
    Personal website: http://www.frbsf.org/economics/economists/staff.php?ghale
    Email: [email protected]
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    Bin Liu (Postdoctoral Fellow)

    CCB International (Holdings) Limited
    (Dec 2009 - Nov 2010)

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    Bin Liu (Postdoctoral Fellow)

    CCB International (Holdings) Limited
    (Dec 2009 - Nov 2010)
    Research Topic:
    • 2009 - 2010: The Effect of Overseas Listing of China's Banks on their Performance and Hong Kong's Position as International Financial Center
    Working Papers:
    • The Effects of Public Listing on the Performance of Banks in China
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    Harald SCHEULE (Research Fellow)

    University of Technology, Sydney
    (Sept 2017; Dec 2014 - Jan 2015; Nov - Dec 2010 ; Jan 2009 ; Nov - Dec 2007)

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    Harald SCHEULE (Research Fellow)

    University of Technology, Sydney
    (Sept 2017; Dec 2014 - Jan 2015; Nov - Dec 2010 ; Jan 2009 ; Nov - Dec 2007)
    Research Topic:
    • 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
    Working Papers:
    • 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
    Personal website: http://www.uts.edu.au/staff/harald.scheule
    Email: [email protected]
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    Kang SHI (Research Fellow)

    The Chinese University of Hong Kong
    (Nov 2016 - Feb 2017; Aug 2014 ; Nov 2010 ; Aug - Sept 2010 ; Aug 2009 ; Aug 2007)

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    Kang SHI (Research Fellow)

    The Chinese University of Hong Kong
    (Nov 2016 - Feb 2017; Aug 2014 ; Nov 2010 ; Aug - Sept 2010 ; Aug 2009 ; Aug 2007)
    Research Topic:
    • 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
    Working Papers:
    • 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
    Personal website: https://www.econ.cuhk.edu.hk/dept/staffPersonal.php?st_id=kshi
    Email: [email protected]
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    Cedric TILLE (Research Fellow)

    Graduate Institute for International and Development Studies
    (May - June 2010; May - June 2009)

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    Cedric TILLE (Research Fellow)

    Graduate Institute for International and Development Studies
    (May - June 2010; May - June 2009)
    Research Topic:
    • 2010: International Capital Flows in the Crisis: How Did Asia Fare?
    • 2009: How Stable is the Invoicing of International Trade?
    Working Papers:
    • Sailing through this Storm? Capital Flows in Asia during the Crisis
    • The Great Retrenchment: International Capital Flows During the Global Financial Crisis
    • Self-Fulfilling Risk Panics
    • Micro, Macro, and Strategic Forces in International Trade Invoicing
    • Disconnect and Information Content of International Capital Flows: Evidence and Theory
    • International Capital Flows
    Personal website: https://sites.google.com/site/cedrictilleheid/
    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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    Shang-jin WEI (Research Fellow)

    Columbia University
    (Jun 2014 ; Jan 2014; Jan - Feb 2013 ; Jan 2012 ; Aug 2011 ; Mar 2010 ; Dec 2009 ; Nov 2009 ; May 2009 ; Feb 2009 ; Jan 2009 ; Jan 2008 ; Feb - Jun 2001 ; Oct - Nov 2000)

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    Shang-jin WEI (Research Fellow)

    Columbia University
    (Jun 2014 ; Jan 2014; Jan - Feb 2013 ; Jan 2012 ; Aug 2011 ; Mar 2010 ; Dec 2009 ; Nov 2009 ; May 2009 ; Feb 2009 ; Jan 2009 ; Jan 2008 ; Feb - Jun 2001 ; Oct - Nov 2000)
    Research Topic:
    • 2014: Transport Infrastructure and the Real Exchange Rate with Application to Asia
    • 2011 - 2013: Are Some Forms of Capital Flows Riskier Than Others? Lessons from the 2008-2009 Global Financial Crisis
    • 2009 - 2010: How Sustainable Is China’s High Savings Rate?
    • 2008 - 2009: Does Leapfrogging in Export Sophistication Raise Economic Growth? Evidence from China and Other Countries
    Working Papers:
    • Roads and the Real Exchange Rate
    • A Theory of the Competitive Saving Motive
    • The Chinese Corporate Savings Puzzle: A Firm-Level Cross-Country Perspective
    • Give Credit where Credit is Due: Tracing Value Added in Global Production Chains
    • Domestic Institutions and the Bypass Effect of Financial Globalization
    • The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis
    • The Value of Making Commitments Externally: Evidence from WTO Accessions
    • A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?
    • Corruption and Cross-Border Investment in Emerging Markets: Firm-Level Evidence
    • Does Insider Trading Raise Market Volatility?
    • Offshore Investment Funds: Monsters in Emerging Markets?

    Shang-Jin Wei has been appointed as the New Century Chair in International Economics and Senior Fellow by the Brookings Institution since July 1, 2000. Before that, he had been on the faculty of Harvard University for eight years, first as an assistant professor of public policy and then an associate professor of public policy at the Kennedy School of Government. He is concurrently a research fellow at the National Bureau of Economic Research (Cambridge, USA), Centre for Economic Policy Research (London, UK), and Harvard University's Center for International Development.

    An expert in international finance, open-economy macroeconomics, international trade and investment, and reform strategies in transition economies, he has published scholarly articles in top academic journals, including Quarterly Journal of Economics, Review of Economics and Statistics, American Economic Review, European Economic Review, Journal of International Economics, Journal of Development Economics, Brookings Papers on Economic Activity, and Canadian Journal Economics. He has published two books, and contributed many chapters in other books.

    Many of his research outcomes have useful policy implications and have been reported in eleven different newspapers and magazines, including most recently the Financial Times (November 17, 2000; May 30, 2000; and June 23, 1997), Economist magazine (September 9, 2000; January 16, 1999; and August 2, 1997), Time magazine (June 22, 1998), Business Week (January 12, 1998, and December 1997), and Hong Kong Economic Daily (October 18, 2000). His anti-corruption reform proposal, "Special Governance Zones," (with others) received a First-prize People's Choice Award at the second international Innovation Marketplace competition sponsored by the World Bank on February 8-9, 2000.

    Personal website: http://www.nber.org/~wei/
    Email: [email protected]
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    Michael B. DEVEREUX (Research Fellow)

    University of British Columbia
    (Aug 2009; Nov - Dec 2007; Sept - Oct 2005; Aug - Sept 2004; Jul 2003; Jun - Jul 2002; Jun - Jul 2001; Feb - Jun 2000)

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    Michael B. DEVEREUX (Research Fellow)

    University of British Columbia
    (Aug 2009; Nov - Dec 2007; Sept - Oct 2005; Aug - Sept 2004; Jul 2003; Jun - Jul 2002; Jun - Jul 2001; Feb - Jun 2000)
    Research Topic:
    • 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
    Working Papers:
    • 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
    Personal website: http://faculty.arts.ubc.ca/mdevereux/mdevereux/Michael_B_Devereux.html
    Email: [email protected]
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    Isaac EHRLICH (Research Fellow)

    State University of New York at Buffalo
    (Apr - Jul 2009)

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    Isaac EHRLICH (Research Fellow)

    State University of New York at Buffalo
    (Apr - Jul 2009)
    Research Topic:
    • 2009: The Asset Management Hypothesis and its Implications for Domestic and International Financial Markets
    Working Papers:
    • Human Capital, Endogenous Information Acquisition, and Home Bias in Financial Markets
    • The Role of Human Capital in Imperfectly Informed International Financial Markets
    Personal website: http://www.economics.buffalo.edu/people/faculty/ehrlich/
    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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    Song HAN (Research Fellow)

    Federal Reserve Board
    (Aug 2009)

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    Song HAN (Research Fellow)

    Federal Reserve Board
    (Aug 2009)
    Research Topic:
    • 2009: Liquidity, Runs, and Security Design and Effects of Liquidity on the Nondefault Component of Corporate Yield Spreads: Evidence from Intraday Transactions Data
    Working Papers:
    • The Fragility of Discretionary Liquidity Provision: Lessons from the Collapse of the Auction Rate Securities Market
    • Effects of Liquidity on the Nondefault Component of Corporate Yield Spreads: Evidence from Intraday Transactions Data
    Personal website: http://www.federalreserve.gov/research/staff/hansongx.htm
    Email: [email protected]
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    Chun-Yu HO (Research Fellow)

    Shanghai Jiao Tong University
    (Jan - Feb 2016; May - Jun 2009 ; May - Jun 2008)

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    Chun-Yu HO (Research Fellow)

    Shanghai Jiao Tong University
    (Jan - Feb 2016; May - Jun 2009 ; May - Jun 2008)
    Research Topic:
    • 2016: Modes of Foreign Bank Participation and Domestic Bank Efficiency: Evidence from China
    • 2009: Switching Cost and the Deposit Demand in China
    • 2008: The Efficiency of the Chinese Banking System
    Working Papers:
    • Switching Cost and Deposit Demand in China
    • Market Structure, Welfare, and Banking Reform in China
    • Deregulation, Competition and Consumer Welfare in Banking Market: Evidence from Hong Kong
    Personal website: http://www.acem.sjtu.edu.cn/en/faculty/hezhenyu.html
    Email: [email protected]
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    Mathias HOFFMANN (Research Fellow)

    University of Zurich
    (January - February 2011 ; September - October 2009)

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    Mathias HOFFMANN (Research Fellow)

    University of Zurich
    (January - February 2011 ; September - October 2009)
    Research Topic:
    • 2011: What do Asia’s Net Exports tell us about Global and Regional Business Cycles?
    • 2009: International Financial Integration, Consumption Volatility and Emerging Market Business Cycles in Times of Global Turbulence
    Working Papers:
    • The Cross-Section of Country News, Decoupling Expectations, and Global Business Cycles
    • What Drives China's Current Account?
    Personal website: http://www.iew.uzh.ch/institute/people/hoffmann.html
    Email: [email protected]
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    Mark Holder (Research Fellow)

    Kent State University
    (Jul 2009)

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    Mark Holder (Research Fellow)

    Kent State University
    (Jul 2009)
    Research Topic:
    • 2009: The Impact of Monetary Policy Change on Carry Trade and Liquidity in the Foreign Exchange Markets
    Personal website: http://www.itemright-trial.com/emit/ksu/holder.aspx
    Email: [email protected]
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    Kent MATTHEWS (Research Fellow)

    Cardiff University
    (Mar - Apr 2009 ; Dec 2008)

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    Kent MATTHEWS (Research Fellow)

    Cardiff University
    (Mar - Apr 2009 ; Dec 2008)
    Research Topic:
    • 2008 - 2009: Management Performance, Cost Inefficiency and Overstaffing in Chinese Banking
    Working Papers:
    • Risk Management and Managerial Efficiency in Chinese Banks: A Network DEA Framework
    • Rational Cost Inefficiency in Chinese Banks
    • Bank Productivity in China 1997-2007: An Exercise in Measurement
    Personal website: http://business.cardiff.ac.uk/contact/staff/matthews
    Email: [email protected]
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    Paul McNELIS (Research Fellow)

    Fordham University
    (Sep 2016 - Mar 2017; Jul 2015; Dec 2012; Mar - Apr 2009; Dec 2004; Aug 2004; Dec 2003; Jul - Aug 2003)

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    Paul McNELIS (Research Fellow)

    Fordham University
    (Sep 2016 - Mar 2017; Jul 2015; Dec 2012; Mar - Apr 2009; Dec 2004; Aug 2004; Dec 2003; Jul - Aug 2003)
    Research Topic:
    • 2016: China’s Monetary Transmission Mechanism: Time for the Taylor Rule?
    • 2015: Quantitative Easing and Tapering Near and Far: Quantifying the Effects on Emerging Markets
    • 2012: Finding Stability in a Time of Crisis: Lessons of East Asia for Eastern Europe following Sudden-Stops in External Credit
    • 2009: A Bayesian Macroeconomic Analysis of Hong Kong: Price Stickiness, Financial Frictions and Sources of Volatility
    • 2004: The Risks of Renminbi Revaluation and Hong Kong Financial Market Adjustment
    • 2003: Deflation Dynamics in Hong Kong
    Working Papers:
    • Policy Rules in Times of Prolonged Crisis: Quantitative Easing Abroad and Fiscal Adjustment at Home
    • Monetary Rules and Policy Targets under Managed Exchange Rates and Capital Controls: The Case of China
    • Finding Stability in a Time of Crisis: Lessons of East Asia for Eastern Europe
    • Structural Change and Counterfactual Inflation-Targeting in Hong Kong
    • Renminbi Revaluation, Euro Appreciation and Chinese Markets: What Can We Learn From Data?
    • Deflationary Dynamics in Hong Kong: Evidence from Linear and Neural Network Regime Switching Models
    • A Comparison of US and Hong Kong Cap-Floor Volatility Dynamics

    Paul D. McNelis holds the Robert Bendheim Chair in Economic and Financial Policy in the Department of Finance, Graduate School of Business Administration, Fordham University. His office is located at 1790 Broadway, Room 1322. He arrived at Fordham in Fall, 2005.

    McNelis was previously a Professor of Economics at Georgetown, joining the faculty in 1977 as an Assistant Professor. His Ph. D. is from Johns Hopkins University in Baltimore and his undergraduate degree is from Boston College. He was born in Hazleton, Pa., where his father was Executive Director of the United Mine Workers Health and Welfare Fund, and his mother worked for the Pennsylvania State Department of Employment Security. After completing his theological studies McNelis was ordained as a Catholic priest for the Maryland Province of the Society of Jesus on June 4, 1977 .

    At Georgetown McNelis regularly taught courses in the fields of International Finance, Macro, and Monetary Economics. McNelis also worked as the faculty liaison of the Georgetown M.A.-Economics collaborative program (Instituto Latinoamericano de Doctrina y Estudios Sociales, ILADES ) since its 1987 inception in Santiago,Chile. ILADES is now part of the newly formed Universidad Alberto Hurtado in Santiago.

    McNelis has worked with various international development organizations in Washington as well as central banks throughout the world, such as the Central Bank of Ireland, the Reserve Bank of Australia, the Reserve Bank of New Zealand, the Bank of Indonesia, the Hong Kong Monetary Authority, the Bank of Japan, the Central Bank of the Philippines, and Bank Bangladesh.

    McNelis was also a visiting professor at Trinity College, Dublin in 1986-87, the first Philips visiting professor at the Vargas Foundation in Sao Paulo, Brazil during the 1994-95 academic year, and the Gasson Professor of Economics at Boston College during the 2001-02 academic year. He has taught in multiple languages, offering short courses on Neural Networks and Finance in Portuguese in Sao Paulo and Brasilia, Brazil, and in Spanish in Barcelona, Leon, and Santiago, Chile.

    His writings are in the field of Computational Macroeconomics, concentrating on problems of adjustment and financial liberalization in Latin America and Asia. His current research is on applications of neural networks and genetic algorithms for predicting exchange rate and asset-price instabilities, for assessing the effects of alternative monetary aggregates on inflation and interest rates in the short run, for evaluating credit risks in emerging markets, and solving real business cycle models.

    Neural Networks in Finance: Gaining Predictive Edge in the Market, (Elsevier Academic Press) was published in Jan. 2005, and another book, Computational Macroeconomics for the Open Economy (MIT Press), appeared in Oct. 2008 The latter is a collaborative venture with Professor Guay C. Lim of the Melbourne Institute of Applied Economic and Society Research, University of Melbourne, Australia.

    Personal website: http://www.bnet.fordham.edu/mcnelis/biograph1.htm
    Email: [email protected]
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    David C. PARSLEY (Research Fellow)

    Owen Graduate School of Management
    Vanderbilt University
    (Feb 2015; May 2009; Mar - Apr 2002; Mar - Jun 2001; Mar - Jun 2000)

    arsley-david-01

    David C. PARSLEY (Research Fellow)

    Owen Graduate School of Management
    Vanderbilt University
    (Feb 2015; May 2009; Mar - Apr 2002; Mar - Jun 2001; Mar - Jun 2000)
    Research Topic:
    • 2015: Fiscal Policy Shocks and Real Exchange Rates
    • 2009: International Portfolio Holdings: Source and Host Country Influences on Home Bias
    • 2002: News Spillovers in the Sovereign Debt Market
    • 2001: Foreign Exchange Exposure and Exchange Rate Arrangements in East Asia
    • 2000: Accounting for Real Exchange Rate Changes in East Asia
    Working Papers:
    • Return Comovement
    • Sovereign Credit Ratings, Transparency and International Portfolio Flows
    • Evaluating Exchange Rate Management An Application to Korea
    • News Spillovers in the Sovereign Debt Market
    • Foreign Exchange Exposure and Exchange Rate Arrangements in East Asia
    • Pricing in International Markets: A 'Small Country' Benchmark
    • Exchange Rate Pass -Through in a Small Open Economy: Panel Evidence from Hong Kong
    • Accounting for Real Exchange Rate Changes in East Asia

    Prior to his doctoral studies, Professor Parsley worked in consulting and for the Federal Reserve Bank of San Francisco. His research interests are in the fields of international finance and macroeconomics. He has concentrated on the macroeconomics of exchange rates, prices and the relationship between the two. His current research is directed in two main areas: (1) purchasing power parity (PPP) and whether convergence toward purchasing power parity is impacted by the monetary regime, and (2) the economic and time-series characteristics of international market segmentation. Professor Parsley teaches courses in macroeconomics, international trade and commercial policy, international economics, and international business at Vanderbilt University where is an Associate Professor at the Owen Graduate School.

    Personal website: http://www2.owen.vanderbilt.edu/david.parsley/
    Email: [email protected]
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    Michael POMERLEANO

    Bank of Israel
    (January - February 2009)

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    Michael POMERLEANO

    Bank of Israel
    (January - February 2009)
    Research Topic:
    • 2009: Local Currency Bond Market Development and State of Development of Non Bank Financial Institutions in Systemic Countries in East Asia
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    Yiuman TSE (Research Fellow)

    University of Missouri - St. Louis
    (Jul 2009)

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    Yiuman TSE (Research Fellow)

    University of Missouri - St. Louis
    (Jul 2009)
    Research Topic:
    • 2009: The Impact of Monetary Policy Change on Carry Trade and Liquidity in the Foreign Exchange Markets
    Personal website: http://business.umsl.edu/About%20the%20College/Faculty/Finance%20and%20Legal%20Studies%20/tse.html
    Email: [email protected]
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    Graham VOSS (Research Fellow)

    University of Victoria
    (Feb 2009 ; May 2004)

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    Graham VOSS (Research Fellow)

    University of Victoria
    (Feb 2009 ; May 2004)
    Research Topic:
    • 2009: Empirical Models of Inflation Targeting Rules
    • 2004: Exchange Rate Regimes, Specialisation and Trade Volume
    Working Papers:
    • Strict and Flexible Inflation Forecast Targets: An Empirical Investigation
    • Exchange Rate Regimes, Specialization and Trade Volume
    Personal website: http://web.uvic.ca/~gvoss/index.html
    Email: [email protected]