• 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

• 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’?

• 2010: Risk and Return in Exchange Rates: Evidence from Commodity Currencies
• 2009: Forecast Consensus and Asset Returns

• A Macro-Finance Approach to Exchange Rate Determination
• What Does the Yield Curve Tell Us about Exchange Rate Predictability?
• Home Bias in Currency Forecasts

• 2010: Asset Markets and Monetary Policy – Lessons from Taiwan

• House Price, Mortgage Premium, and Business Fluctuations
• Asset Price and Monetary Policy – The Effect of Expectation Formation

• 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

• 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.

• 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

• 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

• 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

• 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

• 2009 - 2010: “Effects of FDI on Chinese Firms Productivity and Incentives” and “Sources of Financing of Chinese Private Firms”

• 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

• 2010: Channels of Consumption Risk Sharing: the Evidence from China

• Channels of Interprovincial Risk Sharing in China

• 2010 - 2011: Anti-Comparative Advantage: A Puzzle in China-U.S. Bilateral Trade

• Anti-Comparative Advantage: A Puzzle in U.S.-China Bilateral Trade
• Domestic Institutions and the Bypass Effect of Financial Globalization

• 2010 - 2011: Determinants of Hedging Usage and Effectiveness in the Commercial Banking Industry: Cross-country Evidence

• CEO Option Compensation, Risk-Taking Incentives, and Systemic Risk in the Banking Industry

• 2009 - 2010: The Effect of Overseas Listing of China's Banks on their Performance and Hong Kong's Position as International Financial Center

• The Effects of Public Listing on the Performance of Banks in China

• 2011: Bank Regulation, Supervision and Bank’s Risk Takings: Evidence from Financial Crisis
• 2010: New Model Calibration and Simulation of the Currency Board Arrangements in Hong Kong
• 2004: The Difference of Equity Valuation in Hong Kong and Mainland China Stock Markets and Chinese A-H Stock Premium

• Factor Intensity, Product Switching, and Productivity: Evidence from Chinese Exporters
• Regulatory Arbitrage and International Bank Flows
• A Target-Zone Model with Two Types of Assets
• Equity Valuation in Mainland China and Hong Kong: The Chinese A-H Share Premium
• Balance of Payments Surplus and Renminbi Revaluation Pressure
• The Full Convertibility of Renminbi: Sequencing and Influence
• Banking Deregulation and Macroeconomic Impact in China: A Theoretical Analysis and Implications of WTO Accession to the Mainland and Hong Kong
• A Currency Board Model of Hong Kong

Yue Ma earned his BSc in Optimal Control Theory from Xiamen (Amoy) University in China; Certificate of Graduate from Sino-American Economic Training Centre sponsored by Ford Foundation at People's University of China; and PhD in Economics and Econometrics from Manchester University.

He is currently a Professor at City University of Hong Kong. He is also Concurrent Professor of University of International Business and Economics (UIBE), Beijing, and Research Fellow of Macroeconomic Research Centre, Xiamen University, China.

He specializes in international macroeconometric modelling, forecasting and policy analysis. His research interests include economic modelling of exchange rate and banking as well as international policy coordinations, with particular reference to mainland China and Hong Kong economies.

He has been working for Princeton University, Oxford University, National Institute of Economics & Statistics (INSEE in Paris), Hong Kong Baptist University, European University Institute (Italy), Stirling University (UK), London Business School, Manchester University and Strathclyde University (UK)under various research projects.

He is a member of the editorial board of the Scottish Journal of Political Economy and the Journal of Chinese Economic and Business Studies

• 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

• 2010: Study of Credit Risk Associated with the Financial Crisis of 2007-08, with Specific Focus on Asian Real Estate Debt Markets

• Déjà vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857
• Can Securitization Work? Economic, Structural and Policy Considerations

• 2010: Financial Frictions and International Trade under the Possibility of Default

• The Trade Comovement Puzzle and the Margins of International Trade
• Innovation, Diffusion, and Trade: Theory and Measurement

• 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

• 2010: The Pilot Renminbi Trade Settlement Scheme: A First Step Toward the Internationalisation of the Chinese Currency?

• 2014: Domestic Value Added in Chinese Exports
• 2011: China’s Exchange Rate Policies and Export Dynamics: A Firm-level Analysis
• 2010: Financial Constraints and Exporting Behavior: Theory and Firm-level Evidence from China

• The Domestic Segment of Global Supply Chains in China under State Capitalism
• The Dragon is Flying West: Micro-Level Evidence of Chinese Outward Direct Investment
• Factor Intensity, Product Switching, and Productivity: Evidence from Chinese Exporters
• Exchange Rates and the Margins of Trade: Evidence from Chinese Exporters
• Geopolitics, Global Patterns of Oil Trade, and China’s Oil Security Quest
• The Determinants of Vertical Integration in Export Processing: Theory and Evidence from China

• 2010: International Capital Flows in the Crisis: How Did Asia Fare?
• 2009: How Stable is the Invoicing of International Trade?

• 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

• 2017: Asymmetric Monetary Policy Transmission in China: The Role of State‐Owned Enterprises
• 2015: Monetary Policy in China: A Qual VAR Approach
• 2014: The Effects of Unconventional Monetary Policies on Capital Flows to Emerging Market Economies
• 2011 - 2012: House Prices in Asia: The Role of Capital Flows and LTV Ratios
• 2010: Inflation Targeting and Inflation Persistence in Asia

• Pushing on a String: State-Owned Enterprises and Monetary Policy Transmission in China
• The Effectiveness of Monetary Policy in China: Evidence from a Qual VAR
• Unconventional Monetary Policy Shocks and the Spillovers to Emerging Markets
• Capital Inflows and Asset Prices: Evidence from Emerging Asia
• Inflation Targeting and Inflation Persistence in Asia-Pacific

• 2010: New Model Calibration and Simulation of the Currency Board Arrangements in Hong Kong

• A Target-Zone Model with Two Types of Assets
• Inflation Targeting in China?
• Optimum Currency Area for Mainland China and Hong Kong? Empirical Tests
• From 'One Country, Two Systems' to Monetary Integration?
• The Full Convertibility of Renminbi: Sequencing and Influence
• Banking Deregulation and Macroeconomic Impact in China: A Theoretical Analysis and Implications of WTO Accession to the Mainland and Hong Kong

Born and raised in Hong Kong, Tsang Shu-ki holds a BA in Philosophy and Political Science from the University of Hong Kong, an MBA from the Chinese University of Hong Kong, and MA (Econ) and PhD degrees from the University of Manchester. Before joining the academia in the mid-1980s, he spent time as a credit analyst, a gold dealer, a treasury assistant and a bank economist.

His recent research interests cover currency board economics, monetary integration, and macro-econometric modelling of China and Hong Kong.

In the area of public service, Tsang is a member of the Economic Advisory Committee and the Energy Advisory Committee of the Hong Kong SAR Government. He serves as a director of the Exchange Fund Investment Limited (EFIL), a member of the Exchange Fund Advisory Committee Sub-Committee on Currency Board Operations, and an advisor to the Hong Kong Institute for Monetary Research. He is also a member of the Consumer Council and the chairperson of its Competition Policy Committee.

• 2011: Capital Flow, Currency Risk Premia and the Macroeconomy: Evidence from Survey Data
• 2010: Price Dispersion in the Hong Kong Housing Market: Why and What Does It Tell Us?
• 2009 (Post-Doctoral Fellow): 1) Are Investors Forward-Looking? ; 2) What Does the Yield Curve Tell Us About Exchange Rate Predictability?

• Love Thy Neighbor: Income Distribution and Housing Preferences
• Anchoring and Loss Aversion in the Housing Market: Implications on Price Dynamics
• Can Anchoring and Loss Aversion Explain the Predictability in the Housing Market?
• A Macro-Finance Approach to Exchange Rate Determination
• What Does the Yield Curve Tell Us about Exchange Rate Predictability?
• Home Bias in Currency Forecasts

• 2012: Measuring Regional Growth in China from Outer Space
• 2011: China’s Outward Direct Investment: Evidence from a New Micro Dataset
• 2010: Geopolitics, World Oil Trade, and, China’s Oil Security Quest

• China’s Outward Direct Investment: Evidence from a New Micro Dataset
• Geopolitics, Global Patterns of Oil Trade, and China’s Oil Security Quest

• 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

• 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).

• 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

• 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?

• 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

• 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.

• 2010 - 2011: Understanding the Chinese Savings Puzzle

• Why are Saving Rates so High in China?

• Saving and External Imbalances in China

• 2010: Econometric identification of financial bubbles and crisis event concatenation: Evidence in Asian markets

• Specification Sensitivities in Right-Tailed Unit Root Testing for Financial Bubbles
• Explosive Behavior and the Nasdaq Bubble in the 1990s: When Did Irrational Exuberance Escalate Asset Values?

• 2010: Export Dynamics in Large Devaluations

• Export Dynamics in Large Devaluations

• 2010: Domestic Demand and Wealth Distribution: Some Considerations on Restructuring Microfoundation of Macroeconomics
• 2004: The Difference of Equity Valuation in Hong Kong and Mainland China Stock Markets and Chinese A-H Stock Premium

• Preference Relativity, Ambiguity and Social Welfare Evaluation
• Equity Valuation in Mainland China and Hong Kong: The Chinese A-H Share Premium
• The Full Convertibility of Renminbi: Sequencing and Influence
• Banking Deregulation and Macroeconomic Impact in China: A Theoretical Analysis and Implications of WTO Accession to the Mainland and Hong Kong

Dr Zhao gained his B.Sc. in Mathematics from Shandong Normal University and M.Sc. in the field of Probability and Statistics from the Graduate School of Wuhan University. As a lecturer and associate Professor of Shandong University, he had taught Mathematics and Statistics for many years. After his PhD studies in the Graduate School of Chinese Academy of Social Sciences (CASS), focusing on Economic Growth Theory and Financial Developments, he embarked on a two-year postdoctoral research into macroeconomic theory and China's macro-policy analysis. He has published research papers in both Statistics and Economics, some with policy relevancy. As a research fellow at the Institute of Economics, CASS, his current interests are macroeconomic modelling, banking and exchange rate system reforms in China, as well as their implications for the Hong Kong economy.