• 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

• 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.

• 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

Research Topic:

• 2020: Monetary Policy, Foreign Exchange Policy, and Exchange Rate in China
• 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

• 2016: Quantifying Financing Needs in “Belt and Road” Countries and Industries
• 2015: Banking Deregulation, Competition and Bank Earnings Management
• 2013: Does Bank Monitoring Matter to Bondholders? (Joint project of Joel F. HOUSTON, Chen LIN, and Junbo WANG)
• 2011: Bank Regulation, Supervision and Bank’s Risk Takings: Evidence from Financial Crisis

• Quantifying Financing Needs in the Belt and Road Countries and Industries
• Financial Flexibility and Corporate Cash Policy
• Competition and Bank Opacity
• Does Bank Monitoring Matter to Bondholders?
• Regulatory Arbitrage and International Bank Flows
• Financial Innovation: The Bright and the Dark Sides

Chen Lin is the Stelux Professor in Finance, Chair Professor of Finance and the Associate Dean (Research) of the Faculty of Business and Economics at the University of Hong Kong. He is also the Director of the Center of Financial Innovation and Development at the University of Hong Kong. Before joining HKU, he was on the finance faculty at the Chinese University of Hong Kong (CUHK), where he became a Full Professor in Finance in 2010 and the Choh-Ming Li Professor in Finance in 2012. He received his Bachelor of Engineering from the South China University of Technology in 2000 and a MBA (2004), M.A. (2005) and Ph.D. (2006) from Warrington College of Business Administration, University of Florida. His research interests include banking and financial institutions, corporate finance, financial contracting, financial regulation, and development economics. He has published more than twenty papers in leading academic journals such as Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Accounting Research, Management Science, Journal of Public Economics and Journal of Development Economics. He also published in Journal of Corporate Finance, Journal of Banking & Finance, Journal of Risk and Insurance, Journal of International Money and Finance, Journal of Comparative Economics, Journal of Regulatory Economics, Review of Industrial Organization, and others. His papers received various awards such as the Jensen Prize (First Prize) for the Best Papers Published in the Journal of Financial Economics in the Areas of Corporate Finance and Organizations, the Chicago Quantitative Alliance Asian Academic Competition Research Paper Award, the Hong Kong Asian Capital Market Research Prize awarded by CFA Institute and HKSFA, and two Best Paper Awards at the 9th International Conference on Asia-Pacific Financial Markets. He was also awarded the Changjiang Scholar Chair Professorship by the Ministry of Education of China in 2013. He was also ranked among the Top 20 young economists by IDEAS in 2014. He is the Principal Investigator of several RGC Competitive Earmarked Research Grants and a Co-Principal Investigator of a RGC Theme-based Research Grant, the first large-scale, theme-based business research grant in Hong Kong. His works and views have been presented in top finance conferences such as American Finance Association annual conference, European Finance Association annual conference and Western Finance Association annual conference, and various conferences held by institutions such as Asian Development Bank, the Bank of International Settlement, China Banking Regulatory Commission, China Security Regulatory Commission, Hong Kong Monetary Authority, International Monetary Fund, the Federal Reserve Banks, National Bureau of Economic Research and the World Bank and covered by BBC World TV, Bloomberg, Foreign Policy, Financial Times, Harvard Law School Forum on Corporate Governance and Financial Regulation, China Daily, CFA Digest, Hong Kong Satellite TV, Phoenix Satellite TV, VoxEU, Wall Street Journal (Real Time Economics) and World Bank Doing Business Report. He serves as a panel member of the Research Grant Council of Hong Kong and the RAE exercise conducted by University Grants Committee of Hong Kong. He was also a research fellow at the Hong Kong Institute for Monetary Research (HKIMR).

• 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.

• 2016: On- and Off-Shore Corporate Bonds in China
• 2014: Where do Emerging Market Investors Invest?
• 2012: Foreign Equity Investments by Emerging Market Investors
• 2011: Foreign Investors and International Contagion

• The Coming Wave: Where Do Emerging Market Investors Put Their Money?
• The Coming Wave
• How Important are Foreign Ownership Linkages for International Stock Returns?

• 2014: 金融消費者權益保護

• 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

• 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.

Research Topic:

• 2024: Monetary policy spillovers to Asia: Is this time different?
• 2020: Monetary Policy Uncertainty in China
• 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

• 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

• 2011: Financial Innovation – Causes and Consequences

• Financial Innovation: The Bright and the Dark Sides

• 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

• The Cross-Section of Country News, Decoupling Expectations, and Global Business Cycles
• What Drives China's Current Account?

• 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

• 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

• 2011: Sovereign CDS Trading: Causes and Consequences

• Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk

• 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

• 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

• 2011: Exchange Rate Pass-through and Exporting Firms' Pricing Behaviors when the Exchange Rate Regime Changes: A Case Study on China-US Trade

• The Dilemma and International Macroprudential Policy: Is Capital Flow Management Effective?
• International Trade Price Stickiness and Exchange Rate Pass-Through in Micro Data: A Case Study on US-China Trade

• 2010 - 2011: Understanding the Chinese Savings Puzzle

• Why are Saving Rates so High in China?

• Saving and External Imbalances in China

• 2011: Factor Market Distortions and Aggregate Productivity in China

• Factor Market Distortions across Time, Space and Sectors in China