• 2016: The Causes and the Consequences of International Issuance: Evidence from China

• 2016: Policy Trade-offs for Emerging Markets in a Financially Globalized World

• US Monetary Policy Spillovers

• 2018: E‐Commerce Microcredit Lending and Firm Risk: Evidence from Loans to over 3 Million Entrepreneurs in China
• 2016: Information Flows from Syndicated Loan Market to Bond Market: Evidence from Institutional Trading

• Financial Flexibility and Corporate Cash Policy

• 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

• 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

• 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

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).

• 2016: History, Culture, and the Rise of Microfinance in China

• History, Culture and the Rise of Informal Finance in China

• 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

• 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.

• 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?

• 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

• 2024: New Estimates of China’s Evolving Monetary Policy Stance, 2000-2023  and its Global Policy Implications 
• 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

• 2016: VaR and Stress Tests: The Impact of Fat-Tail Risk and Systemic Risk on the Stability of Banking System

• VaR and Stress Tests: The Impact of Fat-Tail Risk and Systemic Risk on Commercial Banks in Hong Kong and China

• 2016: The Causes and the Consequences of International Issuance: Evidence from China
• 2016: Local Government Debt and Firm Leverage: Evidence from China

• 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

• 2019: Private Mortgage Securitization and Loan Origination Quality - New Evidence
• 2016: Land Value, Mortgage Default Risk, and Macroprudential Policies
• 2012 - 2013: Bubbles and Monetary Policy

• Land Share, Mortgage Default, and Loan-to-Value Ratio as a Macro-Prudential Policy Tool
• Asset Price Bubbles and Monetary Policy

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

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