EMPOLYMENT

Economist, Research Department, IMF, Oct 2006--Oct 2007, Oct 2008--

Economist, North American Division (U.S./Canada), IMF, Oct 2007--Oct 2008

Economist, International Finance Division, Bank of England, Oct 2004--Oct 2006

EDUCATION

Ph.D. Economics, University of California at Berkeley, 2004

M.A./B.A. Economics, Renmin University of China, 1997/1994

FIELDS OF INTERESTS

International Economics, Macroeconomics, Financial Economics

PUBLICATIONS:

“The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis”,

IMF WP 09/164, NBER WP 15207, with Shang-Jin Wei, 2009

Review of Financial Studies, forthcoming; Featured in Financial Times (8/10/09),

and NBER Reporters (International Finance (July 09) and Corporate Finance (Dec 09))

“China Corporate Savings Puzzle: A Firm-level Cross-country Perspective”,

with Tamim Bayoumi and Shang-Jin Wei

Forthcoming in NBER Book of Capitalizing China

“Disclosure Standards and Market Efficiency: Evidence from Analysts’ Forecasts”

Journal of International Economics (May 2007)

“Response to ‘Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con’”,

with Stephen Morris and Hyun Song Shin

American Economic Review (March 2006)

“The Interactions between Debt and Currency Crises-Common Causes or Contagion?”

Review of International Economics (2008), with Bernhard Herz

“Is China’s FDI Coming at the Expense of Other Countries?” with Barry Eichengreen

Journal of the Japanese and International Economies (July 2007),

NBER WP 11335, NBER Digest Oct 2005;

Reprinted in Foreign Direct Investment in Europe: A Changing Landscape, by the Oesterreichische Nationalbank

“Fear of China”, with Barry Eichengreen,

Journal of Asian Economics (April 2006)

“The Impact of China on the Exports of Other Asian Countries”; NBER WP 10768

with Barry Eichengreen, Yeongseop Rhee, Review of World Economics (2007 (2))

“Bilateral FDI Flows: Threshold Barriers and Productivity Shocks”, NBER WP11639

with Assaf Razin, Efraim Sadka, 2008, CESifo Economic Studies (August 2008)

“How China Is Reorganizing the World Economy” with Barry Eichengreen,

Asian Economic Policy Review (June 2006, Inaugural Issue)

“Stock Market Volatility and Monetary Policy: What the Historical Record Shows”

Asset Prices and Monetary Policy, with Barry Eichengreen, in Tony Richards and

Tim Robinson (eds), Reserve Bank of Australia, 2003

WORKING PAPERS

“The Channels for the Real Collateral Damage of the 2007-2009 Global Financial Crisis”,

with Stijn Claessens and Shang-Jin Wei

Accepted into the Global Financial Crisis Project organized by NBER-JIE-MIT Sloan.

“Foreign Reserves as Country Insurance and Corporate Risk-taking”, with Shang-Jin Wei, 2010.

The line: Reserve accumulation increases corporate risk taking, particularly for firms

that are intrinsically more dependent on external finance for working capital and capital investment.

“US Monetary Shocks and Global Stock Prices”, with Luc Laeven, 2010

The line: U.S. interest rate shocks do affect global stock market through the liquidity channel.

“Do Un-conventional Government Interventions Un-freeze the Credit Market? Some International Evidence”,

with Shang-Jin Wei 2010

The line: Unconventional interventions alleviated liquidity constraint of nonfinancial firms,

but the quantitative effect was limited.

“Understanding Macro-Financial Linkages: Review and Evidence”,

with Stijn Claessens, Ayhan Kose and Bin Li, 2010

“Real Effects of the Subprime Mortgage Crisis: Is It a Demand or a Finance Shock?”,

With Shang-Jin Wei, 2008. NBER WP 14205; IMF WP 08/186

“Liquidity, Institutional Quality and the Composition of International Equity Outflows”,

with Itay Goldstein, Assaf Razin, 2007, NBER WP 13723

(Revised for Journal of International Economics)

“Creditor Protection and Stock Price Volatility”, with Galina Hale, Assaf Razin, CEPR DP 6540

“Foreign Trade Liberalization and Corporate Financial Disclosure”, with Shang-Jin Wei, 2009

MEDIA COVERAGES

Financial Times (August 10, 2009): “Ring-fence cross-border financial institutions”.

Wall Street Journal (October 22, 2008): “Economists Find Some Sense In A Volatile Market”.

& Dow Jones Newswires (October 22, 2008) & Dows Jones Tomorrow’s News Today

Wall Street Journal (August 7, 2008): “Fed Moves Beat Stimulus in Boosting Economy”.

Dow Jones NewsPlus (August 7, 2008): “Liquidity Measures Best Way To Address Subprime”.

Econbrowser (December 18, 2008): “Credit Crunch or Not”.

Foreign Policy (July 28, 2008): “Why Subprime Is Worse Than 9/11”

Portfolio (July 25, 2008): “Chart of the Day: 9/11 Vs. Subprime Shocks”

21st Century Business Herald (Oct 27, 2008): “破除“二分法”迷雾重塑健康的生产结构”

PRESENTATIONS

2011: American Economic Association Meeting, Session on Financial Contagion (organizer)

2010: NBER Summer Institute (IFM); NBER/JIE/Sloan Project on Financial Crisis; Banco de España/World Bank Conference on Financial Globalization; New York Fed; Inter-American Development Bank; Emerging Market Finance Conference at Tsinghua University; Summer Research Conference in Finance at the Indian School of Business; World Congress Meeting of Econometric Society; AEA 2010

2009: Yale University/Review of Financial Studies Conference on Financial Crisis; Bank of Canada/Dallas Fed Conference on Financial Globalization; Conference on “Financial Markets: How Real?” at Univ of Illinois at Chicago; 16th Mitsui Finance Symposium at Univ of Michigan; Conference on Global Financial Turmoil at Hong Kong Monetary Authorities; American Finance Association

<2009:IMF Annual Research Conference; The Fourth NY Fed/NYU Stern Conference on Financial Intermediation; American Economic Association; Society for Economic Dynamics, CESifo Conference on Productivity and Growth; Econometric Society; Capital Market Integration in Asia Geneva), Royal Economic Society; Emerging Markets Finance; Cornell University, Bank of Finland, Oesterreichische Nationalbank, Norges Bank, Bank of England, Bank of Japan, Japan Center for Economic Research, Cambridge University, Oxford University, London School of Economics, UC San Diego