Working Paper Series


Serial No. Author(s)



Yin-Wong Cheung (City University of HK), Sven Steinkamp, Frank Westermann (Osnabrück University)

A Tale of Two Surplus Countries: China and Germany
#2019-009 Georgios Georgiadis (ECB), Feng Zhu (BIS)
Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates
#2019-008 Christoph Fischer (Deutsche Bundesbank) Equilibrium real exchange rate estimates
across time and space

Yin-Wong Cheung (City University of HK), XingWang Qian (SUNY Buffalo State) & Eli Remolona (Williams College)

The Hoarding of International Reserves: It’s a neighborly day in Asia


Rasmus Fatum (Alberta), Naoko Hara (Bank of Japan) & Yohei Yamamoto (Hitotsubashi University)

Negative Interest Rate Policy and the Influence of Macroeconomic News on Yields


Sophia Chen (IMF), Lev Ratnovski (ECB & IMF) & Pi-Han Tsai (Zhejiang University)

Credit and Fiscal Multipliers in China

#2019-004 Joshua Aizenman (University of Southern California and NBER), Yin-Wong Cheung (City University of HK) and Hiro Ito (Portland State University)

The Interest Rate Effect on Private Saving: Alternative Perspectives

#2019-003 Guonan Ma (About Capital Management) and Jinzhao Chen (ESSCA)

The role of internally financed capex in rising Chinese corporate debts


Sen Geng (Xiamen University) & Erkut Y. Ozbay (University of Maryland)

Choice with Limited Capacity


Bertrand Candelon (Université Catholique de Louvain), Laurent Ferrara (Banque de France), Marc Joëts (QuantCube)

Global financial interconnectedness: A non-linear assessment of the uncertainty channel