Prof. Yin-Wong CHEUNG (張賢旺教授)

PhD - PhD
MA - Economics
BSocSc - Economics

Head (EF)
Hung Hing Ying Chair Professor of
International Economics

Prof. Yin-Wong CHEUNG (張賢旺教授)

Contact Information

Address: P7307, Academic 1
City University of Hong Kong
Phone: +852 34427312
Fax: +852 34420194
E-mail:
yicheung@cityu.edu.hk
Personal Web:
http://ideas.repec.org/f/pch261.html
SSRN Web:
http://papers.ssrn.com/author=1857911
Public CV: Download

Research Areas

  • Econometrics
  • Applied Econometrics
  • Exchange Rate Dynamics
  • Financial Price Behavior
  • Output Fluctuation
  • Issues in Asian Economies

Yin-Wong Cheung obtained his Bachelor and Masters Degrees, respectively, from the University of Hong Kong and the University of Essex. After graduating from the University of Pennsylvania in 1990, Cheung joined the University of California in Santa Cruz. Cheung is a professor in the Economics Department at the University of California, Santa Cruz. He has been appointed as the vice chair of the Department, served on various departmental and university committees, and directed Masters and Ph.D. theses.

Currently, Cheung is the Head and Hung Hing Ying Chair Professor of International Economics, Department of Economics and Finance, City University of Hong Kong. Concurrently, Cheung is member of the Council of Advisers, HKIMR/HKMA, a Research Fellow of the CESifo in Germany, a founding and board member of the Methods in International Finance Network in Europe, and a Chair Professor of the Shandong University. Cheung is included in The America’s Registry of Outstanding Professionals, the Academic Keys Who's Who in Social Sciences Higher Education, Who’s Who in Economics, Who’s Who in America, and Who’s Who in the World. Cheung's areas of research include econometrics, applied econometrics, exchange rate dynamics, asset pricing, output fluctuation, and economic issues in Asian Economies. His research results have been published in over 100 refereed articles, which appeared in more than 40 academic journals including Econometric Theory, Game and Economic Behavior, Journal of Business & Economics Statistics, Journal of Econometrics, Journal of International Economics, and Journal of Finance. Cheung coauthored a book on Financial Options (in Chinese) and a book on The Economic Integration of Greater China. He also co-edited the following books: China and Asia: Economic and Financial Interactions, China and Asia in the Global Economy, and The Evolving Role of Asia in Global Finance. Cheung’s research is characterized by state-of-the-art empirical methodologies applied to long-outstanding but unresolved issues and to important new research topics. His research is of great interest to academics and policy makers, and helps shape the debates by emphasizing what conclusions can and cannot be drawn from the data. He has been an extremely influential and recognized researcher; he is consistently ranked among the world’s top 5% of economists according to a widely used ranking of economists that employs a composite index of citation-based rankings (total citations, citations adjusted for co-authorship, …, etc.). In fact, Cheung ranks among the top 5% of economists on 33 of the 34 different individual ranking systems reported by RePEc, which has more than 30,000 registered economists and is one of largest “Web of World Repositories.” Note that Cheung still ranks among the top 5% of all economists even when citations are weighted by the number of coauthors. Further, he is on the list of top 5% authors in the field of International Finance (Research Papers in Economics, http://ideas.repec.org/top/top.ifn.html; ranked 22 in October 2009), In general, Cheung’s publications were well cited in the profession and in several prominent review articles and books. He is also, for example on the lists of a) the Top 1000 authors in terms of JF-equivalent pages in a set of 16 core finance journals, 1990-2001 (http://academic.udayton.edu/CarlChen/Chan%20Research/1000.htm, ranked 250), b) the Top 1000 Economists (Tom Coupe, 2002, “Worldwide Rankings of Economists and Economics Departments”), c) the Top 500 Economists (http://student.vub.ac.be/~tcoupe/update/authorsarticles.html), d) the 2002 Thomson ISI 100 Most-Cited Researchers in Economics (http://www.in-cites.com/nobel/2002-nobel-eco-top100.html, ranked 61), e) the 2003 Thomson ISI 100 Most-Cited Researchers in Economics (http://www.in-cites.com/nobel/2003-eco-top100.html, ranked 33), and f) the list of individuals by the number of all econometric articles, 1989–2005 (Badi H. Baltagi, Worldwide Econometrics Rankings: 1989–2005, Econometric Theory, 2007). His work on the finite sample critical values was incorporated in the econometric packages including STATA and TSP. Besides academic venues, Cheung’s research has been cited by, for example, the ChinAfrica, the Economist, the U.S. News & World Report, CFA Magazine, and the US government 2007 Congressional Research Service Report to the Congress and awarded the Citation of Excellence Award, offered by the ANBAR Electronic Intelligence, WWW.anbar.co.uk/awards/citations. Cheung has reviewed more than 500 articles and proposals and served as a referee for more than 80 different journals and grant agencies. He also has served on the editorial boards of ten journals. Cheung has presented his research results at academic and research institutions and conferences in Canada, Denmark, Finland, France, Germany, India, Italy, Luxembourg, The Netherlands, Norway, Spain, United States, China, Hong Kong, Japan, Korea, Malaysia, Singapore, Taiwan, Turkey, Australia, and New Zealand. He has given invited lecture series and keynotes in France, Germany, Luxembourg, China, and Taiwan. Some research grant awards include the Center for German and European Studies Grant, UC Pacific Rim Research Grant, and Strategic Research Grant. Cheung was the president (2007) and vice president (2001, 2002) of the Chinese Economic Association in North America (CEANA). He was the Executive Committee member (2005-2007) of the Asia-Pacific Economic Association. During 2010-11, he was the first Co-Director of the Sury Initiative for Global Finance and International Risk Management (SIGFIRM), and a member of its steering committee and Co-Director elected (2009-10). Cheung was very successful in launching SIGFIRM.

Publications

Journal Articles
  • Y W Cheung and Risto Herrala (February 2014), "China’s Capital Controls – Through the prism of covered interest differentials", Pacific Economic Review, 19, 1, pp. 112-134., Listed on the SSRN's Top Ten download list: Open Macroeconomics in Emerging Markets (Topic) , Emerging Markets Economics: Macroeconomic Issues & Challenges eJournal, and International Finance (Topic), ERN: Monetary & Fiscal Policies in Emerging Markets (Topic) and ERN: Other Macroeconomics: Monetary & Fiscal Policies (Topic).
  • Y W Cheung and Rajeswari Sengupta (December 2013), "Impact of Exchange Rate Movements on Exports: An Analysis of Indian Non-Financial Sector Firms", Journal of International Money and Finance, 39, 231-245., Listed on the SSRN's Top Ten download list: ERN: Open Macroeconomics in Emerging Markets (Topic), PSN: Exchange Rates & Currency (International) (Topic), PSN: Exchange Rates & Currency (Comparative) (Topic), ERN: International Finance (Topic), Econometric Modeling: International Economics eJournal, and International Political Economy: Monetary Relations eJournal.
  • Y W Cheung, Menzie D. Chinn and XingWang Qian (December 2012), "Are Chinese Trade Flows Different?", Journal of International Money and Finance, 31, 2127-2146., Listed on the SSRN's Top Ten download list: Other Econometrics: Applied Econometric Modeling in International Economics (Topic).
  • Y W Cheung, Mahir Binici and Kon S. Lai (October 2012), "Trade Openness, market competition, productivity and inflation: Some sectoral evidence from OECD countries", International Journal of Finance & Economics, 17, 321-336., Listed on the SSRN's Top Ten download list: Productivity (Topic), Price Level; Inflation; Deflation (Topic).“Macroeconomics: Prices, Business Fluctuations, & Cycles eJournal.”.
  • Y W Cheung, Yan-Leung Cheung and Wan-Wei He (August 2012), "Yen Carry Trades and Stock Returns in Target Currency Countries", Japan of the World Economy, 24, 174-183.
  • Y W Cheung, Jakob de Haan, XingWang Qian, and Shu Yu (May 2012), "China’s Outward Direct Investment in Africa", Review of International Economics, 20, 201-220., Listed on the SSRN's Top Ten download list: “Open Macroeconomics in Transition Economics (Topic),” “INTL: Other Studies in Emerging Markets (Topic),” “Open Macroeconomics in Emerging Markets (Topic),” “Institutions & Transition Economics: Macroeconomic Issues eJournal,” “Institutional & Transition Economics eJournals,” “Emerging Markets: Theory & Practice eJournal,” “Emerging Markets Economics: Macroeconomic Issues & Challenges eJournal,” and “Emerging Markets Economics eJournals.”.
  • Y W Cheung and Mahir Binici (January 2012), "Exchange Rate Dynamics under Alternative Optimal Interest Rate Rules", Pacific Basin Finance Journal, 20, 122-150.
  • Y W Cheung and Sang-Kuck Chung (July 2011), "A Long Memory Model with Mixed Normal GARCH", Computational Economics, 38, 517-539, (2010 i. factor- 0.514; http://www.springerlink.com/content/0927-7099/38/4/).
  • Y W Cheung and Xiaoli Chen (March 2011), "Renminbi Going Global", China & World Economy, 19, 1-18, (Lead article) Listed on the SSRN's Top Ten download list: “Open Macroeconomics in Emerging Markets (Topic),” “Emerging Markets Economics: Macroeconomic Issues & Challenges eJournal,” “Emerging Markets Economics eJournals and Monetary Economics eJournal,” “Monetary Policy Objectives; Policy Designs; Policy Coordination (Topic),” “Emerging Markets: Theory & Practice eJournal,” “INTL Subject Matter eJournals,” “International Environment of Global Business eJournals,” “MRN International Business & Management Network,” “INTL: Descriptive Studies in Emerging Markets (Topic),” Monetary Economics eJournal,” and “Macroeconomics: Monetary & Fiscal Policies eJournal,” “International Finance eJournal.”.
  • Y W Cheung, Guonan Ma and Robert N. McCauley (February 2011), "Renminbising China’s foreign assets", Pacific Economic Review, 16, 1-17, (Lead article).
  • Y W Cheung and Rajeswari Sengupta (January 2011), "Accumulation of Reserves and Keeping Up with the Joneses: The Case of LATAM Economies", International Review of Economics & Finance, 20, 19-31.
  • Y W Cheung, Michael Bergman and Kon S. Lai (January 2011), "The Common-Trend and Transitory Dynamics in Real Exchange Rate Fluctuations", Applied Economics, 43, 1-18, (Lead article).
  • Y W Cheung (2011), "人民币汇率错位的测度", 经济理论与政策研究, 4, 1-23, (Lead article).
  • Y W Cheung, Yan-Leung Cheung, Wan-Wei He, and Alan T.K. Wan (2010), "A Trading Strategy Based on Callable Bull/Bear Contracts", Pacific-Basin Finance Journal, 18, 186-198.
  • Y W Cheung, Guonan Ma and Robert N. McCauley (2010), "中国国外资产人民币化", 山东大学学报(哲学社会科学版), 1-11., (Lead article).
  • Y W Cheung and Xing Wang Qian (2010), "Capital Flight: China’s Experience", Review of Development Economics, 14(2), 227–247, (SSRN's Top Ten download list for ERN: Econometric Modeling in International Economics.).
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2010), "Measuring Renminbi Misalignment: Where Do We Stand?", Korea and the World Economy, 11, 263-296, Listed on SSRN's Top Ten download list for ERN: Econometric Modeling in International Economics (Topic).
  • Y W Cheung and Daniel Friedman (2009), "Speculative Attacks: A Laboratory Study in Continuous Time", Journal of International Money and Finance, 28, 1064-1082.
  • Y W Cheung and Sang-Kuck Chung (2009), "A Long Memory Model with Mixed Normal GARCH for US Inflation Data", Seoul Journal of Economics, 22, 289-310.
  • Y W Cheung, Stephen Yan-Leung Cheung and Alan Wan (2009), "A High-Low Model of Stock Price Ranges", Journal of Forecasting, 28, 103–119.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2009), "Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies", Open Economies Review, 20, 183–206.
  • Y W Cheung and Xingwang Qian (2009), "Empirics of China’s Outward Direct Investment", Pacific Economic Review, 14, 312-341, Listed on SSRN's Top Ten download lists: ““Economics Research Centers Papers,” and “Emerging Markets: Economics.”.
  • Y W Cheung and Kon S. Lai (2009), "A Multiple-Horizon Search for the Contributing Role of Trade and Financial Factors in Bilateral Real Exchange Rate Volatility", Journal of Economics and Management, 5, 187-218.
  • Y W Cheung and Xingwang Qian (2009), "Hoarding of International Reserves: Mrs Machlup’s Wardrobe and the Joneses", Review of International Economics, 17, 824-843.
  • Y W Cheung, Guonan Ma and Robert N. McCauley (2009), "Renminbisation Des Actifs Internationaux De La Chine (Renminbisation of China’s foreign assets)", Revue d'économie financière, 95, 135-155.
  • Y W Cheung and Hiro Ito (2009), "A Cross-Country Empirical Analysis of International Reserves", International Economic Journal, 23, 447-481, (Lead article).
  • Y W Cheung, Matthew S. Yiu and Kenneth K. Chow, (2009), "A Factor Analysis of Trade Integration: The Case of Asian and Oceanic Economies", Économie Internationale, 119, 5-23, (Lead article).
  • Y W Cheung, Dickson Tam and Matthew S. Yiu (2008), "Does the Chinese Interest Rate Follow the US Interest Rate?", International Journal of Finance & Economics, 13, 53-67, Listed on the SSRN's Top Ten download list: "International Finance," "Emerging Markets: Economics," and "Economics Research Centers Papers.".
  • Y W Cheung and Clement Yuk-Pang Wong (2008), "Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios", Economics: The Open-Access, Open-Assessment E-Journal, Vol. 2, 2008-15., http://www.economics-ejournal.org/economics/journalarticles/2008-15.
  • Y W Cheung and Kon S. Lai (2008), "Nominal Exchange Rate Flexibility and Real Exchange Rate Adjustment: Evidence from Dual Exchange Rates in Developing Countries", Japan and the World Economy, 20, 415-434.
  • Y W Cheung and Ai-Ru Cheng (2008), "Return, Trading Volume, and Market Depth in Currency Futures Markets", International Journal of Applied Economics, 5(2), 1-23, (Lead article.).
  • Y W Cheung, Y. L. Cheung and K. C. Ng (2007), "East Asian Equity Markets, Financial Crises, and the Japanese Currency", Journal of the Japanese and International Economies, 21, 138-152.
  • Y W Cheung (2007), "An Empirical Model of Daily Highs and Lows", International Journal of Finance & Economics, 12, 1-20, (Lead article of the 2007 issue.).
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2007), "The Overvaluation of Renminbi Undervaluation", Journal of International Money and Finance, 26, 762-785.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2007), "The Fog Encircling the Renminbi Debate", Singapore Economic Review, 52, 403 – 418, Reprinted in Paul SL Yip (editor), 2008, Exchange Rate Systems and Policies in Asia, 119-134, World Scientific Publishing Company.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2007), "The Debate about the Undervaluation of China’s Renminbi", La Follette Policy Report, 16(2) (Fall 2006-Winter 2007).
  • Y W Cheung and Eiji Fujii (2006), "Cross-Country Relative Price Volatility: Effects of Market Structure", Review of International Economics, 15, 836-48.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2006), "The Chinese Economies in Global Context: The Integration Process and Its Determinants", Journal of the Japanese and International Economies, 20, 128-153.
  • Y W Cheung and Kon S. Lai (2006), "A Reappraisal of the Excess Volatility of Cross-Border relative Prices", International Economic Journal, 20, 495-513.
  • Y W Cheung and Jude Yuen (2005), "The Suitability of a Greater China Currency Union", Pacific Economic Review, 10, 83-103, Listed on the SSRN's Top Ten download list: "CESifo: Monetary Policy & International Finance (Topic) Recent Hits," "CESifo Working Papers Recent Hits," and "Economics Research Institutes Papers Recent Hits.".
  • Y W Cheung (2005), "Recent Advances in International Finance: Introduction", Pacific Economic Review, 10, 1-3.
  • Y W Cheung (2005), "An Analysis of Hong Kong Export Performance", Pacific Economic Review, 10, 323-340, Listed on the SSRN's Top Ten download list for “POL: Asia Markets (Topic),” INTL: Managing in Emerging Markets (Topic),” “INTL: Policy Environment (Topic),” “ International Strategy & Policy eJournal.”.
  • Y W Cheung and Ulf G. Erlandsson (2005), "Exchange Rates and Markov Switching Dynamics", Journal of Business & Economic Statistics, 23, 314-320.
  • Y W Cheung, Menzie D. Chinn and Antonio Garcia Pascual (2005), "Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?", Journal of International Money and Finance, 24, 1150-1175, Listed on the SSRN's Top Ten download list: "International Finance Recent Hits.".
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2005), "Dimensions of Financial Integration in Greater China: Money Markets, Banks and Policy Effects", International Journal of Finance & Economics, 10, 117-132.
  • Y W Cheung and Antonio Garcia Pascual (2004), "Testing for Output Convergence: A Re-Examination", Oxford Economic Papers, 56, 45-63.
  • Y W Cheung, Kon S. Lai and Mike Bergman (2004), "Dissecting the PPP puzzle: The unconventional roles of nominal exchange rate and price adjustments", Journal of International Economics, 64, 135-150, Listed on the SSRN's Top Ten download list: "Monetary Economics Recent Hits" and "CESifo: Monetary Policy & International Finance (Topic) Recent Hits".
  • Y W Cheung and Antonio Garcia Pascual (2004), "Market Structure, Technology Spillovers, and the Persistence of Productivity Differences", International Journal of Applied Economics, 1, 1-23, Lead article of the inauguration issue) Listed on the SSRN's Top Ten download list: "CESifo: Fiscal Policy, Macroeconomics and Growth (Topic)," "CESifo: Trade Policy (Topic),” "Productivity (Topic)," "IO: Productivity, Innovation and Technology," "CESifo Working Papers," "Antitrust: Antitrust Law and Policy," "Antitrust and Regulated Industries (Archives)," and “IRPN: Innovation & Antitrust Law & Policy (Sub-Topic).”.
  • Y W Cheung, Menzie Chinn and Ian Marsh (2004), "How Do UK Foreign Exchange Dealers Think their Market Operates", International Journal of Finance & Economics, 9, 289-306.
  • Y W Cheung and Frank Westermann (2003), "Sectoral Trends and Cycles in Germany", Empirical Economics, 28, 141-156, Listed on the SSRN's Top Ten download list: " European Economics," " CESifo: Fiscal Policy, Macroeconomics and Growth (Topic)," and "Macroeconomics.".
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2003), "China, Hong Kong, and Taiwan: A Quantitative Assessment of Real and Financial Integration", China Economic Review, 14, 281-303, Listed on the SSRN's Top Ten download list: "Emerging Markets: Finance Recent Hits" "Monetary Economics Recent Hits" "CESifo Working Papers Recent Hits" "CESifo: Monetary Policy & International Finance (Topic) Recent Hits".
  • Y W Cheung (2002), "Hong Kong Output Dynamics: An Empirical Analysis", Pacific Economic Review, 7, 465-487, Listed on the SSRN's Top Ten download list: Listed on the SSRN's Top Ten download list: " Macroeconomics," "CESifo: Fiscal Policy, Macroeconomics and Growth (Topic)," " Development Economics," "CESifo Working Papers," and the Economics Research Network.
  • Y W Cheung and Frank Westermann (2002), "Output Dynamics of the G7 Countries: Stochastic Trends and Cyclical Movements", Applied Economics, 34, 2239-2247.
  • Y W Cheung and Jude Yuen (2002), "Effects of U.S. inflation on Hong Kong and Singapore", Journal of Comparative Economics, 30, 603-619, Listed on the SSRN's Top Ten download list: “The Economics Research Institutes Papers,” and “The ERN Subject Matter Journals.”.
  • Y W Cheung and Menzie Chinn (2001), "Currency Traders and Exchange Rate Dynamics: A Survey of the U.S. Market", Journal of International Money and Finance, 20, 439-471, Listed on the “Top 10 requested papers, Year 2001,” JIMF Webdsite. Listed on the “Top 25 requested papers, Year 2002” JIMF Webdsite. Listed on the SSRN's Top Ten download list: "CESifo: Monetary Policy and International Finance (Topic).".
  • Y W Cheung and Kon S. Lai (2001), "Long Memory and Nonlinear Mean Reversion in Japanese Yen-Based Real Exchange Rates", Journal of International Money and Finance, 20, 115-132.
  • Y W Cheung and Frank Westermann (2001), "Equity Price Dynamics Before and After the Introduction of the Euro: A Note", Multinational Finance Journal, 5, 113-128, Listed on the SSRN's Top Ten download list: "European Finance," CESifo: Monetary Policy and International Finance (Topic)," "CESifo Working Papers," "International Finance," and The Economics Research Institutes Papers.
  • Y W Cheung, Menzie Chinn and Eiji Fujii (2001), "Market Structure and the Persistence of Sectoral Real Exchange Rates", International Journal of Finance & Economics, 6, 95-114.
  • Y W Cheung and Eiji Fujii (2001), "A Note on the Power of Money-Output Causality Tests", Oxford Bulletin of Economics and Statistics, 63, 247-261, Listed on the SSRN's Top Ten download list: " Monetary Economics," and "Econometrics.".
  • Y W Cheung and Frank Westermann (2000), "Does Austria Respond to the German or the U.S. Business Cycle?", International Journal of Finance & Economics, 5, 33-42.
  • Y W Cheung and Eiji Fujii (2000), "Which Measure of Aggregate Output Should We Use?", Journal of Macroeconomics, 22, 253-269.
  • Y W Cheung and Kon S. Lai (2000), "On the Purchasing Power Parity Puzzle", Journal of International Economics, 52, 321-330.
  • Y W Cheung and Clement Yuk-Pang Wong (2000), "A Survey of Market Practitioners' Views on Exchange Rate Dynamics", Journal of International Economics, 51, 401-419.
  • Y W Cheung and Kon S. Lai (2000), "On Cross-Country Differences in the Persistence of Real Exchange Rates", Journal of International Economics, 50, 375-397, Reprinted in “New Developments in Exchange Rate Economics,” 2002, edited by Lucio Sarno and Mark P. Taylor, in the International Library of Critical Writings in Economics Series #148, Edward Elgar Publishing Ltd.
  • Y W Cheung (2000), "Special Issue on Asset Price Dynamics and Risk Management", Multinational Finance Journal, 4, 155-157.
  • Y W Cheung and Kon S. Lai (1999), "Macroeconomic Determinants of Long-Term Stock Market Comovements Among Major EMS Countries", Applied Financial Economics, 9, 73-85, (Citation of Excellence Award, offered by the ANBAR Electronic Intelligence, WWW.anbar.co.uk/awards/citations).
  • Y W Cheung and Frank Westermann (1999), "An Analysis of German Effects on the Austrian Business Cycle", Weltwirtschaftliches Archiv, 135, 522-531.
  • Y W Cheung and Kon S. Lai (1998), "Economic Growth and Stationarity of Real Exchange Rates: Evidence from Some Fast-Growing Asian Countries", Pacific-Basin Finance Journal, 6, 61-76.
  • Y W Cheung and Kon S. Lai (1998), "Parity Revision in Real Exchange Rates During the Post-Bretton Woods Period", Journal of International Money and Finance, 17, 597-614.
  • Y W Cheung and Menzie Chinn (1998), "Integration, Cointegration and the Forecast Consistency of Structural Exchange Rate Models", Journal of International Money and Finance, 17, 813-830.
  • Y W Cheung and Lilian Ng (1998), "International Evidence on the Stock Market and Aggregate Economic Activity", Journal of Empirical Finance, 5, 281-296.
  • Y W Cheung and Daniel Friedman (1998), "A Comparison of Learning and Replicator Dynamics Using Experimental Data", Journal of Economic Behavior & Organization, 35, 263-280.
  • Y W Cheung and Kon S. Lai (1998), "Power of the Augmented Dickey-Fuller Test with Information-Based Lag Selection", Journal of Statistical Computation and Simulation, 60, 57-65.
  • Y W Cheung (1998), "The Hong Kong Foreign Exchange Market", HKCER Letters, 50, 1-2.
  • Y W Cheung, Jia He and Lilian Ng (1997), "Common Predictable Components in Regional Stock Markets", Journal of Business & Economic Statistics, 15, 35-42.
  • Y W Cheung and Menzie Chinn (1997), "Further Investigation of the Uncertain Unit Root in GNP", Journal of Business & Economic Statistics, 15, 68-75.
  • Y W Cheung and Daniel Friedman (1997), "Individual Learning in Normal Form Games: Some Laboratory Results", Games and Economic Behavior, 19, 46-76.
  • Y W Cheung and Kon S. Lai (1997), "Bandwidth Selection, Prewhitening, and Power of the Phillips-Perron Test", Econometric Theory, 13, 679-691.
  • Y W Cheung, Jia He and Lilian Ng (1997), "What Are the Global Sources of Rational Variation in International Equity Returns?", Journal of International Money and Finance, 16, 821-836.
  • Y W Cheung and Hung-Gay Fung (1997), "Information Flows Between Eurodollar Spot and Futures Markets", Multinational Finance Journal, 1, 255-271.
  • Y W Cheung and Clement Yuk-Pang Wong (1997), "The Performance of Trading Rules on Four Asian Currency Exchange Rates", Multinational Finance Journal, 1, 1-22, (Lead article of the inauguration issue).
  • Y W Cheung and Menzie D. Chinn (1996), "Deterministic, Stochastic, and Segmented Trends in Aggregate Output: A Cross-Country Analysis", Oxford Economic Papers, 48, 134-162.
  • Y W Cheung and Lilian Ng (1996), "A Causality-in-Variance Test and Its Application to Financial Market Prices", Journal of Econometrics, 72, 33-48.
  • Y W Cheung (1996), "Stock Market Volatility and Fractional Integration", International Journal of Finance & Economics, 1, 263-273.
  • Y W Cheung and Kon S. Lai (1995), "Lag Order and Critical Values of the Augmented Dickey-Fuller Test", Journal of Business & Economic Statistics, 13, 277-280.
  • Y W Cheung and Kon S. Lai (1995), "Estimating Finite Sample Critical Values for Unit Root Tests Using Pure Random Walk Processes: A Note", Journal of Time Series Analysis, 16, 493-498.
  • Y W Cheung, Hung-Gay Fung, Kon S. Lai and Wai-Chung Lo (1995), "Purchasing Power Parity Under the European Monetary System", Journal of International Money and Finance, 14, 179-189.
  • Y W Cheung and Kon S. Lai (1995), "A Search for Long Memory in International Stock Market Returns", Journal of International Money and Finance, 14, 597-615.
  • Y W Cheung and Kon S. Lai (1995), "Lag Order and Critical Values of A Modified Dickey-Fuller Test", Oxford Bulletin of Economics and Statistics, 57, 411-419.
  • Y W Cheung, Menzie Chinn and Tuan Tran (1995), "How Sensitive are Trends to Data Definition? Results for East Asian and G-5 countries", Applied Economics Letters, 2, 1-6.
  • Y W Cheung, Jia He and Lilian Ng (1994), "Pacific Basin Stock Markets and Real Activity", Pacific-Basin Finance Journal, 2, 349-373, Also abstracted in The CFA Digest, 1994 Fall, 11-13.
  • Y W Cheung and Francis X. Diebold (1994), "On Maximum-Likelihood Estimation of the Differencing Parameter of Fractionally-Integrated Noise With Unknown Mean", Journal of Econometrics, 62, 301-316.
  • Y W Cheung (1994), "Aggregate Output Dynamics in the 20th Century", Economics Letters, 45, 15-22.
  • Y W Cheung and Kon S. Lai (1994), "Mean Reversion in Real Exchange Rates", Economics Letters, 46, 251-256.
  • Y W Cheung (1993), "Long Memory in Foreign Exchange Rates", Journal of Business & Economic Statistics, 11, 93-102.
  • Y W Cheung and Kon S. Lai (1993), "A Fractional Cointegration Analysis of Purchasing Power Parity", Journal of Business & Economic Statistics, 11, 103-112.
  • Y W Cheung (1993), "Exchange Rate Risk Premiums", Journal of International Money and Finance, 12, 182-194.
  • Y W Cheung (1993), "Tests for Fractional Integration: A Monte Carlo Investigation", Journal of Time Series Analysis, 14, 331-345.
  • Y W Cheung and Kon S. Lai (1993), "Long-Run Purchasing Power Parity During the Recent Float", Journal of International Economics, 34, 181-192.
  • Y W Cheung, Kon S. Lai and Michael Lai (1993), "Are There Long Cycles in Foreign Stock Returns?", Journal of International Financial Markets, Institutions & Money, 3, 33-47.
  • Y W Cheung and Kon S. Lai (1993), "Do Gold Market Returns Have Long Memory?", Financial Review, 28, 181-202.
  • Y W Cheung and Kon S. Lai (1993), "Finite-Sample Sizes of Johansen's Likelihood Ratio Tests for Cointegration", Oxford Bulletin of Economics and Statistics, 55, 313-328.
  • Y W Cheung and Kon S. Lai (1992), "International Evidence on Output Persistence From Postwar Data", Economics Letters, 38, 435-441.
  • Y W Cheung and Lilian Ng (1992), "Stock Price Dynamics and Firm Size: An Empirical Investigation", Journal of Finance XLVII, 1985-1997., Also abstracted in The CFA Digest, 1993 Spring, 21-22.
  • Y W Cheung and Lilian Ng (1992), "Interactions Between the U.S. and Japan Stock Market Indices", Journal of International Financial Markets, Institutions & Money, 2, 51-70.
  • Y W Cheung and Lilian Ng (1990), "The Dynamics of S&P 500 Index and S&P 500 Futures Intraday Price Volatilities", Review of Futures Markets, 9, 458-486.
Accepted Journal Articles (forthcoming)
Books and Book Chapters
  • Y W Cheung and Hui Miao (January 2014), "Chapter 26,The offshore RMB market in Hong Kong and RMB Internationalization", The Oxford Handbook of the Economics of the Pacific Rim (Editors: Inderjit Kaur and Nirvikar Singh), Oxford University Press, pp. 681-698., http://global.oup.com/academic/product/the-oxford-handbook-of-the-economics-of-the-pacific-rim-9780199751990?cc=hk&lang=en&#.
  • Y W Cheung and Kar-Yiu Wong (November 2013), China and Asia: Economic and Financial Interactions, Routlegde., http://www.routledge.com/books/details/9780415748360/.
  • Y W Cheung and Frank Westermann (co-edited) (November 2013), "Global Interdependence, Decoupling, and Recoupling", The MIT Press, http://mitpress.mit.edu/books/global-interdependence-decoupling-and-recoupling.
  • Y W Cheung and Frank Westermann (2013), "Chapter 1, Introduction", Global Interdependence, Decoupling, and Recoupling (Editors: Y W Cheung and Frank Westermann), The MIT Press., pp. 1-15.
  • Y W Cheung, co-edited with Jakob de Haan (November 2012), The Evolving Role of China in the Global Economy, The MIT Press., http://mitpress.mit.edu/books/evolving-role-china-global-economy-0.
  • Y W Cheung and 秦凤鸣 (June 2012), 人民币汇率:过去、现在与未来, 中国金融出版社.
  • Y W Cheung, Guonan Ma and Robert N. McCauley (April 2012), "中国为何要致力于推动人民币的国际化?", in Jane Golley and Ligang Song (eds.), 崛起的中国:全球机遇与挑战, the ANU E Press., Chapter 4, pp.46-70.
  • Y W Cheung (2012), "Exchange Rate Misalignment –The Case of the Chinese Renminbi", Handbook of Exchange Rates, Chapter 27, 751-765, edited by Jessica James, Ian W. Marsh and Lucio Sarno, John Wiley & Sons, Inc. Listed on the SSRN's Top Ten download list: “International Finance (Topic),” “Econometrics: Applied Econometric Modeling in International Economics eJournal,” “Econometric Studies of Foreign Exchange Markets (Topic),” “International Monetary Relations (Topic),” “International Finance eJournal.”.
  • Y W Cheung, Jakob de Haan, XingWang Qian, Shu Yu (2012), "China’s Investments in Africa", The Evolving Role of China in the Global Economy, Yin-Wong Cheung and Jakob de Haan (editors), The MIT Press., Chapter 13, 419-444.
  • Y W Cheung and Jakob de Haan (2012), "Introduction", in Yin-Wong Cheung and Jakob de Haan (editors),", The Evolving Role of China in the Global Economy, The MIT Press., Chapter 1, pp.1-14.
  • Y W Cheung co-edited with Guonan Ma (July 2011), "Asia and China in the Global Economy", World Scientific Publishing Co., http://www.worldscibooks.com/eastasianstudies/8028.html.
  • Y W Cheung, Menzie Chinn and Eiji Fujii (July 2011), "A Note on the Debate over Renminbi Undervaluation", Asia and China in the Global Economy, Yin-Wong Cheung and Guonan Ma (eds.), Chapter 6, pp.155-187.
  • Y W Cheung, Guonan Ma and Robert N. McCauley (June 2011), "Why Does China Attempt to Internationalise the Renminbi?", Rising China: Global Challenges and Opportunities, Jane Golley and Ligang Song (eds.), the ANU E Press., Chapter 4, pp. 45-68, An Abridged version appeared in East Asia Forum.
  • Y W Cheung co-edited with Guonan Ma and Vikas Kakkar (2011), "The Evolving Role of Asia in Global Finance", Emerald Group Publishing Limited., http://www.emeraldinsight.com/books.htm?issn=1574-8715&volume=9.
  • Y W Cheung and Xingwang Qian (2011), "Deviations from Covered Interest Parity: The Case of China", The Evolving Role of Asia in Global Finance, Yin-Wong Cheung, Guonan Ma, and Vikas Kakkar (eds.), Chapter 15, pp. 369-386.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (December 2010), "China’s Current Account and Exchange Rate", China's Growing Role in World Trade, edited by Robert Feenstra and Shing-Jin Wei, University of Chicago Press for NBER., Chapter 9, pp. 231-271, http://www.press.uchicago.edu/presssite/metadata.epl?mode=synopsis&isbn=9780226239729. Listed on SSRN's Top Ten download list: “Chinese Studies,” “EAS Subject Matter eJournals,” “HRN East Asian Studies Research Network,” “PSN: International Monetary Relations (Topic),” and “IPE: International Monetary Relations (Topic).”.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2010), "Measuring misalignment: Latest estimates for the Chinese renminbi", The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, Simon Evenett (Editor), A VoxEU.org Publication., Chapter 10, 79-90, http://www.voxeu.org/reports/currency_dispute.pdf.
  • Y W Cheung co-edited with Kar-Yiu Wong (2009), "China and Asia: Economic and Financial Interactions", Routlegde., http://www.routledge.com/books/China-and-Asia-isbn9780415776097.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2009), "The Illusion of Precision and the Role of the Renminbi in Regional Integration", Towards Monetary And Financial Integration In East Asia, Koichi Hamada, Beate Reszat, and Ulrich Volz (eds), Edward Elgar Publishing, Chapter 13, 325-356, http://www.e-elgar.co.uk/Bookentry_Main.lasso?id=13458.
  • Y W Cheung and Hiro Ito (2009), "Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences", Exchange Rate, Monetary and Financial Issues and Policies in Asia, Ramkishen S. Rajan, Shandre Thangavelu, and & Rasyad A Parinduri (eds), World Scientific Press, Chapter 3, 77-115, http://www.worldscibooks.com/economics/7008.html.
  • Y W Cheung (2009), "Purchasing Power Parity", The Princeton Encyclopedia of the World Economy, Kenneth A. Reinert & Ramkishen S. Rajan (eds), Princeton University Press, 942-946, http://press.princeton.edu/titles/8736.html#TOC.
  • Y W Cheung (2009), "Exchange Rate Forecasting", The Princeton Encyclopedia of the World Economy, Kenneth A. Reinert & Ramkishen S. Rajan (eds), Princeton University Press., 375-377, http://press.princeton.edu/titles/8736.html#TOC.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2008), "The Fog Encircling the Renminbi Debate", Exchange Rate Systems and Policies in Asia, Paul SL Yip (editor), World Scientific Publishing Company, 119-134, (First published in the Singapore Economic Review, Volume 52, Number 3, 403-418.).
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2007), "The Economic Integration of Greater China – Real and Financial Linkages and the Prospects for Currency Union", Hong Kong University Press. (ISBN 978-962-209-822-0), http://www.hkupress.org/Common/Reader/Products/ShowProduct.jsp?Pid=1&Version=0&Cid=16&Charset=iso-8859-1&page=-1&key=9789622098220.
  • Y W Cheung and Jude Yuen (2005), "An Output Perspective on a Northeast Asia Currency Union", Prospects for Monetary Unions after the Euro, Paul De Grauwe and Jacques Mélitz eds, The MIT Press, Chapter 11, 289-317, http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=10726. Listed on the SSRN's Top Ten download list: "CESifo: Monetary Policy & International Finance (Topic) Recent Hits".
  • Y W Cheung, Javier Gardeazabal and Jesús Vázquez (2005), "Exchange Rate Dynamics: Where is the Saddle Path?", Critical Issues in China’s Growth and Development, Yum K. Kwan and Eden S.H. Yu ed. (a volume in honor of Professor Gregory Chow), Ashgate Publishing Company, chapter 9, p. 201-16, http://www.ashgate.com/default.aspx?page=637&calcTitle=1&title_id=7057&edition_id=8120.
  • Y W Cheung, Menzie D. Chinn and Antonio Garcia Pascual (2005), "What Do We Know about Recent Exchange Rate Models? In-Sample Fit and Out-of-Sample Performance Evaluated", “Exchange Rate Economics: What Do we Stand?”, Paul De Grauwe ed., The MIT Press., Chapter 8, 239-276, http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=10519. Listed on SSRN's Top Ten download list: “Forecasting (Topic).”.
  • Y W Cheung and Ulf G. Erlandsson (2004), "Real Exchange Rate Dynamics: An Alternative Approach", Recent Developments on Exchange Rates, Sandrine Lardic and Valérie Mignon eds, Palgrave MacMillan, Chapter 3, p. 45-47, http://www.palgrave-usa.com/catalog/product.aspx?isbn=1403934878.
  • Y W Cheung, Menzie D. Chinn and Eiji Fujii (2003), "A Price-Based Assessment of Economic Integration: The Implications for Monetary Arrangements in East Asia", Financial Development and Integration in East Asia, Choong Yong Ahn, Takatoshi Ito, Masahiro Kawai, and Yung Chul Park eds., KIEP, chapter 6, 174-205.
  • Y W Cheung and Kon S. Lai (2002), "On Cross-Country Differences in the Persistence of Real Exchange Rates", reprinted in “New Developments in Exchange Rate Economics,” 2002, edited by Lucio Sarno and Mark P. Taylor, in the International Library of Critical Writings in Economics Series, Edward Elgar Publishing Ltd., #148, (Originally published in Journal of International Economics 50, 375-397.).
  • Y W Cheung and Frank Westermann (2001), "Business Cycles in Switzerland: An Empirical Analysis of the German and the U.S. Effects", EMU, Financial Markets and the World Economy, Thomas Moser and Bern Schips, eds., Kluwer Academic Publishers, Boston, USA, Chapter 13, 219-230, http://www.springer.com/economics/macroeconomics/book/978-0-7923-7992-8.
  • Y W Cheung and Kon S. Lai (2000), "The Overreacting Behavior of the Real Exchange Rate Dynamics", Statistics and Finance: An Interface, Wai-Sum Chan, Wai Keung Li, Howell Tong, eds., World Scientific Publishing Company, p. 303-318, http://www.worldscibooks.com/mathematics/p202.html.
  • Y W Cheung and Clement Yuk-Pang Wong (1999), "Foreign Exchange Traders in Hong Kong, Japan, and Singapore: A Survey Study", Advances in Pacific Basin Financial Markets, Theodore Bos and Thomas A Fetherston eds., Volume V, 111-134.
  • Y W Cheung, Y.H. Liu and Harry Lo (1997), "Financial Options (in Chinese)", U-Press Company Ltd. (ISBN 962-8399-01-2).
  • Y W Cheung and Lilian Ng (1995), "Equity Price Variation in Pacific Basin Countries", Advances in Pacific Basin Financial Markets, Theodore Bos and Thomas A. Fetherston eds., Volume I, p. 211-227.
  • Y W Cheung, Jia He and Lilian Ng (1993), "The Predictable Variation of International Equity Returns and Global Real Activity", Proceedings of the 20th Annual European Finance Association Meeting.