Working Paper Series


Serial No. Author(s)



Sangyup Choi (Yonsei University), Davide Furceri (IMF), Prakash Loungani (IMF) and Myungkyu Shim (Yonsei University)

Inflation Anchoring and Growth: The Role of Credit Constraints

#2020-031 Yin-Wong Cheung (City University of Hong Kong), Louisa Grimm (Osnabrück University) and Frank Westermann (Osnabrück University)

The Evolution of Offshore Renminbi Trading: 2016 to 2019

#2020-030 Gaofeng Han (Hong Kong Institute for Monetary and Financial Research), Hui Miao (International Monetary Fund) and Yabin Wang (Hong Kong Monetary Authority) Liquidity of China government bond market: Measures and Driving Forces
#2020-029 Zhitao Lin (Jinan University) and Xingwang Qian (SUNY Buffalo State College) U.S. monetary policy uncertainty and RMB deviations from covered interest parity
#2020-028 Chang Ma (Fudan University), John Rogers (Federal Reserve Board) and Sili Zhou (Fudan University) The Effect of the China Connect 
#2020-027 Woo Jin Choi (Korea Development Institute), Ju Hyun Pyun (Korea University Business School) and Youngjin Yun (Bank of Korea)

Reserve Accumulation and Firm Investment: Evidence from Matched Bank–Firm Data

#2020-026 Daniel J. Benjamin (University of California Los Angeles & NBER) Mark Alan Fontana (Hospital for Special Surgery & Weill Cornell Medical College) and Miles Kimball (University of Colorado Boulder & NBER) Reconsidering Risk Aversion
#2020-025 Sangyup Choi (Yonsei University), Davide Furceri (IMF) and Chansik Yoon (Princeton University)

International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending

#2020-024 Yin-Wong Cheung (City University of Hong Kong) A Decade of RMB Internationalization

Matthew E. Kahn (Johns Hopkins University), Jianfeng Wu (Fudan University), Weizeng Sun (Jinan University) and Siqi Zheng (Massachusetts Institute of Technology)

Industrial parks and urban growth:
A political economy story in China

Timothy J. Riddiough (University of Wisconsin at Madison)

Pension Funds and Private Equity Real Estate: History, Performance, Pathologies, Risks


David Finck (Justus Liebig University Gießen), Peter Tillmann (Justus Liebig University Gießen)

Pandemic Shocks and Household Spending


Edward C. H. Tang (Hong Kong Shue Yan University)

Speculate a Lot


Sen Geng (Xiamen University), Menglong Guan (UC Santa Barbara)

Design Your Trustworthiness

#2020-018 Prasad Sankar Bhattacharya (Deakin University, Australia) Land and Macroeconomics

Eric A. Hanushek (Stanford, UT Dallas, and NBER), Kuzey Yilmaz (Cleveland State University)

Residential Location and Education in the United States


Piyush Tiwari and Jyoti Rao (University of Melbourne)

The Housing Conundrum in India


Sangyup Choi (Yonsei University), Davide Furceri (IMF) and João Tovar Jalles (IMF)

Heterogenous Gains from Countercyclical Fiscal Policy: New Evidence from International Industry-level Data

#2020-014 Santiago Pinto & Pierre-Daniel G. Sarte (Federal Reserve Bank of Richmond)

From the Regional Economy to the Macroeconomy


Rasmus Fatum (Alberta), Takahiro Hattori (Hitotsubashi) and Yohei Yamamoto (Hitotsubashi)

Reserves and Risk: Evidence from China


G. Nathan Dong (Boston College)

Banking for the Public Good: Access to Credit and the Nonprofit Sector


Anil Ari (IMF), Sophia Chen (IMF) and Lev Ratnovski (ECB)

The Dynamics of Non-Performing Loans during Banking Crises: A New Database 


Mengheng Liu (Zhejiang University), Xingwang Qian (SUNY Buffalo)

Provincial interdependence and China’s “irrational” outward foreign direct investment


Jean Imbs (NYU Abu Dhabi, PSE/CNRS, CEPR) and Laurent L. Pauwels (Sydney)

High Order Openness


Christos Argyropoulos (Lancaster University, University of Essex), Bertrand Candelon (Université Catholique de Louvain), Jean-Baptiste Hasse (Aix-Marseille University) and Ekaterini Panopoulou (University of Essex)

Toward a Macroprudential Regulatory Framework for Mutual Funds

#2020-007 Sangyup Choi (Yonsei), Davide Furceri (IMF) and Chansik Yoon (Princeton)

Policy Uncertainty and Foreign Direct Investment


Sangyup Choi (Yonsei)

Bank Lending Standards, Loan Demand, and the Macroeconomy: Evidence from the Korean Bank Loan Other Survey


Naijia Guo (Chinese University of Hong Kong) and Charles Ka Yui Leung (City University of Hong Kong)

Do Elite Colleges Matter? The Impact of Elite College Attendance on Entrepreneurship Decisions and Career Dynamics


Yin-Wong Cheung, Wenhao Wang (City University of Hong Kong)

Uncovered Interest Rate Parity Redux: Non-Uniform Effects


Takahiro Hattori (Hitotsubashi University), Jiro Yoshida (The Pennsylvania State University and the University of Tokyo)

The Bank of Japan as a Real Estate Tycoon: Large-Scale REIT Purchases


Sangyup Choi, Myungkyu Shim (Yonsei University)

Labor Market Dynamics under Technology Shocks: the Role of Subsistence Consumption


Kazuo Ogawa (Kansai Gaidai University)

Real Estate Market and Consumption: Macro and Micro Evidence of Japan