Journal Articles

Working Papers

Book Chapters

Policy Papers

Books

Media Citations

Selected Journal Articles
(A full list of publications can be found in the curriculum vitae)

My journal publications ordered by year on:

  • Trade Reforms and Current Account Imbalances (with Jiandong Ju and Kang Shi), Journal of International Economics, conditionally accepted.

  • Monetary Policy in an Era of Global Supply Chains (with Yinxi Xie), Journal of International Economics, 2020.

  • Did Unconventional Interventions Unfreeze the Credit Market?” (with Hui Tong), American Economic Journal: Macroeconomics, 2020.

  • Services Development and Comparative Advantage in Manufacturing (with Xuepeng Liu, Aaditya Mattoo, and Zhi Wang), Journal of Development Economics, 2020.

  • Global Value Chains and the Real Effective Exchange Rate (with Nikhil Patel and Zhi Wang), Journal of Money Credit and Banking, 2019.

  • One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility? (with Yongheng Deng and Xin Liu), Journal of Financial Economics, December 2018; Best Paper Award, China International Conference in Finance, 2014.

  • International Transmissions of Monetary Policy Shocks: Between a Trilemma and a Dilemma (with Xuehui Han), Journal of International Economics, 2018; Finalist for Pushan Prize for Best Paper on the World Economy (2018).

  • From "Made in China" to "Innovated in China": Necessity, Prospect, and Challenges (with Z. Xie and X. Zhang), Journal of Economic Perspectives, 2017; Pushan Prize for Best Paper on the World Economy (2020).

  • Re-examining the Middle-Income Trap Hypothesis (MITH): What to Reject and What to Revive? (with X. Han), Journal of International Money and Finance, 2017.

  • The Effects of Financial Development on Foreign Direct Investment (with Rodolphe Desbordes), Journal of Development Economics, 2017.

  • Status Competition and Housing Prices (with Xiaobo Zhang and Yin Liu), Journal of Development Economics, 2017.

  • The Diffusion of Corporate Governance to Emerging Markets: Evaluating Two Dimensions of Investor Heterogeneity (with Woochan Kim and Taeyoon Sung), Journal of International Money and Finance, 2017.

  • A Darwinian Perspective on "Exchange Rate Undervaluation" (with Qingyuan Du), European Economic Review, 2016.

  • The Competitive Saving Motive: Concept, Evidence, and Implications (with Xiaobo Zhang), Frontiers of Economics in China, 2016.

  • Tracing Value-added and Double Counting in Gross Exports (with Robert Koopman and Zhi Wang), American Economic Review, 2014.

  • Trade Liberalization and Embedded Institutional Reform: Evidence from Chinese Exporters (with Amit K. Khandelwal and Peter K. Schott), American Economic Review, 2013.

  • A Faith-based Initiative Meets the Evidence: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment? (with Menzie Chinn), Review of Economics and Statistics, forthcoming.

  • From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels (with Stijn Classsens and Hui Tong), Journal of International Economics, 2012, 88(2): 375-387.

  • Estimating Domestic Content in Exports When Processing Trade is Pervasive (with Robert Koopman and Zhi Wang), Journal of Development Economics, forthcoming.

  • Slow Pass-through Around the World: A New Import for Developing Countries? (with Jeffrey Frankel and David Parsley), Open Economies Review, 2012, 23(2): 213-251.

  • The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China (with Xiaobo Zhang), Journal of Political Economy, 2011, 119 (3): 511-564.

  • Does Corporate Governance Risk at Home Affect Investment Choices Abroad? (with Woochan Kim and Taeyoon Sung), Journal of International Economics, 2011, 85 (1): 25-41.

  • When is Quality of Financial Institutions a Source of Comparative Advantage? (with Jiandong Ju), Journal of International Economics, 2011, 84 (2): 178-187.

  • The Role of Intermediaries in Facilitating Trade (with JaeBin Ahn and Amit Khandelwal), Journal of International Economics, May 2011, 84 (1): 73-85.

  • The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis (with Hui Tong), Review of Financial Studies, 2010, 24 (6): 2023-2052.

  • Domestic Institutions and the Bypass Effect of Financial Globalization (with Jiandong Ju), American Economic Journal: Economic Policy, 2010, 2(4):173-204.

  • Financial Globalization and Economic Policies (with Ayhan Kose, Kenneth Rogoff, and Eswar Prasad), Handbook of Development Economics, Vol. 5, edited by Dani Rodrik and Mark Rosenzweig, North-Holland, 2010, pp. 4283-4362.

  • Do External Interventions Work? The Case of Trade Reform Conditions in IMF Supported Programs (with Zhiwei Zhang), Journal of Development Economics, May 2010, 92 (1): 71-81.

  • Does the Global Fireman Inadvertently Add Fuel to the Fire? New Evidence from Institutional Investors' Responses to IMF Program Announcements (with Zhiwei Zhang), Journal of International Money and Finance, 2010, 29 (4): 728-741.

  • The Smuggling of Art, and the Art of Smuggling: Uncovering the Illicit Trade in Cultural Property and Antiques (with Raymond Fisman), American Economic Journal: Applied Economics, 2009, 1(3): 82-96.

  • Financial Globalization: A Reappraisal (with Ayhan Kose, Eswar Prasad, and Kenneth Rogoff), IMF Staff Papers, 2009, 56(1): 8-62.

  • The Value of Making Commitments Externally: Evidence from WTO Accessions (with Man-Keung Tang), Journal of International Economics, 2009, 78(2): 216-229.

  • Corruption and Cross-border Investment in Emerging Markets: Firm-level Evidence (with Beata Javorcik), Journal of International Money and Finance, 2009, 28 (4): 605-624

  • Service Offshoring and Productivity: Evidence from the US (with Mary Amiti), World Economy, 2009, 32(2): 203-220.

  • Outsourcing Tariff Evasion: A New Explanation for Entrepot Trade (With R. Fisman and P. Moustakerski), Review of Economics and Statistics, 2008, 90(3): 587-592.
    (Presentation File)

  • Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights (with Jeffrey A. Frankel), IMF Staff Papers, 2008, 55(3): 384-416.

  • In Search of a Euro Effect: Big Lessons from a Big Mac Meal
    (with David Parsley), Journal of International Money and Finance, 2008, 27(2): 260-272.



  • Collateral Damage: Exchange Controls and International Trade
    (With Z. Zhang), Journal of International Money and Finance, 2007.
    (Presentation File)

  • Assessing China's Exchange Rate Regime
    (with J. Frankel), Economic Policy, 2007.
    NBER working paper version.     Data used

    • Connecting Two Views on Financial Globalization: Can We Make Further Progress?
    Journal of The Japanese and International Economies, October 2006.

  • Monetary Policies for Developing Countries: The Role of Institutional Quality
    (With Haizhou Huang), Journal of International Economics, September 2006.

  • Fear of Service Outsourcing: Is it Justified?
    (With M. Amiti), NBER Working Paper 10808, October 2004. Published in Economic Policy in April, 2005.
    (Appendix tables available)


  • Tax Rates and Tax Evasion: Evidence from 'Missing Imports' in China
    (with Raymond Fisman), Journal of Political Economy, 2004, vol. 112, no. 2.
    (NBER working paper version) (Presentation File)

  • Does Insider Trading Raise Market Volatility?(Data available)
    (with Julan Du), The Economic Journal, 2004, 114 (October), 927-956.
    (NBER working paper version) (Presentation File)

  • Pollution Havens and Foreign Direct Investment: Dirty Secret or Popular Myth?
    (With B.S. Javorcik), Contributions to Economic Analysis & Policy, 2004, 3(2), Article 8.

  • Foreign Portfolio Investors Before and During a Crisis
    (Chinese translation of the maintext)
    (with Woochan Kim), Journal of International Economics, 2002, 56(1): 77-96.

  • Offshore Investment Funds: Monsters in Emerging Markets?
    (with Woochan Kim), Journal of Development Economics, 2002, Vol. 848.

  • Explaining the Border Effect: The Role of Exchange Rate Variability, Shipping Costs, and Geography (Data available)
    (with David Parsley), Journal of International Economics, October 2001, 55(1): 87-105.

  • The Bigger They Are, the Harder They Fall: the Retail Price Differences across U.S. Cities
    (with Paul O'Connell), Journal of International Economics, 2002, 56(1): 21-54.

  • Convergence to the Law of One Price Without Trade Barriers or Currency Fluctuations? (Data available)
    (with David Parsley), Quarterly Journal of Economics, November, 1996, No.447, 1211-1236.

  • Local Corruption and Global Capital Flows
    Brookings Papers on Economic Activity, 2000(2): 303-354.

  • How Taxing is Corruption on International Investors?
    Review of Economics and Statistics, February 2000, 82(1): 1-11. Featured in Economist magazine, Financial Times, Chicago Tribune, Asian Wall Street Journal, (London) Times, and St. Petersburg Times.


  • The China Money Puzzle: Will a Devaluation of the Yuan Help or Hurt the Hong Kong Dollar?
    (S.-J. Wei, L. Liu, Z. Wang, and W.T. Woo), China Economic Review, 2000(11): 171-188.

  • Currency Hedging and Goods Trade
    European Economic Review, 1999, (43) 1371-1394.

  • Open Regionalism in a World of Continental Trade Blocs
    (with Jeffrey Frankel), IMF Staff Papers, Vol. 45, No. 3, September 1998.

  • Gradualism versus Big Bang: Speed and Sustainability of Reforms
    Canadian Journal of Economics, XXX(4b), November, 1997, p1234-1247.

  • To Shock or not to Shock: Economics and Political Economy of Large-scale Reforms
    (with P. Lian) Economics and Politics, 10(2): 161-183, July, 1998.

  • Regional Trading Arrangements: Natural or Supernatural?
    (with J. Frankel and E. Stein), American Economic Review, 86(2), May, 1996, p52-56.

  • Trading Blocs and the Americas: The Natural, the Unnatural, and the Super-natural? (Data available)
    (with J.Frankel and E. Stein), Journal of Development Economics, June, 1995, 47:61-95.

  • Insignificant and Inconsequential Hysteresis: The Case of U.S. Bilateral Trade (Data available)
    (With D. Parsley). The Review of Economics and Statistics, November, 1993, p606-613.

  • Can Regional Trade Blocs be a Stepping Stone to Global Free Trade?
    (S.J. Wei and J. Frankel) International Review of Economics and Finance, 5(4): 339-347, 1996.

  • Price Volatility Without News about Fundamentals
    Economics Letters, 37: 453-458, 1991.
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