Tsinghua Workshop in International Finance
June 11 - 12, 2019, Tsinghua University, Beijing, China
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Tsinghua Workshop in International Finance 2017

September 2-3, 2017
Tsinghua University

Venue: Room 301, Shunde Bldg., SEM



Saturday, September 2   

8:20-8:40           Registration
8:40-8:45           Opening Remarks Chong-En Bai (Mansfield Freeman Professor and Executive Associate Dean, School of Economics and Management, Tsinghua University)


Morning Session: (Presenters: 45 minutes)

Chair: Qing Liu (Tsinghua University)

8:45-9:30      Fernando Broner (CREI, UPF, Barcelona GSE), Daragh Clancy (European Stability Mechanism),

                        Aitor Erce (European Stability Mechanism), Alberto Martin (CREI, UPF, Barcelona GSE):

                           "Fiscal Multipliers and the Home Bias of Public Debt"


9:30-10:15     Feng Dong (Shanghai Jiao Tong University), Yi Lu (Tsinghua University):

                           "Globalization, Financial Frictions, and Optimal Development Policies"


10:15-10:30     Coffee Break


Chair: Wenlan Luo (Tsinghua University)

10:30-11:15     David Cook (HKUST), Nikhil Patel (Bank for International Settlements):

                           "International Price System, Intermediate Inputs and Regional Trade"


11:15-12:00     Jiandong Ju (Tsinghua University), Justin Lin (Peking University),

                        Qing Liu (Tsinghua University), Kang Shi (CUHK):

                           "Excess Labor Supply, Structural Change and Real Exchange Rate"

12:00-13:30     Lunch    


Afternoon Session:

Chair: Wen Yao (Tsinghua University)

13:30-14:15     Sihao Chen (HKUST), Micheal Devereux (UBC),

                        Kang Shi (CUHK), Juanyi Xu (HKUST):

                           "Local Currency Pricing and International Tax Policy"


14:15-15:00     Shu Lin (CUHK), Haichun Ye (Hong Kong Monetary Authority):

                           " FDI, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms"


15:00-15:15     Coffee Break


Policy Panel:

Moderator: Chong-En Bai (Mansfield Freeman Professor and Executive Associate Dean, School of Economics and Management, Tsinghua University)

15:15-17:00     Michael Devereux (Professor of Economics, University of British Columbia), Tao Guan (Senior Research Fellow of CF40,Former Director General of the Department of Balance of Payments, the State Administration of Foreign Exchange):

                          Policy Panel


18:00-20:00     Conference Dinner


Sunday, September 3   

Morning Session (Presenters: 45 minutes)

Chair: Kang Shi (CUHK)

8:45-9:30      Michael Devereux (University of British Columbia), Eric Young (Virginia),

                        Changhua Yu (CCER, Peking University):

                           "Monetary Policy and Capital Controls in Emerging Economies "


9:30-10:15      Yi Huang (The Graduate Institute Geneva):

                           "International Channels of Monetary Policy and Its Impact on Emerging Market"

10:15-10:30     Coffee Break


Chair: Jiandong Ju (Tsinghua University)

10:30-11:15     Jonas Heipertz (Paris School of Economics), Amine Ouazad (HEC Montreal),

                        Romain Ranciere (USC), Natacha Valla (European Investment Bank):

                           "Balance-Sheet Diversification in General Equilibrium: Identification and Network Effects"


11:15-12:00     Cristina Arellano (Minneapolis Fed, University of Minnesota), Yan Bai (University of Rochester),

                        Gabriel Mihalache (Stony Brook University):

                           "Default Risk, Sectoral Reallocations, and Persistent Recessions"

12:00-13:30     Lunch    


Afternoon Session:

Chair: Juanyi Xu (HKUST)

13:30-14:15     Pengfei Wang (HKUST), Jing Zhou (FuDan University),

                        Jianjun Miao (Boston University):

                           "Asset Bubbles and Foreign Interest Rate Shocks"


14:15-15:00     Wenlan Luo (Tsinghua Unviersity):

                           "The Consumer Credit Channel of Monetary Policy"


15:00-15:15     Coffee Break

Chair: Meixin Guo (Tsinghua Unviersity)

15:15-16:00     Liugang Sheng (CUHK), Jing Zhao (CUHK):

                           "Trade and Spatial Propagation of Housing Market Fluctuations"