Areas of Research： Public finance and governance; International monetary system and global economic cooperation; Money，banking and financial market in China; Systemic risk, financial crisis and investment dynamics
Mr. Qiao Yu is professor of economics and director of Center for Public Economy，Finance and Governance in the School of Public Policy & Management at Tsinghua University. Previously he was Citibank professor and head in the Department of Finance of the School of Management at Fudan University. He taught at the University of Canterbury and National University of Singapore in the 1990s. Mr Yu received BA (1982) from Sichuan University in China, and MA (1985) and Ph.D. (1990) at Michigan State University. His current research interests include monetary policy and financial market in China, systemic risk and financial crisis, international monetary system, and ICT technology and healthcare insurance system. He has published many peer-refereed articles in academic journals, including Journal of Bank and Finance, Journal of International Money and Finance, Journal of Comparative Economics, Review of Financial Economics, Global Finance Journal, Journal of International Financial Markets, Institutions & Money, Contemporary Economic Policy, Mathematics and Computers in Simulation, Journal of Peace Research, Economic Systems, Journal of Economics and Finance, Pacific Basin Finance Journal, China Economic Review, Singapore Economic Review. He also published many research articles in leading Chinese academic journals. He is an author and co-author of books. His current books include Study of Big Volatility in China’s Capital Market, China’s Foreign Reserve and Global Direct Investment, and Fiscal Transparency Report of Chinese City Governments. Besides, he contributed op-ed pieces to English newspapers like Wall Street Journal, Financial Times, and New York Times. And he has also contributed background reports of G20 Think-tank for G20 summit meetings in recent years.
Articles in International Academic Journals (English)：
Yu Q. and W. Fan, “Can China Steer Clear of Minsky Moment?” China Finance and Economic Review, vol. 2, no.4, 2013, 35-51.
Zhang, X., L. Chen, K. Mueller, Q. Yu, J. Liu and G., Lin, “Tracking the effectiveness of healthcare reform in China,” Health Policy,100, 2011,181-88.
Yu, Q., B. Du, and Q. Sun, “Earnings management at rights issues thresholds—evidence from China,” Journal of Banking and Finance, 30, 2006, 3453-68.
Sun, Q., W. Tang and Q. Yu, “Determination of Foreign Direct Investment in China,” Journal of International Money and Finance, 21, 2002,79-113.
Yu, Q. and Albert Tsui, “Monetary Services and Money Demand in China”, China Economic Review, 11, vol.3, 2000, 1-17.
Lu, D. and Q. Yu, “The Intermediate Future of Hong Kong’s Exchange Rate Regime: Lessons from Singapore”, China Economic Review, 10, vol. 2, 1999, 122-140.
Mookerjee, R. and Q. Yu, "An Empirical Analysis of the Equity Markets in China", Review of Financial Economics, vol. 8, 1999, 41-60.
Mookerjee, R. and Q. Yu, "Seasonality in the Stock Returns of the Chinese Stock Markets: the Case of Shanghai and Shenzhen", Global Finance Journal, 1999, 93-105.
Yu, Q. and P. Xie, “Money Aggregates Management: Problems and Prospects in China’s Economic Transition”, Contemporary Economic Policy, vol. 17, no. 1, 1999, 33-44.
A. Tsui and Q. Yu, “Constant Conditional Correlation in A Mivariate GARCH Model”, Mathematics and Computers in Simulation, 48, 1999, 503-509.
Sun, Q. and Q. Yu, "Determinants of China’s Military Expenditures: 1965-93”, Journal of Peace Research, vol. 36, no. 1, 1999, 23-33.
Yu, Q., “Capital Investment, Foreign Trade and Economic Growth in China: Evidence in the 1980-90s”, China Economic Review, vol. 9, no.1, 1998, 73-84.
Lu, D. and Q. Yu, “Banking Credit as A Macroeconomic Policy Instrument in China: Effectiveness and Costs”, Economic Systems, vol. 22, no.2, 1998, 174-74.
Yu, Q., "Economic Fluctuation, Macro Control and Monetary Policy in China’s Transitional Economy", Journal of Comparative Economics, 25, Oct., 1997, 180-195.
Mookerjee, R. and Q. Yu, "Macroeconomic Variables and Stock Prices in A Small Open Economy: the Case of Singapore", Pacific-Basin Finance Journal, 4, vol. 5, 1997, 377-88.
Yu, Q., "Inter-market Relationship between Stock Returns in the East-Asian Region: Is Japan a Market Leader?" Papers and Proceedings, Journal of Economics & Finance, vol. 21, 1997, 688-98.
Yu, Q.,"A Conditional Variance Model for Daily Stock Returns in China's Emerging Stock Markets", Journal of International Financial Markets, Institutions & Money, vol. 6, Nov.,1996, 1-19.
Mookerjee, R. and Q. Yu, "Capital Market Reform on the Road toward A Market-Oriented Economy: the Case of Stock Markets in China", Journal of Developing Areas, vol. 30, Oct. 1995,23-40.
Yu, Q., "Stock Prices and Exchange Rates: Experiences in Leading East-Asian Financial Centers--Tokyo, Hong Kong and Singapore", Singapore Economic Review, vol. 41, no.1, 1995, 47-56.
Working Papers (English)：
Yu, Qiao, Y. Wang, C. Zhao, R. Crone and M. Berman, “Determinants of Death and Uncured Inpatients: Evidence from China”, Brookings Institute, Nov., 2015. http://www.brookings.edu/research/papers/2015/11/inpatient-mortality-yu-wang-zhao-crone-berman
Yu, Qiao, H. Fan and X. Xun, “Global Saving Glut, Monetary Policy, and Housing Bubble: Further Evidence”, Brookings Institute, July 2015. http://www.brookings.edu/research/papers/2015/07/10-global-saving-glut-yu-fan-wu
Yu, Qiao and J. Liu, “Sailing against Tide: How to Navigate?” working paper, SPPM, 2014.
Yu, Qiao and C. Zhao, “Logic of Bad Assets with State Banks”, working paper, SPPM, 2012.
Other Research Articles (English)：
Douglas Elliott, Arthur Kroeber, Yu Qiao, Shadow banking in China: A primer. The Brookings Institution, March 2015.
Douglas Elliott, Yu Qiao, Reforming Shadow Banking in China, l The Brookings Institution, May 2015.
Yu, Qiao and Xue Lan, “Handcuff central bankers”， Think Tank 20，Brookings Institute, Dec. 2013.
Yu Qiao, “Relocate China's foreign reserves”, Brookings Institute, Aug. 2013.
Yu, Q. and S. Zhang,“A Study on the External Environment for the Investment of Chinese Enterprises in the United States”, Brookings-Tsinghua Center, August, 2013.
Yu Qiao, “Study on the external environment for Chinese firm investment in US”, Brookings Institute, March 2013.
Yu Qiao, “Internal Imbalances, State Finance and the Global Recovery” ,Think Tank 20：New Challenges for the Global Economy, New Uncertainties for the G-20，Brookings Institute，June 2012.
Yu Qiao and Xue Lan, “Responding to Global Economic Challenges: A View from China”, Think Tank 20，The Interdependence of Macroeconomic Policies and Structural Reforms, Brookings Institute, Nov. 2011.
Yu Qiao, “How to Formulate Guidelines for the Macroeconomic Indicators?” Think Tank 20，Macroeconomic Policy Interdependence and G20， Brookings Institute, April 2011.
Yu, Qiao， “Making Big Deals to Help the World”, Think Tank 20: Global Perspectives on the Seoul, G-20 Summit, Nov 2010.
Articles in China’s Academic Journals (Chinese)：
Li L., Yu Q., “Study of Effect of Reforming Basic Payment System on Healthcare Expenditure”, Economic and Social System Comparison, 2, 2019.
Li, L., Yu Q. “Reform experiences of DRG Payment for Healthcare Expense in Yuxi City of Yunan Province”, Study of Health Economics, 3, 2019.
Li, L., Yu Q. “Governance Modernization and Evolution of Basic Healthcare System in China”, Study of Party and Government, 6, 2019, 23-32.
Wu X. and Yu Q., “Causes of China’s Local Government Debt: Empirical Analysis”, Public Management Review, 1, 2017, 22-38.
Wu X. and Yu Q., “Risk Premium of Local Government Debt in China”, Fiscal Research Journal, 1, 2017, 89-102.
Yu Q., and Fan W., “Problems and Management of Local Government Debt in China”, Economic Research Reference, 14, 2016, 10-21.
Yu Q., Fan H., and Wu X., “Reconsideration of Global Financial Crisis”, Financial Regulatory Research Journal, 4, 2014, 14-31.
Fan W., Yu Q. and Liu J., “CMOs Multi-variable Asset Pricing Model based on Monte-Carlo Simulations”, Management Review, 5, 2014, 12-22.
Tang L., Yu Q. and Xian R., “Second Transformation of Economic Development: Analysis from Synergetics”, Management World, 5, 2015, 67-72.
Tang L., Yu Q. and Li Z., “Causality of Income Differences of Farmers and Hersman in diverse Regions”, Rural Economy, 5, 2014, 32-41.
Tang L., Yu Q. and Li Z., “Development of Ecological economy in Valley regions of Southern Tibet”, Tibet Studies, 2, 2014.
Yu Q., Du X. and Zhao C., “Allocation Efficiency of Limited Resources on Entire Spectrum of Diseases”, China Social Sciences, 10, 2013, 61-85.
Wang L. and Yu Q., “Control, Supervision and Development: Evidence from China’s Asset Management Industry”, Management World, March, 2013, 1-12.
Yu Q. and Liu J., “Systemic Risk and Dynamic Contrarian Investment”, Economic Research Journal, 2, 2013, 68-82.
Tian, S., Lin S. and Yu Q.,“Institutional Investor Behaviour in China”， Financial Research Journal, Aug. , 2006, 139-151.
Lin S. and Yu Q., “Emotion volatility, trading behavior and market reaction: evidence from psychological experiment,” with, Economic Research Journal, June, 2010.
Yu Q., “Political control and bad assets”，Abstract of Chinese Social Sciences, Nov. 2009, 31-37.
Lin S. and Yu Q.,“Institutional investors: herd behavior and feedback trading”， Annual of Southeast University (Social Science Edition), July, 2009.
Yu Q., “China and global financial crisis”, Review of International Finance, May, 2009.
Yu Q. and Zhao C., “Political control, fiscal subsidy and moral hazard”,Economic Research Journal, June, 2009.
Jin Y. and Yu Q.，“Trade financing with Chinese firms”, Journal of China Finance, Dec. 2007.
Lin S. and Yu Q., “Investors’ ‘hot-hand effect’ vs ‘gambler’s fallacy’—a psychological experiment”， Economic Research Journal, Aug., 2006.
Li C.Y. and Yu Q., “Innovative products, financial network and market spread”， Financial Research Journal, March, 2006.
Yang R. and Yu Q., “Effects of M&As on liquidity of listed companies in Chinese equity market”, Journal of China Finance, Jan. 2005.
Du Q., Chen J. and Yu Q., “Relations and financing of non-state firms in China”, Journal of China Finance, Sept., 2004.
Du B., Li R. and Yu Q., “ROE manipulation of Chinese listed companies”, Journal of China Finance, March, 2003.
Yu Q. and Chen J.B.,“ Investment of non-state firms in China”，China Quarterly of Economics, April, 2002.
Yu Q. and Chen Y., “Dividend policy of listed companies and stock market fluctuation in China” Economic Research Journal, April, 2001.
Yu Q., “Asian fund and regional financial system”，Economic System Reform, March, 2000.
Yu Q., “China’s trade-weighted real exchange rate and global competitiveness”, Financial Research Journal, Jan. , 2000.
Yu Q., “Exchange rate policy and domestic economic goals: conflicts and compromises in China”, Economic Research Journal, July , 1999.
Yu Q., “Asian financial crisis and China’s exchange rate policy”, Economic Research Journal, Oct. , 1998.
Yu Q., “Monetary services index and effectiveness of monetary policy in China”, Financial Research Journal, Oct., 1998.
Xie P. and Yu Q., “China’s money supply and macroeconomic management”, Management World, April, 1996 and May, 1996.
Xie P. and Yu Q., “Money stock control in China’s transition”, Financial Research Journal, Jan., 1996 and Feb., 1996.
Yu Q., “Price volatility and informative inefficiency in China’s equity market” , Economic Research Journal, Sept., 1994.
Books and Chapters ：
Yu Q., 2014-16 Big Volatility of China’s Capital Market, China Social Science Press, 2017.
Yu Q., China’s Foreign Reserve and Global Direct Investment, Shangwu Press, 2013.
Yu Q., Fiscal Transparency Report of Chinese City Governments, Tsinghua University Press, 2013.
Yu Q. and Tong X., Information Network and Rural Development，People’s Telecommunication Press, 2008.
Zhao C. W., Yu Q. and Zheng L., ed., Mutual Fund and Investor Behaviour, Science Publishing House, 2008.
Zhao C. W., Yu Q. and Zheng L., Investment, with Tsinghua University Press, 2007.
Yu Q., Xing X. and Qu H. L. ,Commercial Bank Management Principles, Shanghai People’s Publishing House, 2007.
Yu Q., Xing X. and Qu H. L. ,Commercial Bank Management, Shanghai People’s Publishing House, 2007 (2rd edition), 1998 (1st edition) .
Yu Q., Chapter 9, Economic Management and Transition Towards A Market Economy, An Asian Perspective, ed. by A. Chin & H. G. Ng, World Scientific Publishing
Co., Singapore, 1995.
Yu Q., Chapter 10, Financial Market Reform in China: Progress, Problems and Prospects, with Lu Ding, ed. by B Chen, K. Dietrich and Y. Feng, Westview Press, Boulder, USA, 1999.
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