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Professorin Xiang Li, Ph.D.

Professorin Xiang Li, Ph.D.
Aktuelle Position

seit 4/25

Professorin für International Macroeconomics

Universität Leipzig

und

Senior Research Advisor der Abteilung Makroökonomik

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 1/19

Leiterin der Forschungsgruppe Internationale Integration der Finanzmärkte, Wirtschaftswachstum und Finanzstabilität

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 10/18

Mitglied der Abteilung Makroökonomik

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

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Forschungsschwerpunkte
  • internationale Finanzen
  • chinesische Wirtschaft
  • Makroökonomik offener Volkswirtschaften

Xiang Li ist seit Oktober 2018 wissenschaftliche Mitarbeiterin der Abteilung Makroökonomik am IWH und seit April 2025 Professorin für International Macroeconomics an der Universität Leipzig. Sie widmet sich der Frage, welche Rolle multinationale Unternehmen bei der Weitergabe globaler Finanzschocks spielen. Xiang Li ist eine von bundesweit acht Wissenschaftlerinnen, die im Leibniz-Professorinnenprogramm 2024 gefördert werden. Die Leibniz-Gemeinschaft unterstützt mit dem Programm international hervorragend ausgewiesene Wissenschaftlerinnen aller Disziplinen.

Xiang Li studierte und promovierte an der Peking University und war von 2018 bis 2024 in gemeinsamer Berufung mit dem IWH Juniorprofessorin an der Martin-Luther-Universität Halle-Wittenberg.

Ihr Kontakt

Professorin Xiang Li, Ph.D.
Professorin Xiang Li, Ph.D.
- Abteilung Makroökonomik
Nachricht senden +49 345 7753-805 Persönliche Seite

Publikationen

Zitationen
299

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Geopolitical Tensions And Multinational Brands: Evidence From China

Rongyu Cui Xiang Li

in: Finance Research Letters, November 2025

Abstract

<p>Using brand-level sales data from Chinese e-commerce platforms, this study examines how geopolitical tensions affect multinational brands operating in China. Merging these sales data with a U.S.–China tension index, we use panel regressions and local projections to show that rising tensions significantly reduce the market share of U.S. brands in China relative to brands from other countries, with the effects persisting for up to 12 months. An event study employing a difference-in-differences framework, centered on brand-specific incidents of political tension with China, reveals similar market share declines among affected brands, highlighting consumer sentiment as a key transmission channel.</p>

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Financial Technologies and the Effectiveness of Monetary Policy Transmission

Iftekhar Hasan Boreum Kwak Xiang Li

in: European Economic Review, January 2024

Abstract

<p>This study investigates whether and how financial technologies (FinTech) influence the effectiveness of monetary policy transmission. We use an interacted panel vector autoregression model to explore how the effects of monetary policy shocks change with regional-level FinTech adoption. Results indicate that FinTech adoption generally mitigates the transmission of monetary policy to real GDP, consumer prices, bank loans, and housing prices, with the most significant impact observed in the weakened transmission to bank loan growth. The relaxed financial constraints, regulatory arbitrage, and intensified competition are the possible mechanisms underlying the mitigated transmission.</p>

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Household Indebtedness, Financial Frictions and the Transmission of Monetary Policy to Consumption: Evidence from China

Michael Funke Xiang Li Doudou Zhong

in: Emerging Markets Review, June 2023

Abstract

This paper studies the impact of household indebtedness on the transmission of monetary policy to consumption using the Chinese household-level survey data. We employ a panel smooth transition regression model to investigate the non-linear role of indebtedness. We find that housing-related indebtedness weakens the monetary policy transmission, and this effect is non-linear as there is a much larger counteraction of consumption in response to monetary policy shocks when household indebtedness increases from a low level rather than from a high level. Moreover, the weakened monetary policy transmission from indebtedness is stronger in urban households than in rural households. This can be explained by the investment good characteristic of real estate in China.

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Arbeitspapiere

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Global Banks’ Macroeconomic Expectations and Credit Supply

Xiang Li Steven Ongena

in: IWH Discussion Papers, Nr. 8, 2025

Abstract

<p>We investigate how global banks’ macroeconomic expectations for borrower countries influence their credit supply. Utilizing granular data on varying expectations among banks lending to the same firm at the same time, combined with an instrumental variable approach, we find that more optimistic GDP growth expectations for a borrower country are strongly linked to increased credit supply. Specifically, a one standard deviation increase in a lender’s GDP growth expectation for the borrower’s country corresponds to an increase of 8.46 percentage points in the loan share, equivalent to approximately 0.75 standard deviations of the loan share and $75.35 million in loan amount. In contrast, global banks’ short-term inflation expectations do not show a significant impact on their credit supply.</p>

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Climate Policy and International Capital Reallocation

Marius Fourné Xiang Li

in: IWH Discussion Papers, Nr. 20, 2024

Abstract

<p>This study employs bilateral data on external assets to examine the impact of climate policies on the reallocation of international capital. We find that the stringency of climate policy in the destination country is significantly and positively associated with an increase in the allocation of portfolio equity and banking investment to that country. However, it does not show significant effects on the allocation of foreign direct investment and portfolio debt. Our findings are not driven by valuation effects, and we present evidence that suggests diversification, suasion, and uncertainty mitigation as possible underlying mechanisms.</p>

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Global Political Ties and the Global Financial Cycle

Gene Ambrocio Iftekhar Hasan Xiang Li

in: IWH Discussion Papers, Nr. 23, 2023

Abstract

We study the implications of forging stronger political ties with the US on the sensitivities of stock returns around the world to a global common factor – the global financial cycle. Using voting patterns at the United Nations as a measure of political ties with the US along with various measures of the global financial cycle, we document evidence indicating that stronger political ties with the US amplify the sensitivities of stock returns in developing countries to the global financial cycle. We explore several channels and find that a deepening of financial linkages along with a reduction in information asymmetries and an amplification of sentiment are potentially important factors behind this result.

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