Juniorprofessorin Xiang Li, Ph.D.

Juniorprofessorin Xiang Li, Ph.D.
Aktuelle Position

seit 1/19

Leiterin der Forschungsgruppe Internationale Integration der Finanzmärkte, Wirtschaftswachstum und Finanzstabilität

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 10/18

Juniorprofessorin

Martin-Luther-Universität Halle-Wittenberg

seit 10/18

Wissenschaftliche Mitarbeiterin der Abteilung Makroökonomik

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte

  • internationale Finanzen
  • chinesische Wirtschaft
  • Makroökonomik offener Volkswirtschaften

Xiang Li wurde im Oktober 2018 von der Martin-Luther-Universität Halle-Wittenberg zur Juniorprofessorin berufen. Sie ist darüber hinaus Mitarbeiterin der Abteilung Makroökonomik am IWH. Ihre Forschungsinteressen liegen im Bereich internationale Finanzen.

Xiang Li studierte und promovierte an der Peking University.

Ihr Kontakt

Juniorprofessorin Xiang Li, Ph.D.
Juniorprofessorin Xiang Li, Ph.D.
Mitglied - Abteilung Makroökonomik
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Publikationen

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From World Factory to World Investor: The New Way of China Integrating into the World

Bijun Wang Xiang Li

in: China Economic Journal, Nr. 2, 2017

Abstract

This paper argues that outward direct investment (ODI) is replacing international trade as the new way China integrates into the world. Based on two complementary datasets, we document the pattern of Chinese ODI. We argue that the rapid growth of China’s ODI is the result of strong economic development, increasing domestic constraints, and supportive government policies. Compared with trade integration, investment integration involves China more deeply in global business. As a new global investor, China’s ODI in the future is full of opportunities, risks, and challenges. The Chinese government should improve bureaucracy coordination and participate more in designing and maintaining international rules to protect ODI interests.

Publikation lesen

Arbeitspapiere

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What Does Peer-to-Peer Lending Evidence Say About the Risk-taking Channel of Monetary Policy?

Yiping Huang Xiang Li Chu Wang

in: IWH-Diskussionspapiere, Nr. 14, 2019

Abstract

This paper uses loan application-level data from a Chinese peer-to-peer lending platform to study the risk-taking channel of monetary policy. By employing a direct ex-ante measure of risk-taking and estimating the simultaneous equations of loan approval and loan amount, we are the first to provide quantitative evidence of the impact of monetary policy on the risk-taking of nonbank financial institution. We find that the search-for-yield is the main workhorse of the risk-taking effect, while we do not observe consistent findings of risk-shifting from the liquidity change. Monetary policy easing is associated with a higher probability of granting loans to risky borrowers and a greater riskiness of credit allocation, but these changes do not necessarily relate to a larger loan amount on average.

Publikation lesen

China’s Monetary Policy Communication: Frameworks, Impact, and Recommendations

Michael McMahon Alfred Schipke Xiang Li

in: IMF Working Paper No. 18/244, 2018

Abstract

Financial markets are eager for any signal of monetary policy from the People’s Bank of China (PBC). The importance of effective monetary policy communication will only increase as China continues to liberalize its financial system and open its economy. This paper discusses the country’s unique institutional setup and empirically analyzes the impact on financial markets of the PBC’s main communication channels, including a novel communication channel. The results suggest that there has been significant progress but that PBC communication is still evolving toward the level of other major economies. The paper recommends medium-term policy reforms and reforms that can be adopted quickly.

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Within Gain, Structural Pain: Capital Account Liberalization and Economic Growth

Xiang Li Dan Su

in: New Structural Economics Working Paper No. E2018010, 2018

Abstract

This paper is the first to study the effects of capital account liberalization on structural transformation and compare the contribution of within term and structural term to economic growth. We use a 10-sector-level productivity dataset to decomposes the effects of opening capital account on within-sector productivity growth and cross-sector structural transformation. We find that opening capital account is associated with labor productivity and employment share increment in sectors with higher human capital intensity and external financial dependence, as well as non-tradable sectors. But it results in a growth-reducing structural transformation by directing labor into sectors with lower productivity. Moreover, in the ten years after capital account liberalization, the contribution share of structural transformation decreases while that of within productivity growth increases. We conclude that the relationship between capital account liberalization and economic growth is within gain and structural pain.

Publikation lesen
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