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

Mitglied der Abteilung Makroökonomik

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte

  • internationale Finanzen
  • chinesische Wirtschaft
  • Makroökonomik offener Volkswirtschaften

Xiang Li ist seit Oktober 2018 Juniorprofessorin an der Martin-Luther-Universität Halle-Wittenberg und wissenschaftliche 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
Nachricht senden +49 345 7753-805 Persönliche Seite

Publikationen

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Does Capital Account Liberalization Affect Income Inequality?

Xiang Li Dan Su

in: Oxford Bulletin of Economics and Statistics, Nr. 2, 2021

Abstract

By adopting an identification strategy of difference‐in‐difference estimation combined with propensity score matching between liberalized and closed countries, this paper provides robust evidence that opening the capital account is associated with an increase in income inequality in developing countries. Specifically, capital account liberalization, in the long run, is associated with a reduction in the income share of the poorest half by 2.66–3.79% points and an increase in that of the richest 10% by 5.19–8.76% points. Moreover, directions and categories of capital account liberalization matter. The relationship is more pronounced when liberalizing inward and equity capital flows.

Publikation lesen

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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: Journal of Corporate Finance, 2021

Abstract

This paper uses loan application-level data from a 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 provide evidence of monetary policy's impact on a nonbank financial institution's risk-taking. We find that the search-for-yield is the main driving force 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 greater riskiness of credit allocation. However, these changes do not necessarily relate to a larger loan amount on average.

Publikation lesen

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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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Technology Adoption and the Bank Lending Channel of Monetary Policy Transmission

Iftekhar Hasan Xiang Li

in: IWH Discussion Papers, Nr. 14, 2021

Abstract

This paper studies whether and how banks‘ technology adoption affects the bank lending channel of monetary policy transmission. We construct a new measurement of bank-level technology adoption, which can tell whether the technology is related to the bank‘s lending business and which specific technology is adopted. We find that lending-related technology adoption significantly strengthens the transmission of the bank lending channel, meanwhile, adopting technologies that are not related to lending activities significantly mitigates that. By technology categories, the adoption of cloud computing technology displays the largest impact on strengthening the bank lending channel. Moreover, higher exposure to BigTech competition is significantly associated with a weaker reaction to monetary policy shocks.

Publikation lesen

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Dilemma and Global Financial Cycle: Evidence from Capital Account Liberalisation Episodes

Xiang Li

in: IWH Discussion Papers, Nr. 13, 2021

Abstract

By focusing on the episodes of substantial capital account liberalisation and adopting a new methodology, this paper provides new evidence on the dilemma and global financial cycle theory. I first identify the capital account liberalisation episodes for 95 countries from 1970 to 2016, and then employ an augmented inverse propensity score weighted (AIPW) estimator to calculate the average treatment effect (ATE) of opening capital account on the interest rate comovements with the core country. Results show that opening capital account causes a country to lose its monetary policy independence, and a floating exchange rate regime cannot shield this effect. Moreover, the impact is stronger when liberalising outward and banking flows.

Publikation lesen

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Financial Technologies and the Effectiveness of Monetary Policy Transmission

Iftekhar Hasan Boreum Kwak Xiang Li

in: IWH Discussion Papers, Nr. 26, 2020

Abstract

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 monetary policy transmission to real GDP, consumer prices, bank loans, and housing prices. A subcategorical analysis shows that the muted transmission is the most pronounced in the adoption of FinTech payment and credit, compared to that of insurance. The regulatory arbitrage and competition between FinTech and banks are the possible mechanisms leading a mitigated monetary policy transmission.

Publikation lesen
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