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Fang Yi

Published:2017-11-07  Views:

 

Contact Information

 

School of Finance                        Email:fangyi@cufe.edu.cn

 

Central University of Finance and Economics   Mobile Phone: (86)-131 41300745

 

39 South College Road                Web:http://sf.cufe.edu.cn/info/1113/6621.htm

 

Haidian Dist., Beijing 100081, P.R. China

 

 

Education

 

20082013PhD in Finance, School of Finance, Nankai University.(Tianjin,China)

 

20042008B.A. Mathematics, Nanjing University.(Nanjing,China)

 

Academic Appointments

 

2013Present  CUFESchool of Finance

 

  Associate Professor, 2017 – Present

 

Assistant Professor, 2013 – October 2017

 

2014Research Fellow,PresentCUFEResearch Center for International Finance  

 

2016Research Fellow,PresentCUFEChina Banking Research Center  

 

2017Research Fellow,PresentCUFEBelt &Road Financial Research Center  

 

Journal Referee:

 

Chinese Leading Journals:Economic Research Journal(《经济研究》),Management World(《管理世界》),The Journal of World Economy(《世界经济》),China Economic Quarterly(《经济学(季刊)》),Journal of Financial Research(《金融研究》),China Finance Review International

 

Research Interests

 

Financial Risk Management(Systemic Risk),Financial Regulation(Banking Regulation ,Macro-prudential Policy) ,Financial Network and Contagion, Fin-tech

 

Research Publications(in reverse chronological order)

 

SSCI Journals(in English):

 

ªDoes the risk on banks’ balance sheets predict banking crises? New evidence for developing countries,with Zhongbo Jing,Forthcoming inInternational Review of Economics and Finance.

 

ªPredicting US bank failures: A comparison of logit and data mining models,with Zhongbo Jing,Journal of Forecasting(2018),37(2):235-256.

 

Chinese Leading Journals:

 

ªNon-core Liabilities, Tail dependence, and China’s Banking Systemic Risk,(first author)with Zhongbo Jing,Ji Wu and Zheng Li, Forthcoming inThe Journal of World Economy(《世界经济》),April 2020.

 

ªDouble-pillar Framework of Macroprudential and Monetary Policy:A Perspective on Systemic Riskwith Yanru Wang,Liling Huang and Wenjia He,Journal of Financial Research(金融研究),December 2019.

 

ªEconomic Growth Lower Bound and Unconventional Fiscal Policy: Based on a DSGE Model with Occasional Binding Constraint, with Yuchao Peng and Lili Yan,China Economic Quarterly(《经济学(季刊)》),October 2019.

 

ªSystemic Risk, the Fire-sale Game and Macro-prudential Policy,(first author)with Liling Huang,Economic Research Journal(《经济研究》), September 2019.

 

ªEconomic Fluctuations, Bank Risk-Taking and China’s Financial Cycle,(first author)with Min Chen,The Journal of World Economy(世界经济), 2019(2):3-25.(First Article in thisissue, was reprinted inChinese Social Science Digest(《中国社会科学文摘》)andFinance and Insurance(人大复印资料《金融与保险》)).

 

ªMonitoring and Forewaring of Systemic Risk Spillover in China’s Financial Sector Based onModified CoES Indicators,with Zheng Li and Qi Liang,Journal of Financial Research(金融研究), 2019(2):40-58,cover paper in this issue.

 

ªStudy on the Transmission Channel and Measure of Systemic Risk: for Macro-prudential Policy Implementation,single author,Management World(《管理世界》), 2016(8): 32 -57+187.(about 50 CNKI citations, was cited by VoxChina )

 

ªA Study on the Effectiveness of Macro-prudential Policies,single author,The Journal of World Economy(《世界经济》), 2016(8):25-49.( was reprinted inChinese Social Science Digest(《中国社会科学文摘》,was awarded the best paper inTHE YEARBOOK OF WORLD ECONOMY(2017))

 

ªStructural Monetary Policy, Industrial Structure Upgrade and Economic Stability,(corresponding author)with Yuchao Peng,Economic Research Journal(《经济研究》), 2016(7):29-42+86.(over 70 CNKI citations)

 

ªThe Business Cycles from Qianlong to Xuantong in Qing Dynasty: A Spectrum Analysis Based on Rice Prices in Kaifeng and Taiyuan, with Chang Luo and Qihang Li,China Economic Quarterly(《经济学(季刊)》), 2016(2):453-478.

 

ªA Nonlinear Research on the Interdependence between the Main Board Market and the Growth Enterprise Market: Market Segmentation or Crisis Contagion?single author,China Economic Quarterly(《经济学(季刊)》), 2016(1):373-402.( was reprinted inInvestment and Securities(人大复印资料《投资与证券》))

 

ªBank Risk Taking Under the Shocks of Monetary Policy and Housing Price,Single Author,The Journal of World Economy(《世界经济》), 2015(7): 73-98.(over 60 CNKI citations )

 

ªSystemic Risk and Systemically Important Financial Institutions of China’s Banking Sector: An Analysis Based on CCA and DAG,with Xiaoyun Fan and Daoping Wang,Journal of Financial Research(金融研究), 2013(11):82-95.(over 110 CNKI citations )

 

ªAn Analysis of Bearing Bank Risks in Monetary Policies:On the Coordination between

 

the Monetary Policy and the Macro-prudential Policy,(first author)with Shengmin Zhao and Xiaowen Xie,Management World(《管理世界》), 2012(11):9-19+56+187.(about 250 CNKI citations)

 

ªA Study on the Establishment of the Benchmark Interest Rate and its Dynamic Relationships in China's Currency Market,(first author)with Ming Fang,Journal of Financial Research(金融研究), 2012(7):84-97.(about 110 CNKI citations)

 

ªDoes the China’s Financial Credit Cause the Real Estate and Stock Price Bubbles and Fluctuations?with Shengmin Zhao and Daoping Wang,Journal of Financial Research(金融研究), 2011(12):62-76.(about 70 CNKI citations)

 

CSSCI Journals(in Chinese):

 

ªSpillover Mechanism between P2P-lending Markets and Stock Markets: Evidence during China’s 2015 Stock Market Anomalous Fluctuation’s Periods,(first author)withZiwen Zheng,Studies of International Finance(国际金融研究),April 2020.

 

ªSystemic Risk in Fintech: A Perspective on Endogenous Risk,With Lingrui Wang,Wei Wang,and Yanru Wang,Journal of Central University of Finance & Economics(中央财经大学学报),2020(2):29-37.

 

ªRisk Spillover, Cyclicity and Systemic Risk of China's Real Estate Market, with Zhongbo Jing and Leyi Wang,Modern Economic Science(当代经济科学), 2019(5):1-21.

 

ªThe Spillover Effects of Sino-US Trade Friction on China's Financial Markets,(First author)with Wenjia He and Zhongbo Jing,Finance &Trade Economics(财贸经济),2019(6):55-69,cover paper in this issue.

 

ªStudy on the Impact ofSino-US Trade Friction on China's Systemic Financial Risk,with Wenjia He and Zhongbo Jing,Studies of International Finance(国际金融研究),2019(3):34-45,cover paper in this issue.

 

ªThe Forward-looking Warning of Systemic Risk and Countercyclical Macro-prudential Regulations,with Haoxiang Mao and Chuanchang Zuo,Macroeconomics(宏观经济研究),2019(3):18-32,cover paper in this issue.

 

ªMeasurement of systemic risk of shadow bankingEvidence from the micro data in Chinese trust corporation,(first author)with Ye Han and Zhongbo Jing,Studies of International Finance(国际金融研究),2019(1):57-66,cover paper in this issue.

 

ªThe Spillover Effect and Channel Identification of Financial Market to Banking Systemic Risk,(first author)with Min Chen and Yanping Yang,Nankai Economic Studies(南开经济研究),2018(5):58-75.

 

ªThe Effectiveness and Targeting of China's Macro-prudential Policy: Evidence from the Qual VAR,(corresponding author)withZhongbo Jing,Finance &Trade Economics(财贸经济),2018(10):75-90.

 

ªA Study on Systemic Risk of China’s Banks : Based on Three Macro-prudential Stress Tests,single author,Economic Theory and Business Management(经济理论与经济管理),2017(2):48-66,cover paper in this issue.( was reprinted inXinhua Wenzhai(《新华文摘》)

 

ªHow Capital Account Openness Affect on Banking’ Risk: A Comprehensive Analysis Framework,(first author)withRuyun Yan and Ziwen Zheng,Studies of International Finance(国际金融研究),2017(11):33-43,cover paper in this issue.

 

ªRisk Accumulation Mechanism and Stress Testing in China’s Banking System: from the Perspective of Industry Credit,(first author)withZiwen Zheng and Ruyun Yan,Modern Economic Science(当代经济科学),2017(5):1-15+124,cover paper in this issue.

 

ªA Study on the Effectiveness of BRICS’ Macro-prudential Policies,withHaolong Yang,Xianduo Li and Huipeng Song,Macroeconomics(宏观经济研究),2017(1):163-175.

 

ªThe Study on Degree of Integration in China’s Carbon Market: Base on the Perspective of Price Transmission Mechanism,withXiaowen Xie,Shenglan Li,Journal of Finance and Economics(财经研究),2017(2):85-97,cover paper in this issue.

 

ªA Study of Contagion Paths of Systemic Risk in the Interbank System: Based on Network Model with Common Assets Holdings,(first author)withZiwen Zheng,Studies of International Finance(国际金融研究),2016(6):61-72,cover paper in this issue.

 

ªStudy on the price discovery function in China’s future market: Based on nonlinear Granger causality test,(first author)withXiaowen Xie and Shengmin Zhao,Journal of Systems Engineering(系统工程学报2016), 31(3):364-732.

 

ªThe Analysis of Implementation and Cancelation of Control Policies on the Real Estate Industry: Based on VECM and DSGE Model,withXing Chen,Modern Economic Science(当代经济科学), 2016(3):31-43+125,cover paper in this issue. ( was reprinted inXinhua Wenzhai(《新华文摘》)

 

ªThe Price Volatility in China’s Interbank Market and the Effectiveness of Central Bank’s Regulations,(first author)withYue Xu and Xicheng Miao,Review of Investment Studies(投资研究), 2015(4):16-33,cover paper in this issue.

 

ªA Nonlinear Research on the Interdependence of China’s Multi-level Capital Market: how to measure the maturity of Multi-level Capital Market,(first author)withXiaowen Xie,Economic Science(经济科学), 2014(3):72-84.

 

ªStudy on the Dynamic Relationship between RMB Exchange Rate and Interest Rate in Process of Financial Marketization Reform, with Shengmin Zhao,Xiaowen Xie and Zhuang Tian,Nankai Economic Studies(南开经济研究),2013(5):33-49.(about 60 CNKI citations)

 

ªStudy on the Dynamic Linkage between RMB Exchange Rates and the Index of Large-cap and Small-cap Stock,(first author)withXiaowen Xie and Lulu Liang,Journal of Zhongnan University of Economics and Law(中南财经政法大学学报), 2013(9):18-24.

 

ªStudy on the Pricing Power of RMB Exchange Rate: The Efficiency of the Onshore and Offshore of RMB Forward Exchange Market,(first author)withShengmin Zhao andXiaowen Xie,Economic Science(经济科学), 2013(4):79-92.(about 40 CNKI citations)

 

ªThe Study of Non-linear Relationship between Exchange Rates and Changes in Stock Price,(first author)withXiaowen Xie and Lulu Liang,Financial Theory & Practice(金融理论与实践), 2013(6):79-82.

 

ªThe Study of Role of China’s Stock Market in the Risk Contagion Network of Global Stock Markets,(first author)withXiaowen Xie and Lulu Liang,Collected Essays on Finance and Economics(财经论丛), 2013(5):59-65.

 

ªMeasuring the Systemic Risk of Financial Institutes in China: A Research Based on DCC-GARCH,(first author)withShengmin Zhao and Daoping Wang,Financial Regulation Research(金融监管研究), 2012(11):26-42.(about 70 CNKI citations)

 

ªStudy on the Selection of Benchmark Interest Rate in China’s Financial Market under the Double-track Interest Rate System,(first author)withShengmin Zhao,Contemporary Finance & Economics(当代财经), 2012(7):50-59.

 

ªMeasuring and Supervising Financial Institutes’ Marginal Contribution to Systemic Risk in China: A Research Based on MES and Leverage,withXiaoyun Fan and Daoping Wang,Nankai Economic Studies(南开经济研究), 2011(4):3-20.(over 200 CNKI citations)

 

Book Chapter Articles (in Chinese):

 

ªCase Study: The Transaction Models of FYME and the Liquidity Run Crisis of “Ri Jin Bao”,single author, one chapter of “The Case of Finance,(ed. Jianjun Li),Peking University Press(北京大学出版社),2019.

 

ªInformal Finance Induced by Technology,single author,the Chapter 8 of the textbook of “Introduction of Fintech”, (ed. Jianjun Li),Higher Education Press(高等教育出版社),forthcoming. This book is the first higher education textbook to comprehensive introduction of Fintech in China.

 

ªFinancial Regulation,with Tianyong Guo, the Chapter 19 of the textbook of “Finance (Third Edition)”, (ed. Jian Li),Higher Education Press(高等教育出版社),2018. This book is one of the most popular textbook of Finance in China.

 

ªInternet Finance, (associate editor)with Jianjun Li, Minxiong Luo,Ye Guo, Yongbing Lv and Yumei Guo,Higher Education Press(高等教育出版社),2018. This book is the textbook for higher education.

 

ªThe China’s Balance of Payments and It’s Relationship with How PBC have supplied Base Money, single author, one chapter of “SelectedExperimental Programs of Economics and Management in CUFE” ,Tsinghua University Press,2016.

 

ªSystemic Risk Measurement of the “Belt and Road” Countries’ Banking Industry ,with Haoxiang Mao,the Chapter 3 of the book ofResearch on Financial Risk for the ‘Belt and Road’,China Financial and Economic Publishing House(中国财政经济出版社),2018

 

ªFinancial Systemic Risk of China :Measuring and Macro-prudential Regulations,with Daoping Wang and Xiaoyun Fan,Economy &Management Publishing House(经济管理出版社) , 2017.

 

ªThe Progress of the Reform of International Financial Regulation,single author,the Chapter 8 ofthe book ofGlobal Financial Governance Report(2015-2016)” , (ed. Liqing Zhang and Xiaofen Tan),People’s Publishing House(人民出版社),2016.

 

ªUndergraduate “Internet Finance” course design and research,single author, one chapter of “Collected Essays of China Finance Education Forum 2014,China Financial Publishing House(中国金融出版社),2015.

 

ªCase Study: The Transaction Models of FYME and the Liquidity Run Crisis of “Ri Jin Bao”,single author, one chapter of “The Case of Finance,(ed. Jianjun Li),Peking University Press(北京大学出版社),2019.

 

Newspaper Articles(in Chinese):

 

ªThe Precaution and Resolution of Systemic Risk From the Perspective of Macro-Finance,single author,Chinese Social Sciences Today(中国社会科学报),August 21,2019.

 

ªConstructing Systemic Risk Monitoring System withChinese characteristics,single author,Chinese Social Sciences Today(中国社会科学报),August 8,2018.

 

Doctoral Dissertation(in Chinese):

 

ªA Study on the Macro-prudential Regulatory Framework in China,Nankai University,2013.Outstandingdissertation in Nankai University. Thisdissertation has been downloaded more than 5800 times on CNKI website.

 

Working Papers

 

in English:

 

ªDoes the risk on banks’ balance sheets predict banking crises? New evidence for developing countries,with Zhongbo Jing andJakob de Haan,International Review of Economics and Finance,R&R.

 

ªDoes the China’s financial credit causeAssets growth and early warning for banking crises

 

,with Zhongbo Jing.  

 

ªDo emerging markets become more important? Evidence of the financial spillbacks from China to G7 countries,with Zhongbo Jing andYang Zhao.

 

in Chinese:

 

ªA New Forward-looking and Counter-cyclical Systemic Risk Indicator: Evidences from Model Comparisons and Risk Generation Analyses,single author,Economic Research Journal(《经济研究》),R&R.

 

ªThe Coupling of Chinese Banking Systemic Risk and Volatility of Macro-financial System: Evidence from the Two Stages of Financial Cycle,with Zhongbo Jing and Jianan Hu,Economic Research Journal(《经济研究》),R&R.

 

ªThe Coupling of Chinese Banking Systemic Risk and Volatility of Macro-financial System: Evidence from the Two Stages of Financial Cycle,with Zhongbo Jing and Jianan Hu,Economic Research Journal(《经济研究》),R&R.

 

ªStudy on the Belt-Road Banking Systemic Risk and the Spillover Effects across Countries,with Jianjun Li, Zhongbo Jing and Haoxiang Mao,Economic Research Journal(《经济研究》),R&R.

 

ªStudy on the Belt-Road Banking Systemic Risk and the Spillover Effects across Countries,with Jianjun Li, Zhongbo Jing and Haoxiang Mao,Economic Research Journal(《经济研究》),R&R.

 

ªThe Analysis of Real Estate Regulation and Control Policy on Stabilizing Output and Housing Price, with Xing Chen,Economic Research Journal(《经济研究》),R&R.

 

ªImpacts of Shocks and Contagions on Systemic Risk: Evidence from Chinese Banking Sector,with Zhongbo Jing,Management World(《管理世界》),R&R.

 

ªSystemic Risk Channel through Banks Risk taking: Regulatory Arbitrage and off Real to Virtual,with Wenjia He,Management World(《管理世界》),R&R.

 

ªThe Measurement of Chinese Banking Systematic Risk: from the Perspective of Cross-Border borrowing and Lending, with Zhongbo Jing and Yanqi Zeng,Management World(《管理世界》),R&R.

 

ªThe Spillover Effect of Chinese Real Estate Market on Banking Systemic Risk,with Zhongbo Jing and Xiao Ma,China Economic Quarterly(《经济学(季刊)》),R&R.

 

ªAssessing Macro-prudential Policy effectiveness: Based on Systemic Risk,with Hanwen Zhang and Zhongbo Jing,China Economic Quarterly(《经济学(季刊)》),R&R.

 

ªThe Real Estate Market and Banking System Systemic Risk,with Shengmin Zhao,Liling Huang and Zhongbo Jing,Journal of Management Sciences in China(《管理科学学报》),R&R.

 

ªSpillover Mechanisms between P2P-lending Market and Stock Market: Evidence from Anomalous Volatilities of Chinese Stock Market, with Yanru Wang and Zhongbo Jing,Studies of International Finance(国际金融研究),R&R.

 

Work in Progress

 

More than 10 draft papers cover about the field of Systemic Risk and Fintech.

 

Funding (as PI)

 

ªA Study on the Prevention and Resolution of Systemic Risk in China’s Banking from the Perspective of Financial Cycle, supported by NSFC,No.G030601,Jan. 2020- Dec. 2023.

 

ªSystemic Risk and Financial Stability Policies in China’s Financial Sectors, supported by Program for Innovation Research in Central University of Finance and Economics, Jun. 2019- Jun 2022.

 

ªInterbank Activities and China’s Banking Systemic Risk,supported by Program for Young Talents in Central University of Finance and Economics, Jun. 2018- Jun. 2020.

 

ªA Study on Financial Risk of the“Belt and Road” Countries, supported by Blue Project in Central University of Finance and Economics, Jun. 2018- Jun. 2021.

 

ªResearch on Systemic Risk Measurement and Regulation of Banks Based on Interconnected Network,supported by Project in Beijing Finance Association, 2018- 2019.

 

ªMonetary Policy, House Price and Financial Stability,supported by NSFC, Jan. 2016- Dec. 2018.

 

ªEffectiveness of Macro-prudential Policy and Its Coordination with Monetary Policy,supported by “121” Project in Central University of Finance and Economics, 2014-2016.

Teaching

Undergraduate Course: Finance, The Economics of Money and Banking, Microeconomics (Bilingual), Financial Markets and Institutions (Bilingual), Financial Statistics and Analysis, Central Banking,Research Methods of Modern Economics and Finance, The Introduction of Internet Finance, Hot Topics of China’s Financial System

 

Graduate Course : Topics of Finance, Big Data and Internet Financial Innovation, The Method and Writing of Case Study and Industry Research,Economic Research Methodology and Academic Norms

 

Ph.D Course: Literature Review of Frontier of Finance.

 

 

Honors and Awards

 

2019CEC FinanceBest Paper Award(香樟金融学优秀论文奖)

 

2018First Prize, 6th China Investment Academy Forum

 

Yongjin Teacher Academy Prize, CUFE

 

Excellent Achievements Award in the 10th Social Science Research in Shanxi Province

 

2017Top 10 Chinese papers in the field of world economy, the Yearbook of World Economy.

 

Top 10 Chinese papers (Ranked No.1) in the field of global macroeconomics, the Yearbook of World Economy.

 

100 Books or Articles Prize in Shanxi Province.

 

2017Excellent Communist Party Member Award ,CUFE

 

2016Excellent Faculty Member Award ,CUFE

 

    Outstanding MFCase Study

 

Excellent Tutor of “Internet +” Innovation and Entrepreneurship Competition

 

2015Excellent Experimental Program ,CUFE

 

2014Best Paper Award(Outstanding Winner),China Finance Education Forum

 

    Excellent Ph.D. Thesis Award.

 

 

Seminars and Conference Presentations

 

2019:

 

SeminarsCEC Seminar(Guangzhou)

 

ConferenceFinancial Risk and Regulation(2019), the 2rd China Finance Scholar Forum, International Macro-Finance Conference(2019),the Economic Research Journal Forum(2019), Financial Openness and Development Conference

 

2018:

 

SeminarsCEC Seminar(Guangzhou), Zhongnan University of Economics and Law

 

ConferenceFinancial Risk and Regulation(2018),China’s Financial Openness and Financial Risk, Lingnan Macroeconomic Conference(2018), National Natural Science Foundation Conference, Economic Effects of Financial Cooperation in Belt and Road Conference(2018),Doctoral Forum on Quantitative Economics(2018) ,the Economic Research Journal Forum(2019),The 5th CEC Conference,Forum on Finance and Real Economic Development , Frontier Forum of China Industrial Economics

 

2017:

 

SeminarsCEC Seminar(Guangzhou), Zhongnan University of Economics and Law, East China Normal University, Shanghai University of Finance and Economics, Capital University of Economics and Business, Zhejiang University of Finance and Economics, Central University of Finance and Economics

ConferenceDoctoral Forum on Quantitative Economics(2017), Lingnan Macroeconomic Conference(2017), The 3rd Macroeconomics Forum 



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