Fang Yi

Dr Yi Fang

Contact Information

National Academy of Development and Strategy Renmin University of China No 59, Zhongguancun Street Haidian District, Beijing 100872, P.R. China

Email: fangyi@ruc.edu.cn Tel: (86)-13141300745 Web: http://nads.ruc.edu.cn/jgsz/qzjs/js/0e156bf34 e8e40e39a27aab52efdc068.htm

Education

PhD in Finance, Nankai University, China, 2008-2013.

B.S. in Mathematics, Nanjing University, China, 2004-2008.

Employment

Professor, National Academy of Development and Strategy, Renmin University of China, 2022-present.

Professor, School of Finance, Central University of Finance and Economics, 2020-2022.

Associate Professor, School of Finance, Central University of Finance and Economics, 2017-2020.

Assistant Professor, School of Finance, Central University of Finance and Economics, 2013-2017.

Editorship

Youth Editor, China Finance Review International, 2024-present

Youth Editor, Rural Finance Research (《农村金融研究》), 2024- present

Youth Editor, Modern Economic Science (《当代经济科学》), 2022-2024

Managing Editor, Financial Economics Research (《金融经济学研究》), 2023- present

Selected Publications

1. Fang, Yi, Yan Yuan, Yanru Wang (2025). “Air Pollution and the Spillover Effects of Housing Prices in Chinese Cities”. Journal of Financial Research (《金融研究》), forthcoming.

2. Fang, Yi, Liling Wang, Zhongbo Jing (20xx). “Systemic Risk Prevention: A Study from Financial Stability Policies”. China Industrial Economics (《中国工业经济》), forthcoming.

3. Fang, Yi, Wenjia He, Qi Wang (2024). “Non-core Liabilities, Liquility Channel, and Banking Systemic Risk”. Journal of Financial Research (《金融研究》), forthcoming.

4. Fang, Yi, Jianglong Liu* (2023). “Bank Interconnectedness and Systemic Risk: Contagion or Sharing?”. Journal of Financial Research (《金融研究》), 6, 57-74.

5. Fang, Yi*, Hanwen Zhang, and Zhongbo Jing (2022). “The Evaluation of China’s Style Macro-prudential Policy Based on Framework of “Double Pillars””. China Economic Quarterly (《经济学（季刊）》), 22(5), 1489-1510.

6. Fang, Yi*, and Zhongbo Jing (2022). “The Generative Mechanism of Systemic Financial Risks under External Shocks”. Management World (《管理世界》), 38(5), 19-46+71.

7. Fang, Yi, and Zhiquan Shao* (2022). “China’s Financial Cycle and Horizontal Correlation: A Perspective Combining Time and Space”. Journal of Financial Research (《金融研究》), 1, 38-56.

8. Fang, Yi, Zhongbo Jing*, and Xiao Ma (2021). “The Spillover Effect of China’s Real Estate Market on Banking Systemic Risk”. China Economic Quarterly (《经济学（季刊）》), 21(6), 2037-2060.

9. Fang, Yi (2021). “A New Forward-looking and Counter-cyclical Systemic Risk Indicator”. Economic Research Journal (《经济研究》), 56(9), 191-208.

10. Fang, Yi, Wenjia He*, and Zhongbo Jing (2021). “A Study of Risk Spillovers between China’s Real Economy and Financial Markets”. The Journal of World Economy (《世界经济》), 44(8), 3-27.

Full Publications

In English:

1. Ouyang Ruolan, Tiancheng Pei, Yang Zhao, and Yi Fang (20xx). “Commodity Systemic Risk and Macroeconomic Predictions”. Energy Economics, forthcoming.

2. Fang, Yi, Qirui Tang, and Yanru Wang* (2024). “Geopolitical Risk and Cryptocurrency Market Volatility”. Emerging Markets Finance and Trade, 1-17.

3. Fang, Yi, Qi Wang*, Yanru Wang and Yan Yuan (2024). “Media Sentiment, Deposit Stability and Bank Systemic Risk: Evidence from China”. International Review of Economics and Finance, 91, 1150-1172.

4. Fang, Yi, Qi Wang*, Fan Wang and Yang Zhao (2023). “Bank Fintech, Liquidity Creation, and Risk-taking: Evidence from China”. Economic Modelling, 127, 106445.

5. Fang, Yi, Yanru Wang*, Qi Wang, and Yang Zhao (2023). “Policy Uncertainty and Bank Systemic Risk: A Perspective of Risk Decomposition”. Journal of International Financial Markets, Institutions and Money, 88, 101827.

6. Fang, Yi, Zhiquan Shao, and Yang Zhao* (2023). “Risk Spillovers in Global Financial Markets: Evidence from the COVID-19 Crisis”. International Review of Economics and Finance, 83, 821-840.

7. Jia, Yanyan, Yi Fang*, Zhongbo Jing, and Faqin Lin (2022). “Price Connectedness and Input-Output Linkages: Evidence from China”. Economic Modelling, 116, 105997.

8. Fang, Yi, and Zhiquan Shao* (2022). “The Russia-Ukraine Conflict and Volatility Risk of Commodity Markets”. Finance Research Letters, 50, 103264.

9. Ouyang, Ruolan, Xiang Chen, Yi Fang, and Yang Zhao* (2022). “Systemic Risk of Commodity Markets: A Dynamic Factor Copula Approach”. International Review of Financial Analysis, 82, 102204.

10. Fang, Yi, Yanru Wang*, and Yingyu Zhao (2022). “Risk Spillover of Global Treasury Bond Markets in the Time of COVID-19 Pandemic”. Emerging Markets Finance and Trade, 58 (15), 4309–20.

11. Si, Deng-Kui, Xiao-Lin Li, Xuchuan Xu*, and Yi Fang (2021). “The Risk Spillover Effect of the COVID-19 Pandemic on Energy Sector: Evidence from China”. Energy Economics, 102, 105498.

12. Fang, Yi, Zhongbo Jing, Yukun Shi and Yang Zhao* (2021). “Financial Spillovers and Spillbacks: New Evidence from China and G7 Countries”. Economic Modelling, 94, 184-200.

13. de Haan, Jakob, Yi Fang, and Zhongbo Jing* (2020). “Does the Risk on Banks’ Balance Sheets Predict Banking Crises? New Evidence for Developing Countries”. International Review of Economics and Finance, 68, 254-268.

14. Jing, Zhongbo*, and Yi Fang (2018). “Predicting U.S. Bank Failures: A Comparison of Logit and Data Mining Models”. Journal of Forecasting, 37(2), 235-256.

In Chinese:

1. Zhang, Lin, Yonghui Lian*, and Yi Fang (2022). “Policy Continuity and Bank Systemic Risk”. Journal of Financial Research (《金融研究》), 5, 95-113.

2. Jing, Zhongbo, Xuemeng Li, and Yi Fang* (2022). “Cyclical Fluctuation of Cross-Border Capital Flows and Risk Spillover Effects on the Chinese Banking Sector”. The Journal of World Economy (《世界经济》), 45(1), 182-205.

3. Fang, Yi, Zhongbo Jing*, Ji Wu, and Zheng Li (2020). “Non-core Liabilities, Tail dependence, and China’s Banking Systemic Risk”. The Journal of World Economy (《世界经济》), 43(4), 123-144.

4. Peng, Yuchao, Lili Yan*, and Yi Fang (2020). “Economic Growth Lower Bound and Unconventional Fiscal Policy: Based on a DSGE Model with Occasional Binding Constraint”. China Economic Quarterly (《经济学（季刊）》), 19(1), 309-328.

5. Fang, Yi, Yanru Wang, Liling Huang*, and Wenjia He (2019). “Double-pillar Framework of Macroprudential and Monetary Policy: A Perspective on Systemic Risk”. Journal of Financial Research (《金融研究》), 12, 106-124.

6. Fang, Yi, and Liling Huang* (2019). “Systemic Risk, the Fire-sale Game and Macro-prudential Policy”. Economic Research Journal (《经济研究》), 54(9), 41-55.

7. Fang, Yi, Min Chen* (2019). “Economic Fluctuations, Bank Risk-Taking and China’s Financial Cycle”. The Journal of World Economy (《世界经济》), 42(2), 3-25.

8. Li, Zheng, Qi Liang*, and Yi Fang (2019). “Monitoring and Forewaring of Systemic Risk Spillover in China’s Financial Sector Based on Modified CoES Indicators”. Journal of Financial Research (《金融研究》), 2, 40-58.

9. Peng, Yuchao, and Yi Fang (2016). “Structural Monetary Policy, Industrial Structure Upgrade and Economic Stability”. Economic Research Journal (《经济研究》), 7, 29-42+86.

10. Fang, Yi (2016). “Study on the Transmission Channel and Measure of Systemic Risk: for Macro-prudential Policy Implementation”. Management World (《管理世界》), 8, 32 -57+187.

11. Fang, Yi (2016). “A Study on the Effectiveness of Macro-prudential Policies”. The Journal of World Economy (《世界经济》), 8, 25-49.

12. Fang, Yi (2016). “A Nonlinear Research on the Interdependence between the Main Board Market and the Growth Enterprise Market: Market Segmentation or Crisis Contagion?”. China Economic Quarterly (《经济学（季刊）》), 1, 373-402.

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

14. Fang, Yi (2015). “Bank Risk Taking Under the Shocks of Monetary Policy and Housing Price”. The Journal of World Economy (《世界经济》), 7, 73-98.

15. Fan, Xiaoyun, Yi Fang, and Daoping Wang (2013). “Systemic Risk and Systemically Important Financial Institutions of China’s Banking Sector: An Analysis Based on CCA and DAG”. Journal of Financial Research (《金融研究》), 11, 82-95.

16. Fang, Yi, Shengmin Zhao and Xiaowen Xie (2012). “An Analysis of Bearing Bank Risks in Monetary Policies:On the Coordination between the Monetary Policy and the Macro-prudential Policy”. Management World (《管理世界》), 11, 9-19+56+187.

17. Fang, Yi, and Ming Fang (2012). “A Study on the Establishment of the Benchmark Interest Rate and its Dynamic Relationships in China’s Currency Market”. Journal of Financial Research (《金融研究》), 7, 84-97.

18. Zhao, Shengmin, Yi Fang, and Daoping Wang (2011). “Does the China’s Financial Credit Cause the Real Estate and Stock Price Bubbles and Fluctuations?”. Journal of Financial Research (《金融研究》), 12, 62-76.

19. Fang, Yi, Yanqi Zeng, Zhongbo Jing (20xx). “China’s Banking Systemic Risk under the Shock of Cross-border Lending”. Journal of Management Sciences in China (《管理科学学报》), forthcoming.

20. Hao, Dapeng, Yuanchun Liu, and Yi Fang* (2024). “Research on Resolving the Negative Impact of External Economic Policy Uncertainty Against the Background of Double Development Dynamic: From the Perspective of Corporate Investment Behavior”. Finance &Trade Economics (《财贸经济》), 1-16.

21. Fang, Yi, and Fanjia Yang (2024). “International Experience and Reflection on Wealth Management”. Finance and Accounting Monthly (《财会月刊》), 45(8), 105-111.

22. Fang, Yi, and Fanjia Yang (2024). “Connotation and Path of High-Quality Development in the Wealth Management Market”. Finance and Accounting Monthly (《财会月刊》), 45(7), 111-115.

23. Yang, Yong, and Yi Fang* (2024). “China’s Banking Openness and Systemic Risk-Based on Cross-Border Lending Business”. Studies of International Finance (《国际金融研究》), 7, 50-61.

24. Li, Qin’ao, Fuling Han, and Yi Fang* (2024). “Analyzing the Influence of Capital Market Opening-up on Stock and Bond Market Risks”. Studies of International Finance (《国际金融研究》), 2, 74-84.

25. Li, Jianjun, Yi Fang, and Zhongbo Jing (2024). “Research on the Measurement of Systematic Risk in the Banking Industry of the Belt and Road Initiative Participant Countries”. Journal of Hohai University (《河海大学学报(哲学社会科学版)》), 26(1), 104-117.

26. Jing, Zhongbo, Yanyan Jia, Yi Fang*, and Zheng Li (2023). “Research on the Spillover Effects between Monetary Policy and Price Index in China: From the Industry Perspective”. Journal of Management Sciences in China (《管理科学学报》), 26(10), 114-137.

27. Fang, Yi, Hui Ouyang*, Yanyan Jia, and Biqiong Zhang (2023). “Research on the Spillover Effects of Liquidity Risk Regulatory Policy under International Regulatory Cooperation”. Finance &Trade Economics (《财贸经济》), 44(4), 41-56.

28. Fang, Yi, and Yan Yuan (2023). “The Causes and Countermeasures of the Run on Silicon Valley Bank and Northern Rock Bank”. Finance and Accounting Monthly (《财会月刊》), 44(9), 14-18.

29. Chen, Min, Huarong Sun, and Yi Fang* (2023). “The Entry of Foreign Banks and the Development of Inclusive Finance in China-A Comparative Analysis of Traditional and Digital Comparison”. Studies of International Finance (《国际金融研究》), 10, 85-96.

30. Yang, Danhui, Yi Fang*, and Yanru Wang (2023). “How Bond Market Volatility Affects Banking Systemic Risk：The Perspective of Indirect Associated Network”. Nankai Economic Studies (《南开经济研究》), 8, 161-180.

31. Fang, Yi, and Yanru Wang (2023). “Systemic Financial Risks: Theoretical Mechanisms, Early Warning System and Two-Pillar Policy Framework”. Journal of Guizhou University (《贵州大学学报(社会科学版)》), 41(4), 92-99.

32. Jing, Zhongbo, Jianan Hu, and Yi Fang* (2023). “Macro Financial Fluctuation and China’s Banking Systemic Risk: A Financial Cycle Perspective”. Systems Engineering-Theory & Practice (《系统工程理论与实践》), 43(7), 1940-1959.

33. Fang, Yi, and Yanru Wang (2023). “Financial Technology Media Sentiment and Banking Systemic Risk”. Journal of Sun Yat-Sen University (《中山大学学报(社会科学版)》), 63(3), 190-206.

34. Shang, Youfang, Yi Fang*, and Wenjia He (2023). “Research on Macroeconomic and Financial Market Risk Spillovers in the Context of Steady Growth and Risk Prevention”. Studies of International Finance (《国际金融研究》), 5, 34-45.

35. Fang, Yi, Xing Huang*, and Yanyan Jia (2023). “The Research on the Risk Spillover Effect of Local Government Debt”. Economic Theory and Business Management (《经济理论与经济管理》), 43(3), 40-53.

36. Fang, Yi, Yong Yang, and Qirui Tang (2023). “Promote Common Prosperity and Financial security: Based on the Perspective of Balanced Financial System”. Study and Practice(《学习与实践》), 2, 72-81.

37. Fang, Yi, Yong Yang, and Lu Song* (2022). “Research on the Generation Mechanism of Systemic Financial Risk from the Perspective of Cross-Sectional Dimension”. Nankai Economic Studies (《南开经济研究》), 9, 151-168.

38. Fang, Yi, Moyan Zhang, Min Chen*, and Liling Huang (2022). “The Prevention of Separation from the Real Economy to Fictitious Economy and Systematic Risk in Chinese Banking from the Perspective of Balance Sheet”. Journal of Tianjin University (《天津大学学报(社会科学版)》), 24(5), 398-409.

39. Song, Lu, Yingyu Zhao, and Yi Fang* (2022). “Shadow Banking, Industry Loan Investment of Trust Fund and Systemic Risks”. Studies of International Finance (《国际金融研究》), 6, 64-74.

40. Fang, Yi, and Zhiquan Shao* (2022). “The Influence of Social Security Fund’s Stock Investment on Stock Market Volatility Risk: Evidence from China”. Modern Economic Science (《当代经济科学》), 44(4), 59-75.

41. Fang, Yi, and Zhiquan Shao (2022). “Measurement of Imported Financial Risk under Major Shocks”. Economic Science(《经济科学》), 2, 13-30.

42. Fang, Yi, Hui Ouyang*, and Biqiong Zhang (2022). “Financial Stability and External Macroprudential Policy Spillovers: Taking Reserve Requirement and Loan-to-value Ratios as Examples”. Journal of Central University of Finance & Economics (《中央财经大学学报》), 4, 25-36.

43. Yang, Fanjia, Yong Yang*, and Yi Fang (2022). “The Impact of Large Real Estate Companies Defaults on the Financial Sector: A Perspective from Systemic Risk”. Finance and Accounting Monthly (《财会月刊》), 8, 122-129.

44. Fang, Yi, Shengmin Zhao, Liling Huang*, and Zhongbo Jing (2021). “Real Estate Market and Banking Systemic Risk”. Journal of Management Sciences in China (《管理科学学报》), 24(11), 26-43.

45. Fang, Yi, Yanyan Jia*, and Yang Zhao (2021). “On the Risk Formulation Mechanism in the Global Foreign Exchange Market under Large Shocks”. Finance &Trade Economics (《财贸经济》), 42(5), 76-92.

46. Jing, Zhongbo, Yi Fang*, Yanqi Zeng, and Ye Han (2021). “The Shock of Real Estate Trust Assets and China’s Shadow Banking Systemic Risk”. Systems Engineering-Theory & Practice (《系统工程理论与实践》), 41(12), 3101-3114.

47. Fang, Yi, Zhiquan Shao* and Changli Huang (2021). “Capital Market Opening and Cross-Border Risk Contagion Prevention and Control: Evidence from Shanghai-Hong Kong Stock Connect Program”. Studies of International Finance (《国际金融研究》), 9, 65-75.

48. Fang, Yi, Qi Wang*, and Moyan Zhang (2021). “Financial Risks and Regulatory Risks of Large Technology Companies”. Study and Practice (《学习与实践》), 8, 54-66.

49. Jing, Zhongbo, Lingrui Wang, and Yi Fang* (2021). “Does the Increasing Economic Policy Uncertainty Promote the Investment of Chinese Real Estate Enterprises?: Evidence from Chinese A-Share Listed Companies”. Studies of International Finance (《国际金融研究》), 2, 12-22.

50. Fang, Yi, and Yanyan Jia* (2021). “Risk Contagion in Global Foreign Exchange Market under COVID-19 and China’s Financial Risk Prevention”. Modern Economic Science (《当代经济科学》), 43(2), 1-15.

51. Jia, Yanyan, Yi Fang, and Zhongbo Jing* (2020). “Does China’s Financial System Amplify Risks in the Real Economy?”. Finance &Trade Economics (《财贸经济》), 41(10), 111-128.

52. Fang, Yi, Jiaxin Song*, and Xiaofen Tan (2020). “Dynamics and Mechanism of Cross-section Risk Spillovers among China’s Financial Markets，With A Focus on the Impact of Trade Frictions Between China and the United States”. Chinese Review of Financial Studies (《金融评论》), 12(6), 20-43+121-122.

53. Chen, Min, and Yi Fang (2020). “A Study on the Cross Time-Space Characteristics and the Driving Factors of the Spillover Effect of the Yield in China’s Bill Market: Based on LASSO-VAR Model”. Jinan Journal (《暨南学报(哲学社会科学版)》), 42(11), 116-132.

54. Fang, Yi, Bo Yu, and Wei Wang (2020). “China’s Financial Market Risk Measurement and Controlling under COVID-19 Shock”. Journal of Central University of Finance & Economics (《中央财经大学学报》), 8, 116-128.

55. Fang, Yi, Zhiquan Shao*, Jinghua Chen, and Jinnan Zhang (2020). “Research on the Identification and Monitoring Framework of Illegal Financial Activities”. Study and Practice (《学习与实践》), 9, 54-65.

56. Fang, Yi, Yanru Wang, and Zhongbo Jing* (2020). “Spillover Mechanism between P2P-lending Markets and Stock Markets: Evidence during China’s 2015 Stock Market Anomalous Fluctuation’s Periods”. Studies of International Finance (《国际金融研究》), 4, 87-96.

57. Fang, Yi, Lingrui Wang,Wei Wang,and Yanru Wang* (2020). “Systemic Risk in Fintech: A Perspective on Endogenous Risk”. Journal of Central University of Finance & Economics (《中央财经大学学报》), 2, 29-37.

58. Fang, Yi*, Bo Yu, and Wei Wang (2020). “Analysis of Spillover Effects of Chinese Concept Stocks based on Luckin Coffee Incident”. Finance and Accounting Monthly (《财会月刊》), 10, 145-150.

59. Jing, Zhongbo, Leyi Wang, and Yi Fang (2019). “Risk Spillover, Cyclicity and Systemic Risk of China's Real Estate Market”. Modern Economic Science (《当代经济科学》), 5, 1-21.

60. Fang, Yi, Wenjia He, and Zhongbo Jing (2019). “The Spillover Effects of Sino-US Trade Friction on China’s Financial Markets”. Finance &Trade Economics(《财贸经济》), 6, 55-69.

61. He, Wenjia, Yi Fang*, and Zhongbo Jing (2019). “Study on the Impact of Sino-US Trade Friction on China's Systemic Financial Risk”. Studies of International Finance (《国际金融研究》), 3, 34-45.

62. Mao, Haoxiang, Yi Fang, and Chuanchang Zuo (2019). “The Forward-looking Warning of Systemic Risk and Countercyclical Macro-prudential Regulations”. Macroeconomics (《宏观经济研究》), 3, 18-32.

63. Fang, Yi, Ye Han and Zhongbo Jing* (2019). “Measurement of Systemic Risk of Shadow Banking：Evidence from the Micro Data in Chinese Trust Corporation”. Studies of International Finance (《国际金融研究》), 1, 57-66.

64. Jing, Zhongbo, and Yi Fang* (2018). “The Effectiveness and Targeting of China’s Macroprudential Policy: Evidence from the Qual VAR”. Finance &Trade Economics(《财贸经济》), 39(10), 75-90.

65. Fang, Yi, Min Chen*, and Yanping Yang (2018). “The Spillover Effect and Channel Identification of Financial Market to Banking Systemic Risk”. Nankai Economic Studies (《南开经济研究》), 5, 58-75.

66. Fang, Yi (2017). “A Study on Systemic Risk of China’s Banks: Based on Three Macro-prudential Stress Tests”. Economic Theory and Business Management (《经济理论与经济管理》), 2, 48-66.

67. Fang, Yi, Ruyun Yan, and Ziwen Zheng (2017). “How Capital Account Openness Affect on Banking’ Risk: A Comprehensive Analysis Framework”. Studies of International Finance (《国际金融研究》), 11, 33-43.

68. Fang, Yi, Ziwen Zheng, and Ruyun Yan (2017). “Risk Accumulation Mechanism and Stress Testing in China’s Banking System: from the Perspective of Industry Credit”. Modern Economic Science (《当代经济科学》), 5, 1-15+124.

69. Yang, Haolong, Yi Fang, Xianduo Li, and Huipeng Song (2017). “A Study on the Effectiveness of BRICS’ Macro-prudential Policies”. Macroeconomics (《宏观经济研究》), 1, 163-175.

70. Xie, Xiaowen, Yi Fang, and Shenglan Li (2017). “The Study on Degree of Integration in China’s Carbon Market: Base on the Perspective of Price Transmission Mechanism”. Journal of Finance and Economics (《财经研究》), 43(2), 85-97.

71. Fang, Yi, and Ziwen Zheng (2016). “A Study of Contagion Paths of Systemic Risk in the Interbank System: Based on Network Model with Common Assets Holdings”. Studies of International Finance (《国际金融研究》), 6, 61-72.

72. Xie, Xiaowen, Yi Fang, and Shengmin Zhao (2016). “Study on the Price Discovery Function in China’s Future Market: Based on Nonlinear Granger Causality Test”. Journal of Systems Engineering (《系统工程学报》), 31(3), 364-732.

73. Chen, Xin, and Yi Fang (2016). “The Analysis of Implementation and Cancelation of Control Policies on the Real Estate Industry: Based on VECM and DSGE Model”. Modern Economic Science (《当代经济科学》), 3, 31-43+125.

74. Fang, Yi, Yue Xu, and Xicheng Miao (2015). “The Price Volatility in China’s Interbank Market and the Effectiveness of Central Bank’s Regulations”. Review of Investment Studies (《投资研究》), 4, 16-33.

75. Fang, Yi, and Xiaowen Xie (2014). “A Nonlinear Research on the Interdependence of China’s Multi-level Capital Market: how to measure the maturity of Multi-level Capital Market”. Economic Science (《经济科学》), 3, 72-84.

76. Zhao, Shengmin, Xiaowen Xie, Yi Fang, and Zhuang Tian (2013). “Study on the Dynamic Relationship between RMB Exchange Rate and Interest Rate in Process of Financial Marketization Reform”. Nankai Economic Studies (《南开经济研究》), 5, 33-49.

77. Zhao, Shengmin, Yi Fang, and Xiaowen Xie (2013). “Study on the Pricing Power of RMB Exchange Rate: The Efficiency of the Onshore and Offshore of RMB Forward Exchange Market”. Economic Science (《经济科学》), 4, 79-92.

78. Xie, Xiaowen, Yi Fang, and Lulu Liang (2013). “Study on the Dynamic Linkage between RMB Exchange Rates and the Index of Large-cap and Small-cap Stock”. Journal of Zhongnan University of Economics and Law (《中南财经政法大学学报》), 9, 18-24.

79. Xie, Xiaowen, Yi Fang, and Lulu Liang (2013). “The Study of Non-linear Relationship between Exchange Rates and Changes in Stock Price”. Financial Theory & Practice (《金融理论与实践》), 6, 79-82.

80. Zhao, Shengmin, Xiaowen Xie, and Yi Fang (2013). “The Study of Role of China’s Stock Market in the Risk Contagion Network of Global Stock Markets”. Collected Essays on Finance and Economics (《财经论丛》), 5, 59-65.

81. Fang, Yi, Shengmin Zhao, and Daoping Wang (2012). “Measuring the Systemic Risk of Financial Institutes in China: A Research Based on DCC-GARCH”. Financial Regulation Research (《金融监管研究》), 11, 26-42.

82. Fang, Yi, and Shengmin Zhao (2012). “Study on the Selection of Benchmark Interest Rate in China’s Financial Market under the Double-track Interest Rate System”. Contemporary Finance & Economics (《当代财经》), 7, 50-59.

83. Fan, Xiaoyun, Daoping Wang, and Yi Fang (2011). “Measuring and Supervising Financial Institutes’ Marginal Contribution to Systemic Risk in China: A Research Based on MES and Leverage”. Nankai Economic Studies (《南开经济研究》), 4, 3-20.

Grants (Principal Investigator)

1. “Preventing and Resolving Major Risks in the Economic and Financial Fields”, Beijing Social Science Fund Young Academic Leaders Program, 2024.08-2027.07.

2. “Research on Statistical Monitoring, Early Warning and Countermeasures of Financial Security in China”, Major Program of National Social Science Foundation of China (Grant No. 23&ZD058), 2024.01-2028.12.

3. “Research on International Macro Policy Coordination”, 2023 Annual Program of Comprehensive Department of National Development and Reform Commission, 2023.08-2024.04.

4. “Research on the Association Analysis Method between Carbon Prices and Energy Prices”, Climate Economy and Low Carbon Industry Research Institute Project, 2022-2023.

5. “Financial Text Big Data and Systemic Risk in the Banking Industry: Indicator Construction, Application, and Evaluation Integration”, National Natural Science Foundation of China (Grant No. 72173144), 2022-2025.

6. “Cross-border Bank Capital Flow Network and Systemic Risk in China’s Banking Industry in the Era of Negative Interest Rates”, Sub-Program of Major Program of National Social Science Foundation of China, 2020-2024.

7. “Banks’ Shift from Real to Virtual, Systemic Risk, and Macroprudential Policy”, China Postdoctoral Science Foundation (Grant No. 2020M670558), 2020-2022.

8. “The Impact of COVID-19 on China’s Systemic Financial Risk”, 2020 Beijing Financial Security Engineering Emergency Project, 2020-2021.

9. “A Study on the Prevention and Resolution of Systemic Risk in China’s Banking from the Perspective of Financial Cycle”, National Natural Science Foundation of China (Grant No. 71973162), 2020.01-2023.12.

10. “Leverage Ratio Differentiation in the Financial Sector and Financial Regulation”, Global Economy and Sustainable Development Research Center Program, 2019.

11. “Research on Risk Prevention and Controlling Mechanism in China’s Bill Market”, China Bill Research Center Program, 2019-2020.

12. “Systemic Risk and Financial Stability Policies in China’s Financial Sectors”, Program for Innovation Research in Central University of Finance and Economics, 2019-2022.

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

14. “Interbank Activities and China’s Banking Systemic Risk”, Program for Young Talents in Central University of Finance and Economics, 2018-2020.

15. “Research on Systemic Risk Measurement and Regulation of Banks Based on Interconnected Network”, Project in Beijing Finance Association, 2018- 2019.

16. “Monetary Policy, House Price and Financial Stability”, National Natural Science Foundation of China (Grant No. 71503290), 2016.01- 2018.12.

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

Journal Referee

Social Science in China (《中国社会科学》)、Economic Research Journal (《经济研究》)、Management World (《管理世界》)、The Journal of World Economy (《世界经济》)、Journal of Financial Research (《金融研究》)、China Economic Quarterly (《经济学（季刊）》)、China Industrial Economics (《中国工业经济》)、Journal of Management Sciences in China (《管理科学学报》)、Finance &Trade Economics (《财贸经济》)、Economic Perspectives (《经济学动态》)、Studies of International Finance (《国际金融研究》)、Economic Theory and Business Management (《经济理论与经济管理》)、Nankai Economic Studies (《南开经济研究》)、Journal of Finance and Economics (《财经研究》)、Journal of International Financial Markets, Institutions and Money、International Review of Financial Analysis、Emerging Markets Finance & Trade、Economic Modelling、Finance Research Letters, et al.

Conferences

1. Academic Conference for Financial Regulation Research, Beijing, China.

2. 2024 Academic Symposium on Climate Finance and Sustainable Development, Beijing, China.

3. The 3rd Banking and Financial Intermediary Conference, Beijing, China.

4. The 1st Chinese Finance Discipline Conference, Beijing, China.

5. 2023 Green and Low Carbon Industry Development Conference, Nanjing, China.

6. The 12th Conference for Journal of Financial Research, Xi’an, China.

7. 2020 International Financial Conference of China Society for World Economics, Online.

8. The 3rd High-level Academic Conference on Preventing and Resolving Major Financial Risks and High-quality Development, Guangzhou, China.

9. The 2nd Camphor Conference for Finance, Online.

10. The 3rd China Finance Scholar Forum, Online.

11. The 1st Yangtze River Delta International Forum, Shanghai, China.

12. The 3rd Young Scholars Forum on Financial Risk and Regulation, Beijing, China.

13. 2019 International Macro Financial Conference, Chengdu, China.

14. Academic Conference on Financial Openness and Development, Beijing, China.

15. The 2nd Young Scholars Forum on Financial Risk and Regulation, Beijing, China.

16. The 1st Camphor Conference for Finance, Wuhan, China.

17. The 2nd China Finance Scholar Forum, Shanghai, China.

18. 2018 Lingnan Macro Meetings, Guangzhou, China.

19. Academic Conference on the Economic Effects of the “The Belt and Road” Financial Cooperation, Beijing, China.

20. The 1st Young Scholars Forum on Financial Risk and Regulation, Shanghai, China.

21. High-level Forum on Finance and Real Economy Development, Beijing, China.

22. The 1st China Econometric Scholars Forum, Xiamen, China.

23. 2017 Lingnan Macro Meetings, Guangzhou, China.

24. The 3rd National Macro Forum, Beijing, China.