(852) 2358 7679

Xuewen Liu


IEMS Research Areas

Areas of Expertise

Financial Economics, Macroeconomics, Growth and Development, Chinese Economy

Selected Working Papers

  1. A Model of China’s State Capitalism (with Xi Li and Yong Wang) NBER Summer Institute 2013, SED 2013, Econometric Society China Meeting 2013, China Economics Summer Institute 2012, Summer Institute of Finance (SIF) 2013
  2. Financial Markets, the Real Economy, and Self-fulfilling Uncertainties (with Jess Benhabib and Pengfei Wang Wharton Conference on Liquidity and Financial Fragility 2017, Barcelona GSE Summer Forum - Information Frictions 2017, HKUST Macro Workshop 2017, Tsinghua Finance Workshop 2017…


  1. Market Transparency and the Accounting Regime (with Alexander Bleck), 2007, Journal of Accounting Research, 45(2), 229-256.
  2. The Fragile Capital Structure of Hedge Funds and the Limits to Arbitrage (with Antonio Mello), 2011, Journal of Financial Economics, 102(3), 491-506.
  3. Short-selling Attacks and Creditor Runs, 2015, Management Science, 61(4), 814-830.
  4. Sentiments, Financial Markets, and Macroeconomic Fluctuations (with Jess Benhabib and Pengfei Wang), 2016, Journal of Financial Economics, 120(2), 420-443.
  5. Interbank Market Freezes and Creditor Runs, 2016, Review of Financial Studies, 29(7), 1860-1910.  YihongXia Best Paper Award, China International Conference in Finance, 2014
  6. Endogenous Information Acquisition and Countercyclical Uncertainty (with Jess Benhabib and Pengfei Wang), 2016, Journal of Economic Theory,165,601-642.
  7. The Creditor Channel of Liquidity Crises (with Antonio Mello), 2017, Journal of Money, Credit and Banking49(6),1113–1160.
  8. Credit Expansion and Credit Misallocation (with Alexander Bleck), 2017, Journal of Monetary Economics, forthcoming