PERSONAL PROFILE
Professor Shi Kang graduated from Zhejiang University in 1994 and earned his Ph.D. in Economics from the University of British Columbia, Canada in 2006. He is currently a Chair Professor at the PBC School of Finance, Tsinghua University, and Co-Editor of the academic journal <<China Economic Review>>.
He previously served as Professor in the Department of Economics at The Chinese University of Hong Kong (CUHK), Special-term professor at the PBC School of Finance, Tsinghua University, Deputy Director of the Tsinghua University-CUHK Joint Research Center for the Chinese Economy, and Deputy Director of the Fudan University-CUHK Joint Center for International Finance. He was Assistant Professor and Associate Professor in the Department of Economics at CUHK (2006-2022) and Economist at the Zhejiang Branch of the Industrial and Commercial Bank of China (1994-2000).
His additional appointments include Young Member of the financial think tank CF40 (2016-2018), Visiting Professor at the School of Economics and Management, Tsinghua University (2017-2020), Special-term Researcher at the Center for Finance and Development, National Institute of Financial Research, Tsinghua University (2017), Distinguished Researcher at the Institute of Industrial Economics, Nanjing University (2019-2023), and repeated invitations as Visiting Researcher at the Hong Kong Institute for Monetary and Financial Research and Visiting Scholar at the Research Bureau of the People's Bank of China.
His research focuses on international macroeconomics, monetary policy, and the Chinese economy. He has published extensively in top-tier international academic journals and leading Chinese economic and financial media outlets. He has led numerous policy research projects for central government ministries and agencies, including the Central Financial and Economic Affairs Commission Office, the State Council Policy Research Office, the Ministry of Finance, and the People's Bank of China. His policy reports have been adopted by internal reference publications and national high-end think tanks.
In February 2017, his research on international economic theory received China's highest award in international economics—the Pu Shan Award. In July 2018, his research on the transformation of China's monetary policy framework and interest rate liberalization was honored with the Third Sun Yefang Financial Innovation Award.
CURRENT POSITION
| ●Chair professor, PBC school of Finance, Tsinghua University, January 2026-present |
●Co-Editor, China Economic Review, August 2022-present |
OTHER POSITION
●Professor, Department of Economics, the Chinese University of Hong Kong, August 2022-December 2025 |
●Associate Professor (Tenured), Department of Economics, the Chinese University of Hong Kong, August 2012-July 2022 |
●Assistant Professor, Department of Economics, the Chinese University of Hong Kong, August 2006-July 2012 |
| ●Special-term Professor, PBCSF Tsinghua University, June 2024-December 2025 |
●Associate Director, CUHK-Tsinghua Joint Research Center for Chinese Economy, May 2017 -December 2025 |
●Associate Director, CUHK-FUDAN Joint Research Center for International Finance, August 2023 - December 2025 |
| ●Convenor, Dual degree program management committee, July 2019 - August 2025 |
| ●Adjunct Professor, Chinese University of Hong Kong (Shenzhen), June 2016 - May 2018 |
●Visiting Professor, School of Economics and Management, Tsinghua University, June 2017- May 2020 |
| ●Research Fellow, Yangtze Industrial Economic Institute, Nanjing University, 01/2019 - 01/2023 |
●Visiting Research Fellow, Hong Kong Institute for Monetary Research, August 2007, August 2009, August - September 2010, November 2010, August 2014, November 2016 - February 2017, February- March, 2023 |
●Visiting Assistant Professor, Hong Kong University of Science and Technology, February - June 2008 |
| ●Visiting Scholar, Research Bureau, People’s Bank of China, September 2014 - March 2015 |
●Economist and Division Head, Research and Statistics Department, Industrial and Commercial Bank of China, Zhejiang Province Branch, August 1994 - January 2000 |
EDUCATION
●Ph.D., Economics, University of British Columbia, Canada, 2006
●M.A., Economics, University of British Columbia, Canada, 2001
●B.A., Economics, Zhejiang University, China, 1994
RESEARCH and TEACHING INTEREST
Monetary Economics, International Macroeconomics, and the Chinese Economy
PROFESSIONAL ACTIVITIES
Corporate Finance, Microeconomic Theory
Associate Editor, China Economic Review, February 2018 - July 2022
Editorial Board, VoxChina, July 2017 - present
Associate Editor, Journal of International Money and Finance, July 2018 - June 2019
Editorial Board Member, the China Review, December 2013 - present
CF40 Young Economist Forum, Member, February 2016 - February 2018
AWARDS
● 2018 Sun Yefang Financial Innovation Award
● 2016 Pushan Award (the Most Prestigious Award for International Economics in China).
● 2020 Excellence in Refereeing Award, China Economic Review
● 2021 Best Reviewer Award, China Economic Review
PUBLICATIONS
1. Friedman Redux: Restricting Monetary Policy Rules to Support Flexible Exchange Rates, 2005, with Michael B. Devereux and Juanyi Xu, Economics Letters, vol. 87(3), pages 291-299.
2. Optimal Monetary Policy with Vertical Production and Trade, August 2007, with Juanyi Xu, Review of International Economics, vol.15 (3), 514–537.
3. Global Monetary Policy under a Dollar Standard, March 2007, with Michael B. Devereux and Juanyi Xu, Journal of International Economics, vol.71, pages 113-132.
4. Entry Cost, Tobin Tax, and Noise Trading on the Foreign Exchange Market, with Juanyi Xu, November 2009, Canadian Journal of Economics, Volume 42, Issue 4, Pages 1501 - 1526.
5. What Accounts for Chinese Business Cycle, with Terence Chong and Qing He, October 2008, China Economic Review, Volume 20, Issue 4, Pages 650-661.
6. Oil Currency and the Dollar Standard, with Michael B. Devereux and Juanyi Xu, June 2010, Journal of Money, Credit, and Banking, Volume 42 Issue 4, pages 521-550.
7. Twin Dollarization and Exchange Rate Policy, with Juanyi Xu, May 2010, Journal of International Economics, Volume 81, Issue 1, Pages 109-121
8. Intermediate Good Trade and Exchange Rate Pass-through, with Juanyi Xu, June 2010, Journal of Macroeconomics, 32, 571-583.
9. Sectoral Labor Mobility and Monetary Policy in Small Open Economies, December 2011, Journal of Macroeconomics, 33, Issue 4, Pages 634-643.
10. Shock Persistence and Current Account Dynamics, 2011 August, Economics Bulletin, Vol. 31, No. 3, pp. 2260-2271.
11. Diversity and Scale Effect, with Travis Ng and Shiyuan Pan, Applied Economics Letters, Volume 19, Issue 16, 2012.
12. Vertical Trade and China’s Export Dynamics, with Wei Liao and Zhiwei Zhang, China Economic Review, Volume 23, Issue 4, December 2012, Pages 763–775.
13. Oil Price Stabilization and Global Welfare, with Qing Liu, Zhouheng Wu, and Juanyi Xu, Journal of Development Economics, Vol. 111, November 2014, pages 246-260.
14. On the Connection between Intra-temporal and Intertemporal Trades, with Jiandong Ju and Shang-jin Wei, Journal of International Economics, vol.92, April 2014, s36-51.
15. Input Substitution, Export Pricing, and Exchange Rate Policy, with Juanyi Xu and Xiaopeng Yin, Journal of International Money and Finance, Volume 51, March 2015, Pages 26–46.
16. China’s Interest Rate Transmission Mechanism, with Jun Ma, Honglin Wang, and Lisheng Wang, Journal of Financial Research (金融研究), January 2016.
17. Excess Liquidity and Credit Misallocation: Evidence from China, with Shiyuan Pan, Lisheng Wang, and Juanyi Xu, China Economic Journal, Volume 10, 2017, Issue 3.
18. Local Government Debt and Corporate Leverage, with Yousha Liang, Juanyi Xu, and Lisheng Wang, Asian Economic Policy Review, July 2017, Volume 12, Issue 2.
19. Development through Electrification: Evidence from Rural China, with Haoyuan Ding and Con Qin, China Economic Review, August 2018, volume 50, Pages 313-328.
20. Exchange Rate Volatility and Trade: The Role of Credit Constraints, with Shu Lin and Haichun Ye, Review of Economic Dynamics, Volume 30, October 2018, Pages 203-222.
21. Fluctuation and Reform: a Tale of Two RMB Markets, with Yousha Liang, Lisheng Wang, and Juanyi Xu, China Economic Review, Volume 53, February 2019, Pages 30-52.
22. Who benefits from government-led microfinance projects? Evidence from rural China, with Haoyuan Ding and Cong Qin, Journal of Comparative Economics, Volume 46, Issue 4, December 2018, Pages 1253-1272.
23. Nonlinear Capital Flow Tax: Capital Flow Management and Financial Crisis Prevention in China, with Jiandong Ju, Li Li, Guangyu Nie, and Shang-jin Wei, China and World Economy, Volume 27, July-August 2019.
24. Structure Change and Real Exchange Rate Dynamics, with Jiandong Ju, Justin Lin, and Qing Liu, Journal of International Money and Finance, Volume 107, October 2020, 102192.
25. SOE and Chinese RBC, with Daoju Peng， Juanyi Xu, and Yue Zhou, accepted at Annals of Economics and Finance, Volume 21-2, November 2020, Pages 415–469.
26. Exchange Rates, Local Currency Pricing, and International Tax Policies, with Sihao Chen, Michael Devereux, and Juanyi Xu, NBER Working Paper, No.25111, Journal of Monetary Economics, Volume 117, January 2021, Pages 460-472.
27. Trade Reforms and Global Current Account Imbalances? with Jiandong Ju and Shang-jin Wei, NBER Working Paper, No.18653, Journal of International Economics, Volume 131, July 2021.
28. Pandemics and Containment Policies in Open Economy, with Yousha Liang, Junjie Tang, and Juanyi Xu, Journal of International Money and Finance, Volume 125, July 2022, 102637.
29. Consumption Heterogeneity and Monetary Policy in Open Economy, with Sihao Chen, Michael Devereux, and Juanyi Xu. NBER Working Paper, No.29835, Journal of Monetary Economics, Volume 140, November 2023, Pages 1-15.
30. Learning by Exporting: Evidence from Patent Citations in China, with Yousha Liang, Hanyi, Tao, and Juanyi Xu, Journal of International Economics, Volume 150, July 2024.
31. Political Connection and Land Transaction: Evidence from China’s Stock Market, with Haoyuan Ding, Juanyi Xu, and Xiaoyu Zhang, Economic Inquiry. Volume 63, Issue 3, March 2025, Pages 785-804.
32. From Trade Reform to Trade War: A Quantitative Analysis of China's Current Account, 2025, accepted at Journal of Economic Dynamics and Control.
