{
  "title": "Hui Tong",
  "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/tong-hui",
  "canonical": "https://www.imf.org/en/research/researcher-cv/author/tong-hui",
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  "summary": "Hui Tong is a Senior Economist in the Strategy, Policy, and Review Department of the IMF. His research focuses on international economics, macro-financial linkages, and China’s economy.",
  "authors": [
    "Hui Tong"
  ],
  "sections": [
    {
      "heading": "Biography",
      "content": "Hui Tong is a Senior Economist in the Strategy, Policy, and Review Department of the IMF. His research focuses on international economics, macro-financial linkages, and China’s economy."
    },
    {
      "heading": "Education",
      "content": "- Ph.D. Economics, University of California at Berkeley, 2004\n\n- M.A./B.A. Economics, Renmin University of China, 1997/1994"
    },
    {
      "heading": "Previous Experience",
      "content": "- IMF, Macro Financial Division, Research Department, Oct 2008--2016\n\n- IMF, North American Division (U.S./Canada), Oct 2007--Oct 2008\n\n- Bank of England, International Finance Division, Oct 2004--Oct 2006"
    },
    {
      "heading": "Current Position",
      "content": "- Senior Economist, SPR, IMF"
    },
    {
      "heading": "Field of Expertise",
      "content": "- Macro-Financial Issues\n\n- International Finance\n\n- International Trade"
    },
    {
      "heading": "IMF Occasional Papers, Pamphlets, and Special Issues Papers",
      "content": "- “Making Trade an Engine of Growth for All: The Case for Trade and for Policies to Facilitate Adjustment”, IMF/World Bank/WTO joint policy paper on international trade 2017\n\n- “Benefits and Costs of Bank Capital”, Staff Discussion Note 2016/04\n\n- “Bank Size and Systemic Risk”, Staff Discussion Note 2014/04\n\n- Policies for Macrofinancial Stability: How to Deal with Credit Booms”, SDN 2012/06"
    },
    {
      "heading": "Books",
      "content": "- \"China and South Asia: The Economic Dimension”, with Vivek Arora and Cristina Constantinescu, Stanford University Press (2016)\n\n- “China Corporate Savings Puzzle: A Firm-level Cross-country Perspective”, with Tamim Bayoumi and Shang-Jin Wei, NBER Book of Capitalizing China, 2011.\n\n- “Stock Market Volatility and Monetary Policy: What the Historical Record Shows”, with Barry Eichengreen, Asset Prices and Monetary Policy (2003) in Tony Richards and Tim Robinson (eds), Reserve Bank of Australia."
    },
    {
      "heading": "IMF Books and Working Papers",
      "content": "- Trade Policy Shocks and Corporate Valuations - Disentangling Trade and Uncertainty Channels, Working Paper No. 2026/070 , April 10, 2026\n\n- Lifting Binding Constraints on Growth in Europe: Actionable Priorities to Deepen the Single Market, Working Paper No. 2025/113 , June 13, 2025\n\n- Benefits and Costs of Bank Capital, Staff Discussion Notes No. 2016/004 , March 3, 2016\n\n- How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?, Working Paper No. 2015/145 , June 30, 2015\n\n- Bank Size and Systemic Risk, Staff Discussion Notes No. 2014/004 , May 8, 2014\n\n- Policies for Macrofinancial Stability: How to Deal with Credit Booms, Staff Discussion Notes No. 2012/006 , June 7, 2012\n\n- Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?, Working Paper No. 2011/227 , September 1, 2011\n\n- The External Impact of China'S Exchange Rate Policy: Evidence From Firm Level Data, Working Paper No. 2011/155 , July 1, 2011\n\n- The Chinese Corporate Savings Puzzle: A Firm-level Cross-country Perspective, Working Paper No. 2010/275 , December 1, 2010\n\n- U.S. Monetary Shocks and Global Stock Prices, Working Paper No. 2010/278 , December 1, 2010\n\n- The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis, Working Paper No. 2009/164 , August 1, 2009\n\n- Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?, Working Paper No. 2008/186 , July 1, 2008"
    },
    {
      "heading": "Other Published Materials",
      "content": "- “Private Investment: What is the Holdup?”, IMF World Economic Outlook (Chapter 4, April 2015)"
    },
    {
      "heading": "Publications in Journals (Refereed)",
      "content": "- “Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation”, with Shang-Jin Wei, Journal of International Economics (2021)\n\n- “Frontrunning the Signals: As Arbitrage Between Sophisticates”, with George Akerlof, Proceedings of the National Academy of Sciences of the United States of America (2021)\n\n- “Did Unconventional Interventions Unfreeze the Credit Market?” with Shang-Jin Wei, American Economic Journal Macroeconomics (2020)\n\n- “Bank Capital: A Seawall Approach,” International Journal of Central Banking (2019), with Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, and Lev Ratnovski\n\n- “Bank Size, Capital, and Systemic Risk: Some International Evidence”, with Luc Laeven and Lev Ratnovski, Journal of Banking and Finance (2016)\n\n- “Policies for Macrofinancial Stability: How to Deal with Credit Booms”, with Giovanni Dell’Ariccia, Deniz Igan, Luc Laeven, Economic Policy (2016)\n\n- “Effects of Renminbi Appreciation on Foreign Firms: The Role of Processing Exports”, with Barry Eichengreen, Journal of Development Economics (2015).\n\n- “Saving the Euro: Mitigating Financial or Trade Spillovers?,” with Stijn Claessens & Igor Zuccardi, Journal of Money, Credit and Banking (2015)\n\n- “Does Trade Globalization Induce or Inhibit Corporate Transparency?”, with Shang-Jin Wei, Journal of International Economics (2014).\n\n- “Stock Prices in the Presence of Liquidity Crises: The Effect of Creditor Protection”, with Galina Hale and Assaf Razin, Economica (2014)\n\n- “From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels”, with Stijn Claessens and Shang-Jin Wei, Journal of International Economics (2012).\n\n- “US Monetary Shocks and Global Stock Prices”, with Luc Laeven, Journal of Financial Intermediation (2012)\n\n- “The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis”, with Shang-Jin Wei, Review of Financial Studies (2011)\n\n- “Disclosure Standards and Market Efficiency: Evidence from Analysts’ Forecasts”. Journal of International Economics (May 2007)\n\n- “Response to ‘Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con’”, with Stephen Morris and Hyun Song Shin. American Economic Review (March 2006)\n\n- “The Interactions between Debt and Currency Crises-Common Causes or Contagion?”, with Bernhard Herz. Review of International Economics (2008)\n\n- “Is China’s FDI Coming at the Expense of Other Countries?” with Barry Eichengreen. Journal of the Japanese and International Economies (July 2007). Featured in NBER Digest Oct 2005; Updated and Reprinted in Foreign Direct Investment in Europe: A Changing Landscape, by the Oesterreichische Nationalbank\n\n- “Fear of China”, with Barry Eichengreen. Journal of Asian Economics (April 2006).\n\n- “The Impact of China on the Exports of Other Asian Countries”, with Barry Eichengreen, Yeongseop Rhee, NBER WP 10768. Review of World Economics (Weltwirtschaftliches Archiv, 2007 (2))\n\n- “Bilateral FDI Flows: Threshold Barriers and Productivity Shocks”, with Assaf Razin, Efraim Sadka, 2008, NBER WP11639. CESifo Economic Studies (August 2008)\n\n- “How China Is Reorganizing the World Economy” with Barry Eichengreen. Asian Economic Policy Review (June 2006, Inaugural Issue)"
    }
  ],
  "bullets": [
    "Ph.D. Economics, University of California at Berkeley, 2004",
    "M.A./B.A. Economics, Renmin University of China, 1997/1994",
    "IMF, Macro Financial Division, Research Department, Oct 2008--2016",
    "IMF, North American Division (U.S./Canada), Oct 2007--Oct 2008",
    "Bank of England, International Finance Division, Oct 2004--Oct 2006",
    "Senior Economist, SPR, IMF",
    "Macro-Financial Issues",
    "International Finance",
    "International Trade",
    "“Making Trade an Engine of Growth for All: The Case for Trade and for Policies to Facilitate Adjustment”, IMF/World Bank/WTO joint policy paper on international trade 2017",
    "“Benefits and Costs of Bank Capital”, Staff Discussion Note 2016/04",
    "“Bank Size and Systemic Risk”, Staff Discussion Note 2014/04",
    "Policies for Macrofinancial Stability: How to Deal with Credit Booms”, SDN 2012/06",
    "\"China and South Asia: The Economic Dimension”, with Vivek Arora and Cristina Constantinescu, Stanford University Press (2016)",
    "“China Corporate Savings Puzzle: A Firm-level Cross-country Perspective”, with Tamim Bayoumi and Shang-Jin Wei, NBER Book of Capitalizing China, 2011.",
    "“Stock Market Volatility and Monetary Policy: What the Historical Record Shows”, with Barry Eichengreen, Asset Prices and Monetary Policy (2003) in Tony Richards and Tim Robinson (eds), Reserve Bank of Australia.",
    "[Trade Policy Shocks and Corporate Valuations - Disentangling Trade and Uncertainty Channels](https://www.imf.org/en/publications/wp/issues/2026/04/09/trade-policy-shocks-and-corporate-valuations-disentangling-trade-and-uncertainty-channels-575172), Working Paper No. 2026/070 , April 10, 2026",
    "[Lifting Binding Constraints on Growth in Europe: Actionable Priorities to Deepen the Single Market](https://www.imf.org/en/publications/wp/issues/2025/06/13/lifting-binding-constraints-on-growth-in-europe-actionable-priorities-to-deepen-the-single-567610), Working Paper No. 2025/113 , June 13, 2025",
    "[Benefits and Costs of Bank Capital](https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/benefits-and-costs-of-bank-capital-43710), Staff Discussion Notes No. 2016/004 , March 3, 2016",
    "[How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?](https://www.imf.org/en/publications/wp/issues/2016/12/31/how-does-post-crisis-bank-capital-adequacy-affect-firm-investment-43041), Working Paper No. 2015/145 , June 30, 2015",
    "[Bank Size and Systemic Risk](https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/bank-size-and-systemic-risk-41482), Staff Discussion Notes No. 2014/004 , May 8, 2014",
    "[Policies for Macrofinancial Stability: How to Deal with Credit Booms](https://www.imf.org/en/publications/staff-discussion-notes/issues/2016/12/31/policies-for-macrofinancial-stability-how-to-deal-with-credit-booms-25935), Staff Discussion Notes No. 2012/006 , June 7, 2012",
    "[Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?](https://www.imf.org/en/publications/wp/issues/2016/12/31/did-the-euro-crisis-affect-non-financial-firm-stock-prices-through-a-financial-or-trade-25267), Working Paper No. 2011/227 , September 1, 2011",
    "[The External Impact of China'S Exchange Rate Policy: Evidence From Firm Level Data](https://www.imf.org/en/publications/wp/issues/2016/12/31/the-external-impact-of-china-s-exchange-rate-policy-evidence-from-firm-level-data-25016), Working Paper No. 2011/155 , July 1, 2011",
    "[The Chinese Corporate Savings Puzzle: A Firm-level Cross-country Perspective](https://www.imf.org/en/publications/wp/issues/2016/12/31/the-chinese-corporate-savings-puzzle-a-firm-level-cross-country-perspective-24405), Working Paper No. 2010/275 , December 1, 2010",
    "[U.S. Monetary Shocks and Global Stock Prices](https://www.imf.org/en/publications/wp/issues/2016/12/31/u-s-24435), Working Paper No. 2010/278 , December 1, 2010",
    "[The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis](https://www.imf.org/en/publications/wp/issues/2016/12/31/the-composition-matters-capital-inflows-and-liquidity-crunch-during-a-global-economic-crisis-23141), Working Paper No. 2009/164 , August 1, 2009",
    "[Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?](https://www.imf.org/en/publications/wp/issues/2016/12/31/real-effects-of-the-subprime-mortgage-crisis-is-it-a-demand-or-a-finance-shock-22130), Working Paper No. 2008/186 , July 1, 2008",
    "“Private Investment: What is the Holdup?”, IMF World Economic Outlook (Chapter 4, April 2015)",
    "“Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation”, with Shang-Jin Wei, Journal of International Economics (2021)",
    "“Frontrunning the Signals: As Arbitrage Between Sophisticates”, with George Akerlof, Proceedings of the National Academy of Sciences of the United States of America (2021)",
    "“Did Unconventional Interventions Unfreeze the Credit Market?” with Shang-Jin Wei, American Economic Journal Macroeconomics (2020)",
    "“Bank Capital: A Seawall Approach,” International Journal of Central Banking (2019), with Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, and Lev Ratnovski",
    "“Bank Size, Capital, and Systemic Risk: Some International Evidence”, with Luc Laeven and Lev Ratnovski, Journal of Banking and Finance (2016)",
    "“Policies for Macrofinancial Stability: How to Deal with Credit Booms”, with Giovanni Dell’Ariccia, Deniz Igan, Luc Laeven, Economic Policy (2016)",
    "“Effects of Renminbi Appreciation on Foreign Firms: The Role of Processing Exports”, with Barry Eichengreen, Journal of Development Economics (2015).",
    "“Saving the Euro: Mitigating Financial or Trade Spillovers?,” with Stijn Claessens & Igor Zuccardi, Journal of Money, Credit and Banking (2015)",
    "“Does Trade Globalization Induce or Inhibit Corporate Transparency?”, with Shang-Jin Wei, Journal of International Economics (2014).",
    "“Stock Prices in the Presence of Liquidity Crises: The Effect of Creditor Protection”, with Galina Hale and Assaf Razin, Economica (2014)",
    "“From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels”, with Stijn Claessens and Shang-Jin Wei, Journal of International Economics (2012).",
    "“US Monetary Shocks and Global Stock Prices”, with Luc Laeven, Journal of Financial Intermediation (2012)",
    "“The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis”, with Shang-Jin Wei, Review of Financial Studies (2011)",
    "“Disclosure Standards and Market Efficiency: Evidence from Analysts’ Forecasts”. Journal of International Economics (May 2007)",
    "“Response to ‘Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con’”, with Stephen Morris and Hyun Song Shin. American Economic Review (March 2006)",
    "“The Interactions between Debt and Currency Crises-Common Causes or Contagion?”, with Bernhard Herz. Review of International Economics (2008)",
    "“Is China’s FDI Coming at the Expense of Other Countries?” with Barry Eichengreen. Journal of the Japanese and International Economies (July 2007). Featured in NBER Digest Oct 2005; Updated and Reprinted in Foreign Direct Investment in Europe: A Changing Landscape, by the Oesterreichische Nationalbank",
    "“Fear of China”, with Barry Eichengreen. Journal of Asian Economics (April 2006).",
    "“The Impact of China on the Exports of Other Asian Countries”, with Barry Eichengreen, Yeongseop Rhee, NBER WP 10768. Review of World Economics (Weltwirtschaftliches Archiv, 2007 (2))",
    "“Bilateral FDI Flows: Threshold Barriers and Productivity Shocks”, with Assaf Razin, Efraim Sadka, 2008, NBER WP11639. CESifo Economic Studies (August 2008)",
    "“How China Is Reorganizing the World Economy” with Barry Eichengreen. Asian Economic Policy Review (June 2006, Inaugural Issue)"
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