## Hui Tong ## Source details **Canonical URL:** [Hui Tong](https://www.imf.org/en/research/researcher-cv/author/tong-hui) ## Other formats - [Markdown version](/en/research/researcher-cv/author/tong-hui/index.md) - [Structured JSON version](/en/research/researcher-cv/author/tong-hui/index.json) - [Bundle manifest](/en/research/researcher-cv/author/tong-hui/bundle-manifest.json) ## Bibliographic details - Authors: Hui Tong --- ### Biography 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. ### Profile ### Education - Ph.D. Economics, University of California at Berkeley, 2004 - M.A./B.A. Economics, Renmin University of China, 1997/1994 ### Previous Experience - 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 ### Current Position - Senior Economist, SPR, IMF ### Field of Expertise - Macro-Financial Issues - International Finance - International Trade ### IMF Occasional Papers, Pamphlets, and Special Issues Papers - “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 ### Books - "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. ### IMF Publications ### IMF Books and Working Papers - [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 ### Other Published Materials - “Private Investment: What is the Holdup?”, IMF World Economic Outlook (Chapter 4, April 2015) ### Non-IMF Publications ### Publications in Journals (Refereed) - “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) --- _Source: https://www.imf.org/en/research/researcher-cv/author/tong-hui_