{
  "title": "Yunhui Zhao — CV",
  "sourceUrl": "https://www.imf.org/en/research/researcher-cv/author/zhao-yunhui",
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  "summary": "Yunhui Zhao is an Economist in the African Department at the IMF. He is working on the external and real sectors for Sao Tome and Principe (a program country), as well as coordinating and coauthoring an analytical chapter on trade for the April 2019 Regional Economic Outlook, a flagship publication of the African Department. Previously, he worked in the Monetary and Capital Markets Department. He holds a Ph.D. in Economics from New York University, and an M.Sc. in Economics (Research) from London School of Economics. He has done research on housing finance, macro-financial linkage, and applied econometrics including machine learning. Two of his current research projects study macroprudential policies and the Chinese housing market, respectively.",
  "authors": [
    "Yunhui Zhao"
  ],
  "sections": [
    {
      "heading": "Biography",
      "content": "Yunhui Zhao is an Economist in the African Department at the IMF. He is working on the external and real sectors for Sao Tome and Principe (a program country), as well as coordinating and coauthoring an analytical chapter on trade for the April 2019 Regional Economic Outlook, a flagship publication of the African Department. Previously, he worked in the Monetary and Capital Markets Department. He holds a Ph.D. in Economics from New York University, and an M.Sc. in Economics (Research) from London School of Economics. He has done research on housing finance, macro-financial linkage, and applied econometrics including machine learning. Two of his current research projects study macroprudential policies and the Chinese housing market, respectively."
    },
    {
      "heading": "Education",
      "content": "- Ph.D. in Economics, New York University, May 2016\n\n- M.Sc. in Economics (Research Track), London School of Economics, July 2010\n\n- Graduate Coursework in Finance, Central University of Finance and Economics, Beijing, China, September 2007-July 2009"
    },
    {
      "heading": "Country work or Mission Assignment",
      "content": "- Saudi Arabia 2017 Financial Sector Assessment Program (FSAP)\n\n- Namibia 2018 FSAP\n\n- Kuwait 2019 FSAP\n\n- Sao Tome and Principe 2018 Article IV mission, and the 5th and 6th review missions"
    },
    {
      "heading": "Work in progress",
      "content": "- Under-Developed Financial Market and Over-Developed Housing Sector in China (with Jack Favilukis, University of British Columbia; and Rengming Xie, CITIC Securities and Tsinghua University)"
    },
    {
      "heading": "Field of Expertise",
      "content": "- Economic Modeling\n\n- Banking\n\n- Macro-Financial Issues"
    },
    {
      "heading": "IMF Books and Working Papers",
      "content": "- Global Economic and Financial Implications of Artificial Intelligence: Lessons from a Scenario Planning Exercise, IMF Notes No 2026/002 , April 3, 2026\n\n- Pension Reform and Stock Market Development, Working Paper No. 2025/049 , February 28, 2025\n\n- Chinese Housing Market Sentiment Index: A Generative AI Approach and An Application to Monetary Policy Transmission, Working Paper No. 2024/264 , December 23, 2024\n\n- The Pricing-Out Phenomenon in the U.S. Housing Market, Working Paper No. 2023/001 , January 6, 2023\n\n- Housing Boom and Headline Inflation: Insights from Machine Learning, Working Paper No. 2022/151 , July 28, 2022\n\n- Structural Breaks in Carbon Emissions: A Machine Learning Analysis, Working Paper No. 2022/009 , January 21, 2022\n\n- COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies, Working Paper No. 2021/157 , June 4, 2021\n\n- Hang in There: Stock Market Reactions to Withdrawals of COVID-19 Stimulus Measures, Working Paper No. 2020/285 , December 18, 2020\n\n- Incomplete Financial Markets and the Booming Housing Sector in China, Working Paper No. 2020/265 , December 4, 2020\n\n- US Housing Market during COVID-19: Aggregate and Distributional Evidence, Working Paper No. 2020/212 , September 25, 2020\n\n- Does Financial Tranquility Call for Stringent Regulation?, Working Paper No. 2018/123 , May 31, 2018"
    },
    {
      "heading": "IMF Country Reports",
      "content": "- Namibia 2018 FSAP: Financial System Stability Assessment\n\n- Saudi Arabia 2017 FSAP: Financial System Stability Assessment\n\n- Democratic Republic of São Tomé and Princípe: 2018 Article IV Consultation, and Fifth Review Under the Extended Credit Facility Arrangement (including DSA and EBA reports)"
    },
    {
      "heading": "Publications in Journals (Refereed)",
      "content": "- “Evidence of Government Subsidy on Mortgage Rate and Default: Revisited,” Journal of Housing Research (Forthcoming)\n\n- “Spillover Effects of FDI in China: from the Perspective of Technology Gaps,” Journal of Renmin University of China (English Edition), 2010 (1), pp. 20-42. (with Qian Lu)"
    }
  ],
  "bullets": [
    "Ph.D. in Economics, New York University, May 2016",
    "M.Sc. in Economics (Research Track), London School of Economics, July 2010",
    "Graduate Coursework in Finance, Central University of Finance and Economics, Beijing, China, September 2007-July 2009",
    "Saudi Arabia 2017 Financial Sector Assessment Program (FSAP)",
    "Namibia 2018 FSAP",
    "Kuwait 2019 FSAP",
    "Sao Tome and Principe 2018 Article IV mission, and the 5th and 6th review missions",
    "Under-Developed Financial Market and Over-Developed Housing Sector in China (with Jack Favilukis, University of British Columbia; and Rengming Xie, CITIC Securities and Tsinghua University)",
    "Economic Modeling",
    "Banking",
    "Macro-Financial Issues",
    "[Global Economic and Financial Implications of Artificial Intelligence: Lessons from a Scenario Planning Exercise](https://www.imf.org/en/publications/imf-notes/issues/2026/04/03/global-economic-and-financial-implications-of-artificial-intelligence-lessons-from-a-574924), IMF Notes No 2026/002 , April 3, 2026",
    "[Pension Reform and Stock Market Development](https://www.imf.org/en/publications/wp/issues/2025/02/28/pension-reform-and-stock-market-development-562026), Working Paper No. 2025/049 , February 28, 2025",
    "[Chinese Housing Market Sentiment Index: A Generative AI Approach and An Application to Monetary Policy Transmission](https://www.imf.org/en/publications/wp/issues/2024/12/23/chinese-housing-market-sentiment-index-a-generative-ai-approach-and-an-application-to-559548), Working Paper No. 2024/264 , December 23, 2024",
    "[The Pricing-Out Phenomenon in the U.S. Housing Market](https://www.imf.org/en/publications/wp/issues/2023/01/06/the-pricing-out-phenomenon-in-the-u-s-527856), Working Paper No. 2023/001 , January 6, 2023",
    "[Housing Boom and Headline Inflation: Insights from Machine Learning](https://www.imf.org/en/publications/wp/issues/2022/07/28/housing-boom-and-headline-inflation-insights-from-machine-learning-521324), Working Paper No. 2022/151 , July 28, 2022",
    "[Structural Breaks in Carbon Emissions: A Machine Learning Analysis](https://www.imf.org/en/publications/wp/issues/2022/01/21/structural-breaks-in-carbon-emissions-a-machine-learning-analysis-512125), Working Paper No. 2022/009 , January 21, 2022",
    "[COVID-19 Containment Measures and Expected Stock Volatility: High-Frequency Evidence from Selected Advanced Economies](https://www.imf.org/en/publications/wp/issues/2021/06/04/covid-19-containment-measures-and-expected-stock-volatility-high-frequency-evidence-from-50229), Working Paper No. 2021/157 , June 4, 2021",
    "[Hang in There: Stock Market Reactions to Withdrawals of COVID-19 Stimulus Measures](https://www.imf.org/en/publications/wp/issues/2020/12/18/hang-in-there-stock-market-reactions-to-withdrawals-of-covid-19-stimulus-measures-49970), Working Paper No. 2020/285 , December 18, 2020",
    "[Incomplete Financial Markets and the Booming Housing Sector in China](https://www.imf.org/en/publications/wp/issues/2020/12/04/incomplete-financial-markets-and-the-booming-housing-sector-in-china-49867), Working Paper No. 2020/265 , December 4, 2020",
    "[US Housing Market during COVID-19: Aggregate and Distributional Evidence](https://www.imf.org/en/publications/wp/issues/2020/09/25/us-housing-market-during-covid-19-aggregate-and-distributional-evidence-49775), Working Paper No. 2020/212 , September 25, 2020",
    "[Does Financial Tranquility Call for Stringent Regulation?](https://www.imf.org/en/publications/wp/issues/2018/05/31/does-financial-tranquility-call-for-stringent-regulation-45908), Working Paper No. 2018/123 , May 31, 2018",
    "[Namibia 2018 FSAP: Financial System Stability Assessment](http://www.imf.org/en/Publications/CR/Issues/2018/03/15/Namibia-Financial-System-Stability-Assessment-45723)",
    "[Saudi Arabia 2017 FSAP: Financial System Stability Assessment](https://www.imf.org/en/Publications/CR/Issues/2017/10/05/Saudi-Arabia-Financial-System-Stability-Assessment-45316)",
    "[Democratic Republic of São Tomé and Princípe: 2018 Article IV Consultation, and Fifth Review Under the Extended Credit Facility Arrangement (including DSA and EBA reports)](https://www.imf.org/en/Publications/CR/Issues/2018/08/02/Democratic-Republic-of-So-Tom-and-Princpe-2018-Article-IV-Consultation-Fifth-Review-Under-46149)",
    "“Evidence of Government Subsidy on Mortgage Rate and Default: Revisited,” Journal of Housing Research (Forthcoming)",
    "“Spillover Effects of FDI in China: from the Perspective of Technology Gaps,” Journal of Renmin University of China (English Edition), 2010 (1), pp. 20-42. (with Qian Lu)"
  ],
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  "generatedAtUtc": "2026-10-01T01:35:46.528Z"
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