Details about Hui Tong

Access statistics for papers by Hui Tong.

Last updated 2023-02-24. Update your information in the RePEc Author Service.

Short-id: pto159

Working Papers

2025

1. Financial Looting and Controls on Resident Outflows
   NBER Working Papers, National Bureau of Economic Research, Inc

2019

2. Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation
   NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
   See also Journal Article Endogenous corporate leverage response to a safer macro environment: The case of foreign exchange reserve accumulation, Journal of International Economics, Elsevier (2021) View citations (11) (2021)

2016

3. Benefits and Costs of Bank Capital
   IMF Staff Discussion Notes, International Monetary Fund View citations (61)

2015

4. How Does Post-Crisis Bank Capital Adequacy Affect Firm Investment?
   IMF Working Papers, International Monetary Fund View citations (2)

2014

5. Bank Size and Systemic Risk
   IMF Staff Discussion Notes, International Monetary Fund View citations (93)

2012

6. Does Trade Globalization Induce or Inhibit Corporate Transparency? Unbundling the Growth Potential and Product Market Competiti
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
7. Policies for Macrofinancial Stability: How to Deal with Credit Booms
   IMF Staff Discussion Notes, International Monetary Fund View citations (284)
8. The Chinese Corporate Savings Puzzle: A Firm-Level Cross-Country Perspective
   Working Papers, Hong Kong Institute for Monetary Research View citations (12)
   Also in IMF Working Papers, International Monetary Fund (2010) View citations (24)
   NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (29)
   See also Chapter The Chinese Corporate Savings Puzzle: A Firm-level Cross-Country Perspective, NBER Chapters, National Bureau of Economic Research, Inc (2012) View citations (14) (2012)
9. The Impact of Creditor Protection on Stock Prices in the Presence of Liquidity Crises: Theory and Cross-country Evidence
   CESifo Working Paper Series, CESifo View citations (1)

2011

10. Did the Euro Crisis Affect Non-Financial Firm Stock Prices Through a Financial or Trade Channel?
    IMF Working Papers, International Monetary Fund View citations (8)
11. Does Trade Globalization Induce or Inhibit Corporate Transparency? Unbundling the Growth Potential and Product Market Competition Channels
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Does trade globalization induce or inhibit corporate transparency? Unbundling the growth potential and product market competition channels, Journal of International Economics, Elsevier (2014) View citations (2) (2014)
12. From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (23)
    See also Chapter From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels, NBER Chapters, National Bureau of Economic Research, Inc (2011) View citations (21) (2011)
    Journal Article From the financial crisis to the real economy: Using firm-level data to identify transmission channels, Journal of International Economics, Elsevier (2012) View citations (111) (2012)
13. The External Impact of China'S Exchange Rate Policy: Evidence From Firm Level Data
    IMF Working Papers, International Monetary Fund View citations (7)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (8)
14. The Impact of Creditor Protection on Stock Prices in the Presence of Credit Crunches
    CESifo Working Paper Series, CESifo
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2009) View citations (1)
    NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (1)
    Working Paper Series, Federal Reserve Bank of San Francisco (2011)
    See also Journal Article The impact of creditor protection on stock prices in the presence of credit crunches, Proceedings, Federal Reserve Bank of San Francisco (2009) View citations (1) (2009)

2010

15. Liquidity, Institutional Quality and the Composition of International Equity Flows
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
16. The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis
    Working Papers, Hong Kong Institute for Monetary Research View citations (40)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2009) View citations (44)
    IMF Working Papers, International Monetary Fund (2009) View citations (51)
    See also Journal Article The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis, The Review of Financial Studies, Society for Financial Studies (2011) View citations (146) (2011)
17. U.S. Monetary Shocks and Global Stock Prices
    IMF Working Papers, International Monetary Fund View citations (1)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (1)
    See also Journal Article US monetary shocks and global stock prices, Journal of Financial Intermediation, Elsevier (2012) View citations (17) (2012)

2009

18. The Misfortune of Non-financial Firms in a Financial Crisis: Disentangling Finance and Demand Shocks
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (5)
    See also Chapter The Misfortune of Nonfinancial Firms in a Financial Crisis: Disentangling Finance and Demand Shocks, NBER Chapters, National Bureau of Economic Research, Inc (2014) View citations (1) (2014)

2008

19. Credit Crunch, Creditor Protection, and Asset Prices
    Working Papers, Hong Kong Institute for Monetary Research
20. Creditor Protection, Contagion, and Stock Market Price Volatility
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
21. Liquidity, Institutional Quality and the Composition of International Equity Outflows
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
22. Real Effects of the Subprime Mortgage Crisis: Is it a Demand or a Finance Shock?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (54)
    Also in IMF Working Papers, International Monetary Fund (2008) View citations (50)

2007

23. Credit Constraints and Stock Price Volatility
    NBER Working Papers, National Bureau of Economic Research, Inc
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007)
24. Creditor Protection and Stock Price Volatility
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
25. Systemic Liquidity and the Composition of Foreign Investment: Theory and Empirical Evidence
    2007 Meeting Papers, Society for Economic Dynamics View citations (3)
26. The impact of yuan revaluation on the Asian region
    Bank of England working papers, Bank of England View citations (2)

2006

27. Institutional Weakness and Stock Price Volatility
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations (10)

2005

28. Bilateral FDI Flows: Threshold Barriers and Productivity Shocks
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    See also Journal Article Bilateral FDI Flows: Threshold Barriers and Productivity Shocks, CESifo Economic Studies, CESifo Group (2008) View citations (25) (2008)
29. Is China's FDI Coming at the Expense of Other Countries?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (51)
    See also Journal Article Is China's FDI coming at the expense of other countries?, Journal of the Japanese and International Economies, Elsevier (2007) View citations (55) (2007)
    Chapter Is China’s FDI Coming at the Expense of Other Countries?, Chapters, Edward Elgar Publishing (2007) View citations (14) (2007)

2004

30. The Impact of China on the Exports of Other Asian Countries
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (92)

Journal Articles

2021

1. Endogenous corporate leverage response to a safer macro environment: The case of foreign exchange reserve accumulation
   Journal of International Economics, 2021, 132, (C) View citations (11)
   See also Working Paper Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation, NBER Working Papers (2019) View citations (8) (2019)
2. Frontrunning the signals: As arbitrage between sophisticates
   Proceedings of the National Academy of Sciences, 2021, 118, (13), e2025524118

2020

3. Bank Capital: A Seawall Approach
   International Journal of Central Banking, 2020, 16, (2), 249-291 View citations (9)
4. Did Unconventional Interventions Unfreeze the Credit Market?
   American Economic Journal: Macroeconomics, 2020, 12, (2), 284-309 View citations (1)

2016

5. Bank size, capital, and systemic risk: Some international evidence
   Journal of Banking & Finance, 2016, 69, (S1), S25-S34 View citations (239)
6. Credit booms and macrofinancial stability
   Economic Policy, 2016, 31, (86), 299-355 View citations (81)

2015

7. Effects of renminbi appreciation on foreign firms: The role of processing exports
   Journal of Development Economics, 2015, 116, (C), 146-157 View citations (13)
8. Saving the Euro: Mitigating Financial or Trade Spillovers?
   Journal of Money, Credit and Banking, 2015, 47, (7), 1369-1402 View citations (10)

2014

9. Does trade globalization induce or inhibit corporate transparency? Unbundling the growth potential and product market competition channels
   Journal of International Economics, 2014, 94, (2), 358-370 View citations (2)
   See also Working Paper Does Trade Globalization Induce or Inhibit Corporate Transparency? Unbundling the Growth Potential and Product Market Competition Channels, NBER Working Papers (2011) View citations (3) (2011)
10. Stock Prices in the Presence of Liquidity Crises: The Effect of Creditor Protection
    Economica, 2014, 81, (322), 329-347 View citations (4)

2012

11. From the financial crisis to the real economy: Using firm-level data to identify transmission channels
    Journal of International Economics, 2012, 88, (2), 375-387 View citations (111)
    See also Working Paper From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels, NBER Working Papers (2011) View citations (23) (2011)
    Chapter From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels, NBER Chapters, 2011 (2011) View citations (21) (2011)
12. US monetary shocks and global stock prices
    Journal of Financial Intermediation, 2012, 21, (3), 530-547 View citations (17)
    See also Working Paper U.S. Monetary Shocks and Global Stock Prices, IMF Working Papers (2010) View citations (1) (2010)

2011

13. The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis
    The Review of Financial Studies, 2011, 24, (6), 2023-2052 View citations (146)
    See also Working Paper The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis, Working Papers (2010) View citations (40) (2010)

2009

14. The impact of creditor protection on stock prices in the presence of credit crunches
    Proceedings, 2009, (Jan) View citations (1)
    See also Working Paper The Impact of Creditor Protection on Stock Prices in the Presence of Credit Crunches, CESifo Working Paper Series (2011) (2011)

2008

15. Bilateral FDI Flows: Threshold Barriers and Productivity Shocks
    CESifo Economic Studies, 2008, 54, (3), 451-470 View citations (25)
    See also Working Paper Bilateral FDI Flows: Threshold Barriers and Productivity Shocks, NBER Working Papers (2005) View citations (13) (2005)
16. Debt and Currency Crises—Complements or Substitutes?*
    Review of International Economics, 2008, 16, (5), 955-970 View citations (17)

2007

17. China and the Exports of Other Asian Countries
    Review of World Economics (Weltwirtschaftliches Archiv), 2007, 143, (2), 201-226 View citations (81)
18. Disclosure standards and market efficiency: Evidence from analysts' forecasts
    Journal of International Economics, 2007, 72, (1), 222-241 View citations (28)
19. Is China's FDI coming at the expense of other countries?
    Journal of the Japanese and International Economies, 2007, 21, (2), 153-172 View citations (55)
    See also Chapter Is China’s FDI Coming at the Expense of Other Countries?, Chapters, 2007 (2007) View citations (14) (2007)
    Working Paper Is China's FDI Coming at the Expense of Other Countries?, NBER Working Papers (2005) View citations (51) (2005)

2006

20. Fear of China
    Journal of Asian Economics, 2006, 17, (2), 226-240 View citations (4)
21. How China is Reorganizing the World Economy*
    Asian Economic Policy Review, 2006, 1, (1), 73-97 View citations (17)
22. Social Value of Public Information: Morris and Shin (2002) Is Actually Pro-Transparency, Not Con: Reply
    American Economic Review, 2006, 96, (1), 453-455 View citations (166)

Chapters

2014

1. The Misfortune of Nonfinancial Firms in a Financial Crisis: Disentangling Finance and Demand Shocks
   A chapter in Measuring Wealth and Financial Intermediation and Their Links to the Real Economy, 2014, pp 349-376 View citations (1)
   See also Working Paper The Misfortune of Non-financial Firms in a Financial Crisis: Disentangling Finance and Demand Shocks, C.E.P.R. Discussion Papers (2009) View citations (5) (2009)

2012

2. The Chinese Corporate Savings Puzzle: A Firm-level Cross-Country Perspective
   A chapter in Capitalizing China, 2012, pp 283-308 View citations (14)
   See also Working Paper The Chinese Corporate Savings Puzzle: A Firm-Level Cross-Country Perspective, Hong Kong Institute for Monetary Research (2012) View citations (12) (2012)

2011

3. From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels
   A chapter in Global Financial Crisis, 2011 View citations (21)
   See also Journal Article From the financial crisis to the real economy: Using firm-level data to identify transmission channels, Elsevier (2012) View citations (111) (2012)
   Working Paper From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels, National Bureau of Economic Research, Inc (2011) View citations (23) (2011)

2007

4. Is China’s FDI Coming at the Expense of Other Countries?
   Chapter 11 in Foreign Direct Investment in Europe, 2007 View citations (14)
   See also Working Paper Is China's FDI Coming at the Expense of Other Countries?, National Bureau of Economic Research, Inc (2005) View citations (51) (2005)
   Journal Article Is China's FDI coming at the expense of other countries?, Elsevier (2007) View citations (55) (2007)

2003

5. Stock Market Volatility and Monetary Policy: What the Historical Record Shows
   A chapter in Asset Prices and Monetary Policy, 2003 View citations (9)