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Chang Ma

Personal Details

First Name:Chang
Middle Name:
Last Name:Ma
Suffix:
In ASCII letters:
RePEc Short-ID:pma2557
[This author has chosen not to make the email address public]
http://machang.weebly.com
Room 514, No.5 Building, 220 Handan Rd., Yangpu District, Shanghai 200433
Terminal Degree:2018 Department of Economics; Johns Hopkins University (from RePEc Genealogy)

Affiliation

Fanhai International School of Finance
Fudan University

Shanghai, China
http://fisf.fudan.edu.cn/
RePEc:edi:sffudcn (more details at EDIRC)

Research output

as
Jump to: Working papers Articles Chapters

Working papers

  1. Chang Ma & Shang-Jin Wei, 2026. "The Chinese Current Account Imbalances: Puzzles, Patterns, and Possible Causes," NBER Working Papers 35056, National Bureau of Economic Research, Inc.
  2. Chang Ma & Alessandro Rebucci & Sili Zhou, 2025. "A Nascent International Financial Channel of China’s Monetary Policy Transmission," NBER Working Papers 34291, National Bureau of Economic Research, Inc.
  3. Boddin, Dominik & te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2024. "A Housing Portfolio Channel of QE Transmission," CEPR Discussion Papers 18876, Centre for Economic Policy Research.
  4. te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2024. "Portfolio Flows and Household Portfolios," CEPR Discussion Papers 18877, Centre for Economic Policy Research.
  5. Chang Ma & Shang-Jin Wei, 2020. "International Equity and Debt Flows: Composition, Crisis, and Controls," NBER Working Papers 27129, National Bureau of Economic Research, Inc.
  6. Chang Ma & John Rogers & Sili Zhou, 2020. "The Effect of the China Connect," GRU Working Paper Series GRU_2020_028, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
  7. Chang Ma & John H. Rogers & Sili Zhou, 2020. "Modern Pandemics: Recession and Recovery," International Finance Discussion Papers 1295, Board of Governors of the Federal Reserve System (U.S.).
  8. Bednarek, Peter & te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2019. "Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms," CEPR Discussion Papers 14187, Centre for Economic Policy Research.
  9. Rebucci, Alessandro & Ma, Chang, 2019. "Capital Controls: A Survey of the New Literature," CEPR Discussion Papers 14186, Centre for Economic Policy Research.
  10. Chang Ma, 2018. "Financial Stability, Growth, and Macroprudential Policy," 2018 Meeting Papers 3, Society for Economic Dynamics.
  11. Chang Ma & Mr. Fabian Valencia, 2018. "Welfare Gains from Market Insurance: The Case of Mexican Oil Price Risk," IMF Working Papers 2018/035, International Monetary Fund.

Articles

  1. Boddin, Dominik & te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2025. "Portfolio flows and household portfolios," European Economic Review, Elsevier, vol. 172(C).
  2. Liu, Siming & Ma, Chang & Shen, Hewei, 2024. "Sudden stop with local currency debt," Journal of International Economics, Elsevier, vol. 148(C).
  3. Ma, Chang & Valencia, Fabián, 2024. "Welfare gains from market insurance: The case of Mexican oil price risk," Journal of International Money and Finance, Elsevier, vol. 142(C).
  4. Chang Ma & John Rogers & Sili Zhou, 2023. "Modern Pandemics: Recession and Recovery," Journal of the European Economic Association, European Economic Association, vol. 21(5), pages 2098-2130.
  5. Ma, Chang & Nguyen, Xuan-Hai, 2021. "Too big to fail and optimal regulation," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 747-758.
  6. Peter Bednarek & Daniel Marcel te Kaat & Chang Ma & Alessandro Rebucci, 2021. "Capital Flows, Real Estate, and Local Cycles:Evidence from German Cities, Banks, and Firms," The Review of Financial Studies, Society for Financial Studies, vol. 34(10), pages 5077-5134.
  7. Chang Ma, 2020. "Self-regulation versus government regulation: an externality view," Journal of Regulatory Economics, Springer, vol. 58(2), pages 166-183, December.
  8. Ma, Chang, 2020. "Financial stability, growth and macroprudential policy," Journal of International Economics, Elsevier, vol. 122(C).

Chapters

  1. Chang Ma & Alessandro Rebucci & Sili Zhou, 2025. "A Nascent International Financial Channel of China’s Monetary Policy Transmission," NBER Chapters, in: NBER International Seminar on Macroeconomics 2025, National Bureau of Economic Research, Inc.

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

Working papers

  1. Boddin, Dominik & te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2024. "A Housing Portfolio Channel of QE Transmission," CEPR Discussion Papers 18876, Centre for Economic Policy Research.

    Cited by:

    1. Boddin, Dominik & te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2025. "Portfolio flows and household portfolios," European Economic Review, Elsevier, vol. 172(C).
    2. Martin Groiss & Nicolas Syrichas, 2025. "Monetary Policy, Property Prices and Rents: Evidence from Local Housing Markets," Berlin School of Economics Discussion Papers 0058, Berlin School of Economics.
    3. Gomes, Francisco & Peng, Cameron & Smirnova, Oksana & Zhu, Ning, 2025. "Reaching for yield: Evidence from households," Journal of Financial Economics, Elsevier, vol. 168(C).
    4. Gomes, Francisco & Peng, Cameron & Smirnova, Oksana & Zhu, Ning, 2025. "Reaching for yield: evidence from households," LSE Research Online Documents on Economics 125397, London School of Economics and Political Science, LSE Library.
    5. Mesbah Fathy Sharaf & Abdelhalem Mahmoud Shahen & Mansour Abdullateef Alharaib, 2025. "Tracing the COVID-19 Footprint: A Sectoral Interrupted Time Series Analysis of Real Estate Price Dynamics in Saudi Arabia," Working Papers 1781, Economic Research Forum, revised 20 Jul 2025.

  2. Chang Ma & Shang-Jin Wei, 2020. "International Equity and Debt Flows: Composition, Crisis, and Controls," NBER Working Papers 27129, National Bureau of Economic Research, Inc.

    Cited by:

    1. Yimin Wu & Tomoo Kikuchi, 2026. "The Effects of Innovation on Foreign Portfolio Investment: The Role of Institutions and Risk-Taking," Papers 2605.17896, arXiv.org.
    2. Toby C. Monsod & Aleli D. Kraft & Cielo Magno & Jan Carlo Punongbayan & Orville Jose C. Solon & Elizabeth Tan & Agustin L. Arcenas & Florian Alburo & Emmanuel S. de Dios, 2024. "How to change a constitution by hand-waving (Or, the unbearable lightness of evidence in support of lifting foreign ownership restrictions)," UP School of Economics Discussion Papers 202401, University of the Philippines School of Economics.
    3. Chang Ma, 2020. "Self-regulation versus government regulation: an externality view," Journal of Regulatory Economics, Springer, vol. 58(2), pages 166-183, December.

  3. Chang Ma & John Rogers & Sili Zhou, 2020. "The Effect of the China Connect," GRU Working Paper Series GRU_2020_028, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.

    Cited by:

    1. Johannes Matschke, 2021. "Macroprudential Policy Interlinkages," Research Working Paper RWP 21-10, Federal Reserve Bank of Kansas City.
    2. Yingwen Deng & Ole‐Kristian Hope & Cyndia Wang & Min Zhang, 2022. "Capital market liberalization and auditors' accounting adjustments: Evidence from a quasi‐experiment," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(1-2), pages 215-248, January.
    3. Feng Ma & Xinjie Lu & Lu Wang & Julien Chevallier, 2021. "Global economic policy uncertainty and gold futures market volatility: Evidence from Markov regime‐switching GARCH‐MIDAS models," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 40(6), pages 1070-1085, September.
    4. Zhang, Renbin & Zhang, Tongbin, 2025. "The AH premium: A tale of “siamese twin” stocks," Journal of Empirical Finance, Elsevier, vol. 81(C).
    5. Chen, Keqi & Wang, Yuehan & Zhu, Xiaoquan, 2024. "The value of information in China’s connected market," Journal of Empirical Finance, Elsevier, vol. 78(C).
    6. Shan, Yimin & Chen, Yang, 2025. "Valuing reform: How China's stock connect programs correct firm mispricing," China Economic Review, Elsevier, vol. 94(PA).
    7. Loipersberger, Florian & Matschke, Johannes, 2022. "Financial cycles and domestic policy choices," European Economic Review, Elsevier, vol. 143(C).
    8. An, Yunbi & Chen, Zhao & Yiu Liu, Clement Man & Liu, Qingfu & Wang, Chuanjie, 2025. "Compass guided: Northbound capital flow and investment clustering in China," Journal of International Money and Finance, Elsevier, vol. 153(C).
    9. Bian, Jiangze & Qin, Qilin & Song, Wenjing & Wang, Jun & Zhang, Ge, 2025. "Stock fire sale risks and the effect of China connect," Pacific-Basin Finance Journal, Elsevier, vol. 89(C).
    10. Zhou, Lu Jolly & Deng, Nan & Li, Chenchen, 2025. "Unlocking efficiency: How capital market liberalization shapes firm productivity," Journal of Empirical Finance, Elsevier, vol. 82(C).

  4. Chang Ma & John H. Rogers & Sili Zhou, 2020. "Modern Pandemics: Recession and Recovery," International Finance Discussion Papers 1295, Board of Governors of the Federal Reserve System (U.S.).

    Cited by:

    1. An, Zidong & Liu, Dingqian & Wu, Yuzheng, 2021. "Expectation formation following pandemic events," Economics Letters, Elsevier, vol. 200(C).
    2. Boyd, Laura & Byrne, Stephen & Keenen, Enda & McIndoe Calder, Tara, 2022. "Labour market recovery after a pandemic," Quarterly Bulletin Articles, Central Bank of Ireland, pages 89-129, July.
    3. Mou Rani Sarker, 2021. "Labor market and unpaid works implications of COVID‐19 for Bangladeshi women," Gender, Work and Organization, Wiley Blackwell, vol. 28(S2), pages 597-604, July.
    4. Ma, Ruiguang & Sun, Jiayin & Hong, Qiaozhang & Qiu, Ningxin, 2026. "Energy independence and economic resilience," Energy Policy, Elsevier, vol. 212(C).
    5. Pragyan Deb & Davide Furceri & Jonathan D. Ostry & Nour Tawk, 2022. "The Economic Effects of COVID-19 Containment Measures," Open Economies Review, Springer, vol. 33(1), pages 1-32, February.
    6. Shahid Yusuf & Ernesto Lopez-Cordova & Neil Gregory, 2021. "Private Enterprise after the Pandemic," World Bank Publications - Reports 36520, The World Bank Group.
    7. Aksoy, Cevat Giray & Eichengreen, Barry & Saka, Orkun, 2020. "The political scar of epidemics," BOFIT Discussion Papers 14/2020, Bank of Finland Institute for Emerging Economies (BOFIT).
    8. Carrillo Julio A. & García Ana Laura, 2021. "The COVID-19 Economic Crisis in Mexico through the Lens of a Financial Conditions Index," Working Papers 2021-23, Banco de México.
    9. Patrik Barisic & Tibor Kovac, 2022. "The effectiveness of the fiscal policy response to COVID-19 through the lens of short and long run labor market effects of COVID-19 measures," Public Sector Economics, Institute of Public Finance, vol. 46(1), pages 43-81.
    10. João Tovar Jalles & Youssouf Kiendrebeogo & Raphael Lam & Roberto Piazza, 2024. "Revisiting the countercyclicality of fiscal policy," Empirical Economics, Springer, vol. 67(3), pages 877-914, September.
    11. Didier, Tatiana & Huneeus, Federico & Larrain, Mauricio & Schmukler, Sergio L., 2021. "Financing firms in hibernation during the COVID-19 pandemic," Journal of Financial Stability, Elsevier, vol. 53(C).
    12. Foroni, Claudia & Marcellino, Massimiliano & Stevanovic, Dalibor, 2022. "Forecasting the Covid-19 recession and recovery: Lessons from the financial crisis," International Journal of Forecasting, Elsevier, vol. 38(2), pages 596-612.
    13. João Tovar Jalles, Youssouf Kiendrebeogo, Raphael Lam, Roberto Piazza, 2023. "Revisiting the Countercyclicality of Fiscal Policy," Working Papers REM 2023/0279, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    14. Juan M. Morelli & Pablo Ottonello & Diego J. Perez, 2022. "Global Banks and Systemic Debt Crises," Econometrica, Econometric Society, vol. 90(2), pages 749-798, March.
    15. Maciej Stefański, 2022. "GDP effects of pandemics: a historical perspective," Empirical Economics, Springer, vol. 63(6), pages 2949-2995, December.
    16. An, Zidong & Zhang, Feinan & Li, Haibo, 2022. "Elasticity of substitution between public and private capital: Evidence from manufacturing firms in Europe," Economics Letters, Elsevier, vol. 219(C).
    17. Chen, Haojing & Bayram, Mehmet Emin & Lee, Changmin, 2023. "Measuring impact of health crises on economies: A staggered synthetic control approach with bias-correction," Finance Research Letters, Elsevier, vol. 58(PD).
    18. Zhang, Cheng & Lee, Yun-Chi & Ho, Kung-Cheng & Shen, Xixi, 2023. "Influence of institutional differences on trade credit use during pandemics," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    19. Jan Krzysztof Solarz & Krzysztof Waliszewski, 2020. "Holistic Framework for COVID-19 Pandemic as Systemic Risk," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 340-351.
    20. Utkansh Adlakha & Sparsh Chawla & Shahab Saquib Sohail & Md. Tabrez Nafis & Dag Øivind Madsen & Gunjan Ansari, 2026. "Public sentiment and economic uncertainty: an exploratory analysis of Twitter discourse on the anticipated 2023 recession," Future Business Journal, Springer, vol. 12(1), pages 1-13, December.
    21. Donadelli, Michael & Mammi, Irene & Paradiso, Antonio, 2026. "Supply-side or demand-side? Assessing the economic impact of pandemics and wars on G7 countries since the 1800s," Journal of Economic Behavior & Organization, Elsevier, vol. 246(C).
    22. Li, Xiaodan & Pan, Zikui & Ho, Kung-Cheng & Bo, Yu, 2024. "Epidemics, local institutional quality, and corporate cash holdings," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 193-210.
    23. Gupta, Joyeeta & Bavinck, Maarten & Ros-Tonen, Mirjam & Asubonteng, Kwabena & Bosch, Hilmer & van Ewijk, Edith & Hordijk, Michaela & Van Leynseele, Yves & Lopes Cardozo, Mieke & Miedema, Esther & Pouw, 2021. "COVID-19, poverty and inclusive development," World Development, Elsevier, vol. 145(C).
    24. Mats Kröger & Karsten Neuhoff & Sebastian Schwenen, 2025. "Contracts in Crisis: The War in Ukraine and Long-Term Contracts in Energy Markets," Discussion Papers of DIW Berlin 2118, DIW Berlin, German Institute for Economic Research.
    25. Gagnon, Joseph E. & Kamin, Steven B. & Kearns, John, 2023. "The impact of the COVID-19 pandemic on global GDP growth," Journal of the Japanese and International Economies, Elsevier, vol. 68(C).
    26. Ho, Kung-Cheng & Yao, Chia-ling & Zhao, Chenfang & Pan, Zikui, 2022. "Modern health pandemic crises and stock price crash risk," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 448-463.

  5. Bednarek, Peter & te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2019. "Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms," CEPR Discussion Papers 14187, Centre for Economic Policy Research.

    Cited by:

    1. Li, Qianwen & Qian, Tingyu & Wang, Hui & Sun, Chuanwang, 2025. "Exploring the value of green: The impact factors on China's second-hand green housing prices based on geographically weighted Lasso regressions," Pacific-Basin Finance Journal, Elsevier, vol. 90(C).
    2. Boddin, Dominik & te Kaat, Daniel Marcel & Ma, Chang & Rebucci, Alessandro, 2025. "Portfolio flows and household portfolios," European Economic Review, Elsevier, vol. 172(C).
    3. Martin Groiss & Nicolas Syrichas, 2025. "Monetary Policy, Property Prices and Rents: Evidence from Local Housing Markets," Berlin School of Economics Discussion Papers 0058, Berlin School of Economics.
    4. Umut Unal & Bernd Hayo & Isil Erol, 2024. "The Effect of Immigration on the German Housing Market," Working Papers CEB 24-001, ULB -- Universite Libre de Bruxelles.
    5. Xu, Bowen & Chen, Min, 2026. "Does cross-border capital flow promote corporate financialization? From the corporate risk-taking perspective," Finance Research Letters, Elsevier, vol. 89(C).
    6. Daniel Carvalho & Etienne Lepers & Rogelio Jr Mercado, 2021. "Taming the "Capital Flows-Credit Nexus": A Sectoral Approach," Trinity Economics Papers tep0921, Trinity College Dublin, Department of Economics.
    7. Temesvary, Judit & Wei, Andrew, 2024. "Domestic lending and the pandemic: How does banks’ exposure to COVID-19 abroad affect their lending in the United States?," Journal of International Money and Finance, Elsevier, vol. 143(C).
    8. Bednarek, Peter & Franke, Günter, 2024. "Dynamics of probabilities of default," Discussion Papers 32/2024, Deutsche Bundesbank.
    9. Bednarek, Peter & Dinger, Valeriya & te Kaat, Daniel Marcel & von Westernhagen, Natalja, 2020. "Central bank funding and credit risk-taking," Discussion Papers 36/2020, Deutsche Bundesbank.
    10. Stefano Colonnello & Roberto Marfè & Qizhou Xiong, 2021. "Housing Yields," Working Papers 2021:21, Department of Economics, University of Venice "Ca' Foscari", revised 2021.
    11. Brunetti, Celso & Harris, Jeffrey H. & Mankad, Shawn, 2022. "The urgency to borrow in the interbank market," Economics Letters, Elsevier, vol. 221(C).
    12. Eiblmeier, Sebastian, 2025. "The Post-2015 German Lending Surge: What Role for QE?," MPRA Paper 126431, University Library of Munich, Germany.
    13. Sebastian Doerr, 2020. "Housing booms, reallocation and productivity," BIS Working Papers 904, Bank for International Settlements.
    14. Maria Chiara Cavalleri & Boris Cournède & Volker Ziemann, 2019. "Housing markets and macroeconomic risks," OECD Economics Department Working Papers 1555, OECD Publishing.
    15. Umut Unal & Bernd Hayo & Isil Erol, 2026. "The Effect of Immigration on Housing Prices: Evidence from 382 German Districts," The Journal of Real Estate Finance and Economics, Springer, vol. 72(2), pages 386-424, February.
    16. Daniel Carvalho, 2021. "Revisiting the relationship between cross‐border capital flows and credit," International Finance, Wiley Blackwell, vol. 24(2), pages 179-218, August.

  6. Rebucci, Alessandro & Ma, Chang, 2019. "Capital Controls: A Survey of the New Literature," CEPR Discussion Papers 14186, Centre for Economic Policy Research.

    Cited by:

    1. Eguren-Martin, Fernando & O'Neill, Cian & Sokol, Andrej & von dem Berge, Lukas, 2024. "Capital flows-at-risk: Push, pull and the role of policy," Journal of International Money and Finance, Elsevier, vol. 147(C).
    2. Johannes Matschke, 2021. "Macroprudential Policy Interlinkages," Research Working Paper RWP 21-10, Federal Reserve Bank of Kansas City.
    3. Katharina Bergant & Francesco Grigoli & Niels‐Jakob Hansen & Damiano Sandri, 2024. "Dampening Global Financial Shocks: Can Macroprudential Regulation Help (More than Capital Controls)?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 56(6), pages 1405-1438, September.
    4. Liu, Zheng & Spiegel, Mark M. & Zhang, Jingyi, 2023. "Capital flows and income inequality," Journal of International Economics, Elsevier, vol. 144(C).
    5. Javier Bianchi & Guido Lorenzoni, 2021. "The Prudential Use of Capital Controls and Foreign Currency Reserves," Working Papers 787, Federal Reserve Bank of Minneapolis.
    6. Ma, Chang, 2020. "Financial stability, growth and macroprudential policy," Journal of International Economics, Elsevier, vol. 122(C).
    7. José-Luis Peydró [AP BACKUP – NOW EXTERNAL] & Martha López Piñeros & Andrea Fabiani & Paul E. Soto & José-Luis Peydró, 2022. "Capital Controls, Domestic Macroprudential Policy and the Bank Lending Channel of Monetary Policy," Working Papers 1319, Barcelona School of Economics.
    8. Breedon, Francis & Pétursson, Thórarinn G. & Vitale, Paolo, 2023. "The currency that came in from the cold: Capital controls and the information content of order flow," Journal of International Money and Finance, Elsevier, vol. 138(C).
    9. Marina Lovchikova & Johannes Matschke, 2021. "Capital Controls and the Global Financial Cycle," Research Working Paper RWP 21-08, Federal Reserve Bank of Kansas City.
    10. Philippe Bacchetta & Rachel Cordonier & Ouarda Merrouche, 2021. "The rise in foreign currency bonds: the role of US monetary policy and capital controls," Working Papers 2021-11, Swiss National Bank.
    11. Bilge Erten & Anton Korinek & José Antonio Ocampo, 2021. "Capital Controls: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 59(1), pages 45-89, March.
    12. Chokri Zehri, 2020. "The Domestic Impacts And Spillovers Of Capital Controls," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 65(227), pages 31-66, October –.
    13. Anusha Chari & Karlye Dilts Stedman & Kristin J. Forbes, 2021. "Spillovers at the Extremes: The Macroprudential Stance and Vulnerability to the Global Financial Cycle," Research Working Paper RWP 21-16, Federal Reserve Bank of Kansas City.
    14. Schmitt-Grohe, Stephanie & Uribe, Martín, 2019. "Deterministic Debt Cycles in Open Economies with Flow Collateral Constraints," CEPR Discussion Papers 14248, Centre for Economic Policy Research.
    15. Sanyal, Anirban, 2022. "Capital Control and Heterogeneous Impact on Capital Flows," EconStor Preprints 261300, ZBW - Leibniz Information Centre for Economics.
    16. Christian Friedrich & Laura Zhao, 2026. "Patterns and Determinants of Global Cryptocurrency Flows," Staff Working Papers 26-15, Bank of Canada.
    17. Ferrero, Andrea & Habib, Maurizio Michael & Stracca, Livio & Venditti, Fabrizio, 2022. "Leaning against the global financial cycle," Working Paper Series 2763, European Central Bank.
    18. Lloyd, S. P. & Marin, E. A., 2023. "Capital Controls and Free-Trade Agreements," Cambridge Working Papers in Economics 2318, Faculty of Economics, University of Cambridge.
    19. Daniel Carvalho & Etienne Lepers & Rogelio Jr Mercado, 2021. "Taming the "Capital Flows-Credit Nexus": A Sectoral Approach," Trinity Economics Papers tep0921, Trinity College Dublin, Department of Economics.
    20. You, Yu & Liu, Fangzheng & Yang, Da, 2023. "Macroprudential policy, capital flow management and monetary policy independence," The Quarterly Review of Economics and Finance, Elsevier, vol. 88(C), pages 116-132.
    21. Miguel Acosta-Henao & Laura Alfaro & Andrés Fernández, 2020. "Sticky Capital Controls," NBER Working Papers 26997, National Bureau of Economic Research, Inc.
    22. Andrea Fabiani & Martha López & José-Luis Peydró & Paul E. Soto, 2023. "Capital Controls, Corporate Debt and Real Effects: Evidence from Boom and Crisis Times," Borradores de Economia 1244, Banco de la Republica de Colombia.
    23. Pasricha, Gurnain K., 2022. "Estimated policy rules for capital controls," Journal of International Money and Finance, Elsevier, vol. 122(C).
    24. J. Scott Davis & Michael B. Devereux, 2019. "Capital Controls as Macro-prudential Policy in a Large Open Economy," Globalization Institute Working Papers 358, Federal Reserve Bank of Dallas.
    25. Marco Albori & Flavia Corneli & Valerio Nispi Landi & Alessandro Schiavone, 2021. "The impact of restrictions on FDI," Questioni di Economia e Finanza (Occasional Papers) 656, Bank of Italy, Economic Research and International Relations Area.
    26. Martin Hodula & Jan Janku & Simona Malovana & Ngoc Anh Ngo, 2024. "Geopolitical Risks and Their Impact on Global Macro-Financial Stability: Literature and Measurements," Working Papers 2024/8, Czech National Bank, Research and Statistics Department.
    27. José-Luis Peydró [AP BACKUP – NOW EXTERNAL] & Martha López Piñeros & Andrea Fabiani & Paul E. Soto & José-Luis Peydró, 2022. "Capital Controls, Corporate Debt and Real Effects," Working Papers 1339, Barcelona School of Economics.
    28. Cecchetti, Stephen G. & Narita, Machiko & Rawat, Umang & Sahay, Ratna, 2023. "Addressing Spillovers from Prolonged U.S. Monetary Policy Easing," Journal of Financial Stability, Elsevier, vol. 64(C).
    29. Chokri Zehri & David McMillan, 2020. "Restrictive policy impacts in emerging economies," Cogent Economics & Finance, Taylor & Francis Journals, vol. 8(1), pages 1815979-181, January.
    30. Geyue Sun & Xiao Liu & Tomas Williams & Roberto Samaniego, 2025. "Learning to Regulate: A New Event-Level Dataset of Capital Control Measures," Papers 2505.23025, arXiv.org.
    31. Jeanne, Olivier, 2021. "Rounding the corners of the trilemma: A simple framework," Economics Working Paper Archive 66655, The Johns Hopkins University,Department of Economics.
    32. Antonis Kotidis & Margaux MacDonald & Dimitris Malliaropulos, 2024. "Guaranteeing Trade in a Severe Crisis: Cash Collateral Over Bank Guarantees," Open Economies Review, Springer, vol. 35(2), pages 261-282, April.

  7. Chang Ma, 2018. "Financial Stability, Growth, and Macroprudential Policy," 2018 Meeting Papers 3, Society for Economic Dynamics.

    Cited by:

    1. Lu, Dong & Qian, Xingwang & Zhu, Wenyu, 2024. "External debt currency denomination and the currency composition of foreign exchange reserves," Pacific-Basin Finance Journal, Elsevier, vol. 86(C).
    2. Rebucci, Alessandro & Ma, Chang, 2019. "Capital Controls: A Survey of the New Literature," CEPR Discussion Papers 14186, Centre for Economic Policy Research.
    3. Meshesha Demie Jima & Patricia Lindelwa Makoni, 2023. "Causality between Financial Inclusion, Financial Stability and Economic Growth in Sub-Saharan Africa," Sustainability, MDPI, vol. 15(2), pages 1-13, January.
    4. Adams, Jonathan J. & Rojas, Eugenio, 2024. "Household Consumption and Dispersed Information," Journal of Monetary Economics, Elsevier, vol. 147(C).
    5. Marina Lovchikova & Johannes Matschke, 2021. "Capital Controls and the Global Financial Cycle," Research Working Paper RWP 21-08, Federal Reserve Bank of Kansas City.
    6. Bilge Erten & Anton Korinek & José Antonio Ocampo, 2021. "Capital Controls: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 59(1), pages 45-89, March.
    7. Knuepfer, K. & Rogalski, N. & Knuepfer, A. & Esteban, M. & Shibayama, T., 2022. "A reliable energy system for Japan with merit order dispatch, high variable renewable share and no nuclear power," Applied Energy, Elsevier, vol. 328(C).
    8. Dimitris Anastasiou & Fotios Pasiouras & Anastasios Rizos & Artemis Stratopoulou, 2025. "Macroprudential policies and discouraged borrowers: evidence from European SMEs," Small Business Economics, Springer, vol. 65(4), pages 2567-2603, December.
    9. Chang Ma & John Rogers & Sili Zhou, 2020. "The Effect of the China Connect," GRU Working Paper Series GRU_2020_028, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
    10. Dario Bonciani & David Gauthier & Derrick Kanngiesser, 2021. "Slow recoveries, endogenous growth and macroprudential policy," Bank of England Staff Working Paper series 917, Bank of England.
    11. Crespo Cuaresma, Jesus & von Schweinitz, Gregor & Wendt, Katharina, 2019. "On the empirics of reserve requirements and economic growth," Journal of Macroeconomics, Elsevier, vol. 60(C), pages 253-274.
    12. Salma Gallas & Houssam Bouzgarrou & Montassar Zayati, 2024. "Balancing financial stability and economic growth: a comprehensive analysis of macroprudential regulation," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 14(4), pages 1005-1033, December.
    13. Dario Bonciani & David Gauthier & Derrick Kanngiesser, 2023. "Online Appendix to "Slow Recoveries, Endogenous Growth and Macro-prudential Policy"," Online Appendices 21-145, Review of Economic Dynamics.
    14. Pierre-Richard Agénor & Leonardo Gambacorta & Enisse Kharroubi & Enisse Kharroubi, 2018. "The effects of prudential regulation, financial development and financial openness on economic growth," BIS Working Papers 752, Bank for International Settlements.
    15. Gourdel, Régis & Sydow, Matthias, 2022. "Non-banks contagion and the uneven mitigation of climate risk," Working Paper Series 2757, European Central Bank.
    16. Nakatani, Ryota, 2020. "Macroprudential policy and the probability of a banking crisis," Journal of Policy Modeling, Elsevier, vol. 42(6), pages 1169-1186.
    17. Giraldo, Carlos & Giraldo, Iader & Gomez-Gonzalez, Jose E. & Uribe, Jorge M., 2024. "Financial integration and banking stability: A post-global crisis assessment," Economic Modelling, Elsevier, vol. 139(C).
    18. Liu, Siming & Ma, Chang & Shen, Hewei, 2024. "Sudden stop with local currency debt," Journal of International Economics, Elsevier, vol. 148(C).
    19. Ma, Chang & Nguyen, Xuan-Hai, 2021. "Too big to fail and optimal regulation," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 747-758.
    20. Bingbing Dong & Jieran Wu & Eric Young, 2023. "The Role of Collateral in Sudden Stop Models," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 31(6), pages 79-110, November.
    21. Agénor, Pierre-Richard & Bayraktar, Nihal, 2023. "Capital requirements and growth in an open economy," Journal of Economic Dynamics and Control, Elsevier, vol. 147(C).
    22. Chang Ma, 2020. "Self-regulation versus government regulation: an externality view," Journal of Regulatory Economics, Springer, vol. 58(2), pages 166-183, December.
    23. Keshtgar, Nafiseh & Mirjalili, Seyed Hossein, 2026. "The Banking Crisis and Macroprudential Policy: Evidence From Iran," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 6(Articles ), pages 45-63.
    24. Chang Ma & Shang-Jin Wei, 2020. "International Equity and Debt Flows: Composition, Crisis, and Controls," NBER Working Papers 27129, National Bureau of Economic Research, Inc.
    25. Eva Lorencic & Mejra Festic, 2022. "The impact of macroprudential policy on financial stability in selected EU countries," Public Sector Economics, Institute of Public Finance, vol. 46(1), pages 141-170.
    26. Benguria, Felipe & Matsumoto, Hidehiko & Saffie, Felipe, 2022. "Productivity and trade dynamics in sudden stops," Journal of International Economics, Elsevier, vol. 139(C).
    27. Bambe, Bao-We-Wal, 2025. "Macroprudential policies and private domestic investment in developing countries: An instrumental variables approach," IDOS Discussion Papers 3/2025, German Institute of Development and Sustainability (IDOS).

  8. Chang Ma & Mr. Fabian Valencia, 2018. "Welfare Gains from Market Insurance: The Case of Mexican Oil Price Risk," IMF Working Papers 2018/035, International Monetary Fund.

    Cited by:

    1. Guenette,Justin Damien, 2020. "Price Controls : Good Intentions, Bad Outcomes," Policy Research Working Paper Series 9212, The World Bank.
    2. Levy, Antoine & Ricci, Luca Antonio & Werner, Alejandro, 2020. "The Sources of Fiscal Fluctuations," CEPR Discussion Papers 15450, Centre for Economic Policy Research.
    3. Hatchondo, Juan Carlos & Martinez, Leonardo & Önder, Yasin Kürşat & Roch, Francisco, 2025. "Sovereign CoCos and debt forgiveness," Journal of Monetary Economics, Elsevier, vol. 153(C).

Articles

  1. Liu, Siming & Ma, Chang & Shen, Hewei, 2024. "Sudden stop with local currency debt," Journal of International Economics, Elsevier, vol. 148(C).

    Cited by:

    1. Çağlar Orak & Musa Bayır & Ahmed Yusuf Sarıhan, 2026. "Asymmetric Examination of Exchange Rate Dynamics: Are There Any Divergent Effects on Agricultural Growth," SAGE Open, , vol. 16(2), pages 21582440261, June.
    2. Bianchi, Javier & Coulibaly, Louphou, 2026. "A theory of fear of floating," Journal of Monetary Economics, Elsevier, vol. 157(C).

  2. Ma, Chang & Valencia, Fabián, 2024. "Welfare gains from market insurance: The case of Mexican oil price risk," Journal of International Money and Finance, Elsevier, vol. 142(C).
    See citations under working paper version above.
  3. Chang Ma & John Rogers & Sili Zhou, 2023. "Modern Pandemics: Recession and Recovery," Journal of the European Economic Association, European Economic Association, vol. 21(5), pages 2098-2130.
    See citations under working paper version above.
  4. Ma, Chang & Nguyen, Xuan-Hai, 2021. "Too big to fail and optimal regulation," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 747-758.

    Cited by:

    1. Wang, Tongyu & Yang, Haijun & Weng, Jiaxing & Guo, Luqing, 2025. "The biggest bank may not be the most interconnected: A refined entropy-based approach for indicating the direction of interbank flow," International Review of Economics & Finance, Elsevier, vol. 101(C).

  5. Peter Bednarek & Daniel Marcel te Kaat & Chang Ma & Alessandro Rebucci, 2021. "Capital Flows, Real Estate, and Local Cycles:Evidence from German Cities, Banks, and Firms," The Review of Financial Studies, Society for Financial Studies, vol. 34(10), pages 5077-5134.
    See citations under working paper version above.
  6. Chang Ma, 2020. "Self-regulation versus government regulation: an externality view," Journal of Regulatory Economics, Springer, vol. 58(2), pages 166-183, December.

    Cited by:

    1. Peter Grajzl & Bruno Ćorić & Stjepan Srhoj, 2025. "Deregulation derailed: evidence from services markets liberalization in Croatia," Public Choice, Springer, vol. 205(3), pages 633-660, December.
    2. Xue, Qinyuan & Zhan, Peng & Jin, Yifei & He, Hui, 2024. "Reputation, commitment, and financial market regulation," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    3. Ma, Chang & Nguyen, Xuan-Hai, 2021. "Too big to fail and optimal regulation," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 747-758.
    4. Zhan, Jinyong & He, Dingyan & Yang, Mengjun, 2026. "A helping hand for the regulator: The role of industry associations in firm water pollution abatement in China," Journal of Environmental Economics and Management, Elsevier, vol. 137(C).

  7. Ma, Chang, 2020. "Financial stability, growth and macroprudential policy," Journal of International Economics, Elsevier, vol. 122(C).
    See citations under working paper version above.

Chapters

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More information

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Statistics

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Co-authorship network on CollEc

NEP Fields

NEP is an announcement service for new working papers, with a weekly report in each of many fields. This author has had 15 papers announced in NEP. These are the fields, ordered by number of announcements, along with their dates. If the author is listed in the directory of specialists for this field, a link is also provided.
  1. NEP-MAC: Macroeconomics (7) 2018-09-24 2020-01-13 2020-03-23 2020-05-11 2020-07-27 2020-09-07 2021-03-22. Author is listed
  2. NEP-OPM: Open Economy Macroeconomics (7) 2020-01-06 2020-05-25 2020-08-10 2024-04-22 2025-10-06 2026-01-05 2026-04-20. Author is listed
  3. NEP-CNA: China (5) 2020-05-11 2021-03-22 2025-10-06 2026-01-05 2026-04-20. Author is listed
  4. NEP-URE: Urban and Real Estate Economics (4) 2020-01-13 2020-03-23 2020-07-27 2024-04-22. Author is listed
  5. NEP-CBA: Central Banking (3) 2018-09-24 2024-04-22 2025-10-06
  6. NEP-CFN: Corporate Finance (2) 2020-03-23 2020-05-25
  7. NEP-FDG: Financial Development and Growth (2) 2018-09-24 2021-03-22
  8. NEP-IFN: International Finance (2) 2025-10-06 2026-01-05
  9. NEP-MON: Monetary Economics (2) 2025-10-06 2026-01-05
  10. NEP-SEA: South East Asia (2) 2025-10-06 2026-01-05
  11. NEP-BAN: Banking (1) 2020-03-23
  12. NEP-DGE: Dynamic General Equilibrium (1) 2018-09-24
  13. NEP-EEC: European Economics (1) 2024-04-22
  14. NEP-EUR: Microeconomic European Issues (1) 2020-01-13
  15. NEP-GEN: Gender (1) 2020-05-11
  16. NEP-HEA: Health Economics (1) 2020-09-07
  17. NEP-INT: International Trade (1) 2026-04-20
  18. NEP-INV: Investment (1) 2026-01-05

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