ࡱ> gif R+bjbj8\"<<%<%la1111 & 2w$y$y$y$y$y$y$$|&):$-q!  q!q!$11$$$$q!11w$$q!w$$$$1]|P#$c$$0%$X)#(X)$$&X)C$ :r$:::$$$:::%q!q!q!q!X):::::::::< K: HUI TONGInternational Monetary Fund700 19th St NW Washington DC, 20431, USATel: 1. 202. 623. 9542Email:  HYPERLINK "mailto:htong@imf.org" htong@imf.orgWeb:  HYPERLINK "http://www.huitong-econ.net/" http://www.huitong-econ.net EMPOLYMENTEconomist, Research Department, IMF, Oct 2006--Oct 2007, Oct 2008--Economist, North American Division (U.S./Canada), IMF, Oct 2007--Oct 2008Economist, International Finance Division, Bank of England, Oct 2004--Oct 2006EDUCATION Ph.D. Economics, University of California at Berkeley, 2004 (Dissertation Title: Essays on Financial Instability in Emerging Markets) (Dissertation Committee:  HYPERLINK "http://emlab.berkeley.edu/users/eichengr/" Barry Eichengreen (Chair),  HYPERLINK "http://faculty.haas.berkeley.edu/lyons/" Richard Lyons,  HYPERLINK "http://emlab.berkeley.edu/users/mcfadden/" Daniel McFadden, and  HYPERLINK "http://www.econ.berkeley.edu/~obstfeld/index.shtml" Maurice Obstfeld) M.A. Economics, Renmin University of China, 1997 B.A. Economics, Renmin University of China, 1994FIELDS OF INTERESTS International Economics, Macroeconomics, Financial Economics PUBLICATIONS:  HYPERLINK "http://huitong-econ.net/downloads/JIEMS2005121_HuiTong_Rev1206.pdf" Disclosure Standards and Market Efficiency: Evidence from Analysts Forecasts Journal of International Economics (May 2007)  HYPERLINK "http://huitong-econ.net/downloads/Morris_Shin_Tong_AER.pdf" Response to Social Value of Public Information: Morris and Shin (2002) Is Actually Pro Transparency, Not Con, with  HYPERLINK "http://www.princeton.edu/~smorris/" Stephen Morris and  HYPERLINK "http://hyunsongshin.org/" Hyun Song Shin;  HYPERLINK "http://huitong-econ.net/downloads/Svensson_Comment_AER.pdf" comment by Lars Svensson American Economic Review (March 2006) HYPERLINK "http://huitong-econ.net/downloads/HerzTong011207.pdf" The Interactions between Debt and Currency Crises-Common Causes or Contagion? Review of International Economics (2008), with Bernhard Herz  HYPERLINK "http://huitong-econ.net/downloads/Eichengreen_Tong_w11335.pdf" Is Chinas FDI Coming at the Expense of Other Countries? with Barry Eichengreen Journal of the Japanese and International Economies (July 2007),  HYPERLINK "http://www.nber.org/papers/w11335" NBER WP 11335,  HYPERLINK "http://www.nber.org/digest/oct05/oct05.pdf" NBER Digest Oct 2005; Updated and Reprinted in Foreign Direct Investment in Europe: A Changing Landscape, by the Oesterreichische Nationalbank  HYPERLINK "http://huitong-econ.net/downloads/Eichengreen_Tong_JAE.pdf" Fear of China, with Barry Eichengreen, Journal of Asian Economics (April 2006)  HYPERLINK "http://huitong-econ.net/downloads/Eichengreen_Rhee_Tong_w10768.pdf" The Impact of China on the Exports of Other Asian Countries with Barry Eichengreen, Yeongseop Rhee,  HYPERLINK "http://www.nber.org/papers/w10768" NBER WP 10768 Review of World Economics (Weltwirtschaftliches Archiv, 2007 (2)) HYPERLINK "http://huitong-econ.net/downloads/Razin_Sadka_Tong.pdf" Bilateral FDI Flows: Threshold Barriers and Productivity Shocks, with Assaf Razin, Efraim Sadka, 2008,  HYPERLINK "http://www.nber.org/papers/w11639" NBER WP11639 CESifo Economic Studies (August 2008)  HYPERLINK "http://huitong-econ.net/downloads/China_Reorganizing_EichengreenandTong.pdf" How China Is Reorganizing the World Economy with Barry Eichengreen,  HYPERLINK "http://www.blackwellpublishing.com/journal.asp?ref=1832-8105&site=1" Asian Economic Policy Review (June 2006, Inaugural Issue)  HYPERLINK "http://huitong-econ.net/downloads/Eichengreen_Tong_RBA.pdf" Stock Market Volatility and Monetary Policy: What the Historical Record Shows  HYPERLINK "http://www.rba.gov.au/PublicationsAndResearch/Conferences/2003/" Asset Prices and Monetary Policy, with Barry Eichengreen, in Tony Richards and Tim Robinson (eds), Reserve Bank of Australia, 2003WORKING PAPERS The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis,  HYPERLINK "http://www.imf.org/external/pubs/cat/longres.cfm?sk=23141.0" IMF WP 09/164,  HYPERLINK "http://www.nber.org/papers/w15207" NBER WP 15207, with Shang-Jin Wei, 2009 China Corporate Savings Puzzle: A Comparative Perspective, With Tam Bayoumi and Shang-Jin Wei, 2009  HYPERLINK "http://huitong-econ.net/downloads/subprime-TongWei.pdf" Real Effects of the Subprime Mortgage Crisis: Is It a Demand or a Finance Shock?, With Shang-Jin Wei, 2008.  HYPERLINK "http://papers.nber.org/papers/w14205" NBER WP 14205;  HYPERLINK "http://www.imf.org/external/pubs/ft/wp/2008/wp08186.pdf" IMF WP 08/186  HYPERLINK "http://papers.nber.org/papers/w13723" Liquidity, Institutional Quality and the Composition of International Equity Outflows, with HYPERLINK "http://www.wharton.upenn.edu/faculty/goldstein.html"  Itay Goldstein,  HYPERLINK "http://www.arts.cornell.edu/econ/arazin/" Assaf Razin, 2007,  HYPERLINK "http://papers.nber.org/papers/w13723" NBER WP 13723 (Revised for Journal of International Economics)  HYPERLINK "http://huitong-econ.net/downloads/Stock_HaleRazinTong.PDF" Creditor Protection and Stock Price Volatility, with Galina Hale, Assaf Razin,  HYPERLINK "http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=6540" CEPR DP 6540 Foreign Trade Liberalization and Corporate Financial Disclosure, with  HYPERLINK "http://www.nber.org/~wei/" Shang-Jin Wei MEDIA COVERAGES  HYPERLINK "http://blogs.ft.com/economistsforum/2009/08/ring-fence-cross-border-financial-institutions/"  Financial Times (August 10, 2009):  HYPERLINK "http://blogs.ft.com/economistsforum/2009/08/ring-fence-cross-border-financial-institutions/" Ring-fence cross-border financial institutions.  HYPERLINK "http://online.wsj.com/article/BT-CO-20081022-712061.html?mod=wsjcrmain" Wall Street Journal (October 22, 2008):  HYPERLINK "http://huitong-econ.net/downloads/dowjones102208.pdf" Economists Find Some Sense In A Volatile Market. &  HYPERLINK "http://huitong-econ.net/downloads/dowjones102208.pdf" Dow Jones Newswires (October 22, 2008) &  HYPERLINK "http://huitong-econ.net/downloads/djtnt.pdf" Dows Jones Tomorrows News Today  HYPERLINK "http://huitong-econ.net/downloads/wsj080708.pdf" Wall Street Journal (August 7, 2008):  HYPERLINK "http://blogs.wsj.com/economics/2008/08/07/fed-moves-beat-stimulus-in-boosting-economy/?mod=mod" Fed Moves Beat Stimulus in Boosting Economy.  HYPERLINK "http://www.djnewsplus.com/article_ss/SB121812211940888311.html?param=cc" Dow Jones NewsPlus (August 7, 2008):  HYPERLINK "http://www.djnewsplus.com/article_ss/SB121812211940888311.html?param=cc" Liquidity Measures Best Way To Address Subprime.  HYPERLINK "http://huitong-econ.net/downloads/creditcrunch.pdf" Econbrowser (December 18, 2008):  HYPERLINK "http://www.econbrowser.com/archives/2008/12/credit_crunch_o.html" Credit Crunch or Not.  HYPERLINK "http://blog.foreignpolicy.com/node/9371" Foreign Policy (July 28, 2008):  HYPERLINK "http://blog.foreignpolicy.com/node/9371" Why Subprime Is Worse Than 9/11  HYPERLINK "http://www.portfolio.com/views/blogs/odd-numbers/2008/07/25/chart-of-the-day-911-vs-subprime-shocks" Portfolio (July 25, 2008):  HYPERLINK "http://www.portfolio.com/views/blogs/odd-numbers/2008/07/25/chart-of-the-day-911-vs-subprime-shocks" Chart of the Day: 9/11 Vs. Subprime Shocks   HYPERLINK "http://www.21cbh.com/HTML/2008/10/28/HTML_HW76EDOD4L41.html" 21st Century Business Herald (Oct 27, 2008):  HYPERLINK "http://huitong-econ.net/downloads/21cbh.pdf"  4xd NRl ͑QXeP^vuN~g PAPER PRESENTATIONS Conferences: Yale University/Review of Financial Studies conference on financial crisis (09), Conference on Financial Markets: How Real? at Univ of Illinois at Chicago (09), 16th Mitsui Finance Symposium at Univ of Michigan (09), Conference on Global Financial Turmoil at Hong Kong Monetary Authorities (09), American Finance Association (09), IMF Annual Research Conference (08), The Fourth NY Fed/NYU Stern Conference on Financial Intermediation (08), American Economic Association (08, 07, 06, 05), Society for Economic Dynamics (07), CESifo Conference on Productivity and Growth (07), Econometric Society (06, 05), Capital Market Integration in Asia (05 Geneva), Royal Economic Society (05), Emerging Markets Finance (05 Virginia) Institutions: Cornell University, Bank of Finland, Oesterreichische Nationalbank, Norges Bank, Bank of England, Bank of Japan, Japan Center for Economic Research, Cambridge University, Oxford University, London School of Economics, UC San Diego  Qop  ĭĖ{Ė{cQ=Q='h(zh(zCJKHOJPJQJ\aJ#h(zh(z5CJKHOJQJaJ/h(zh(z5CJKHOJPJQJaJmH sH 4h(zh(z>*B*CJKHOJQJaJmH phsH -jh(zh(zCJKHOJPJQJUaJ,h(zh(zCJKHOJPJQJaJmH sH $h(zh(zCJKHOJPJQJaJ$h(zh(zCJKHOJPJQJaJ*h(zh(z5CJ KHOJPJQJ\aJ   '7QhhTkd$$Ifl0^ FZF t644 lBayt(z$$1$5$H$Ifa$gd(z$$1$5$H$Ifa$gd(z $1$5$H$a$gd(z$1$5$H$]^a$gd(z C 0 S 2 m n d1$5$H$]^`gd(zd1$5$H$]gd(z1$5$H$]gd(z1$5$H$]`gd(z $1$5$H$a$gd(z1$5$@&H$]gd(z 81$5$H$]gd(z A W  A B O P S T n ||d|P'h(zh(z5CJKHOJPJQJaJ/h(zh(z>*B*CJKHOJQJ]aJph0jh(zh(zCJKHOJPJQJU]aJ,h(zh(z>*B*CJKHOJQJaJph-jh(zh(zCJKHOJPJQJUaJ*h(zh(zCJKHOJPJQJ\]aJ'h(zh(zCJKHOJPJQJ]aJ$h(zh(zCJKHOJPJQJaJ $%tu{ƲmVB'h(zh(zCJKHOJPJQJ\aJ-h(zh(z56CJKHOJPJQJ]aJ/h(zh(z>*B*CJKHOJQJ]aJph0jh(zh(zCJKHOJPJQJU]aJ'h(zh(z5CJKHOJPJQJaJ&h(zh(z56CJKHOJQJaJ#h(zh(z6CJKHOJQJaJ$h(zh(zCJKHOJPJQJaJ'h(zh(zCJKHOJPJQJ]aJ vp[&efwhhd1$5$H$]^hgd(zh|d1$5$H$]^`|gd(z hvd1$5$H$]gd(zh1$5$H$]gd(z^ J1$5$@&H$]gd(z^1$5$H$]gd(zmnxy@AYZ[i绣vvvvvvvvv_-h(zh(z56CJKHOJPJQJ]aJ0jh(zh(zCJKHOJPJQJU\aJ'h(zh(zCJKHOJPJQJ\aJ/h(zh(z>*B*CJKHOJQJ\aJph/h(zh(z5>*B*CJKHOJQJaJph'h(zh(z5CJKHOJPJQJaJ0jh(zh(z5CJKHOJPJQJUaJ#$(Idgh =ӤӑzzcKz7'h(zh(zCJKHOJPJQJ\aJ/h(zh(z>*B*CJKHOJQJ\aJph,h(zh(z>*B*CJKHOJQJaJph-jh(zh(zCJKHOJPJQJUaJ$h(zh(zCJKHOJPJQJaJ-h(zh(z56CJKHOJPJQJ]aJ/h(zh(z>*B*CJKHOJQJ]aJph'h(zh(zCJKHOJPJQJ]aJ0jh(zh(zCJKHOJPJQJU]aJfKZ[DE6]^hd1$5$H$]^hgd(zhhd1$5$H$]^hgd(zhd1$5$H$]gd(zh|d1$5$H$]^`|gd(z=>MN}~4;Z[\]NO׾׾׾׾א}׾׾f׾׾׾׾-h(zh(z56CJKHOJPJQJ]aJ$h(zh(zCJKHOJPJQJaJ*h(zh(z>*CJKHOJPJQJ\aJ/h(zh(z>*B*CJKHOJQJ\aJph0jh(zh(zCJKHOJPJQJU\aJ'h(zh(zCJKHOJPJQJ\aJ'h(zh(z5CJKHOJPJQJaJ'EF'(457N]^`aԽ}jV==0jh(zh(zCJKHOJPJQJU\aJ'h(zh(zCJKHOJPJQJ\aJ$h(zh(zCJKHOJPJQJaJ*h(zh(z56CJKHOJPJQJaJ,h(zh(z>*B*CJKHOJQJaJph$h(zh(zCJKHOJPJQJaJ-jh(zh(zCJKHOJPJQJUaJ'h(zh(zCJKHOJPJQJ\aJ-h(zh(z56CJKHOJPJQJ\aJWXtuvκtYA**-jh(zh(zCJKHOJPJQJUaJ/h(zh(z5>*B*CJKHOJQJaJph5h(zh(z56>*B*CJKHOJQJ]aJph-h(zh(z56CJKHOJPJQJ]aJ6jh(zh(z56CJKHOJPJQJU]aJ$h(zh(zCJKHOJPJQJaJ'h(zh(zCJKHOJPJQJ\aJ0jh(zh(zCJKHOJPJQJU\aJ/h(zh(z>*B*CJKHOJQJ\aJph1+NO_h1$5$H$]gd(zhd1$5$H$]^gd(z hd1$5$H$]gd(zhd1$5$H$]gd(zh|d1$5$H$]^`|gd(z./<=+#$23  Z[yzҿwcҿҿҿҿcҿҿҿҿҿ'h(zh(z5CJKHOJPJQJaJ/h(zh(z5>*B*CJKHOJQJaJph*h(zh(z5>*CJKHOJPJQJaJ3jh(zh(z5>*CJKHOJPJQJUaJ$h(zh(zCJKHOJPJQJaJ-jh(zh(zCJKHOJPJQJUaJ,h(zh(z>*B*CJKHOJQJaJph&HI   BCNOWX)*辫|h|'h(zh(zCJKHOJPJQJ\aJ0jh(zh(zCJKHOJPJQJU\aJ*h(zh(z56CJKHOJPJQJaJ$h(zh(zCJKHOJPJQJaJ$h(zh(zCJKHOJPJQJaJ,h(zh(z>*B*CJKHOJQJaJph-jh(zh(zCJKHOJPJQJUaJ#RScd e!j"t#D$$T&''hdh1$5$H$]gd(zhdh1$5$H$]gd(zhd1$5$H$]gd(zh1$5$H$]gd(z*Z[oz|}ABOPSijκκκyeLeL0jh(zh(z5CJKHOJPJQJUaJ'h(zh(z5CJKHOJPJQJaJ,h(zh(z>*B*CJKHOJQJaJph-jh(zh(zCJKHOJPJQJUaJ$h(zh(zCJKHOJPJQJaJ'h(zh(zCJKHOJPJQJ\aJ0jh(zh(zCJKHOJPJQJU\aJ/h(zh(z>*B*CJKHOJQJ\aJphef    a b ! 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