Staff profile

• Exchange Rate Theory and Policy
• International Finance
• Chinese Financial Markets
• Emerging Economy Finance
• Economics of Transition

Chapter in book

• Pan, Y., Nie, J., Zhou, S., Wu, X., & Zhang, Z. (2013). The Options for Reforming the Renminbi Exchange Rate Regime. In W. Woo, Y. Pan, J. Sachs, & J. Qian (Eds.), Financial Systems at the Crossroads. World Scientific Publishing
• A curious Partnership in Global Imbalances: China’s Continual Accumulation of US Treasuries.
  
  Zhang, Z., Chau, F., & Shi, N. (2012). A curious Partnership in Global Imbalances: China’s Continual Accumulation of US Treasuries. In X. Fu (Ed.), China’s Role in Global Economic Recovery. (pp. 18-40). Routledge.
• China’s Foreign Exchange Policy in a Time of Change.
  
  Zhang, Z. (2002). China’s Foreign Exchange Policy in a Time of Change. In P. Preston & H. Jurgen (Eds.), Contemporary China: The Dynamics of Change at the Start of the New Millennium.. RoutledgeCurzon.

Conference Paper

• Zhang, Z. (2012, December). Measuring China’s Exchange Rate Flexibility. Progress Report to Project on Reforming International Monetary System
• Exchange Rat Exchange Exposure in Chinese Firms.
  
  Zhang, Z. (2011). Exchange Rat Exchange Exposure in Chinese Firms [Conference paper]. Presented at 2011 Shanghai Forum.

Journal Article

• Strategic asset allocation by mixing shrinkage, vine copula and market equilibrium
  
  Zhang, F., & Zhang, Z. (2018). Strategic asset allocation by mixing shrinkage, vine copula and market equilibrium. Journal of Forecasting, 37(3), 340-351. https://doi.org/10.1002/for.2506
• Wang, Y., Li, X., Zhang, Z., & Zhang, Z. (2018). Rise of the gold market in China: liberalisation and market development. Journal of Chinese Economic and Business Studies, 16(1), 17-38. https://doi.org/10.1080/14765284.2017.1378853
• Li, H., Zhang, Z., & Zhang, C. (2017). China's Intervention in the Central Parity Rate: A Bayesian Tobit Analysis. Research in International Business and Finance, 39(Part A), 612-624. https://doi.org/10.1016/j.ribaf.2016.07.017
• Oral Intervention in China: Efficacy of Chinese Exchange Rate Communications
  
  Zhang, Z., Li, H., & Zhang, C. (2016). Oral Intervention in China: Efficacy of Chinese Exchange Rate Communications. International Review of Financial Analysis, 49, 24-34. https://doi.org/10.1016/j.irfa.2016.11.006
• Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change
  
  Dixon, R., Zhang, Z., & Dai, Y. (2016). Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change. Review of International Economics, 24(5), 875-892. https://doi.org/10.1111/roie.12226
• Determinants of Financial Distress in Large Financial Institutions: Evidence from U.S. Bank Holding Companies
  
  Zhang, Z., Xie, L., Lu, X., & Zhang, Z. (2016). Determinants of Financial Distress in Large Financial Institutions: Evidence from U.S. Bank Holding Companies. Contemporary Economic Policy, 34(2), 250-267. https://doi.org/10.1111/coep.12105
• Optimal Currency Composition for China’s Foreign Reserves: a Copula Approach
  
  Zhang, Z., Ding, L., & Zhang, F. (2015). Optimal Currency Composition for China’s Foreign Reserves: a Copula Approach. World Economy, 38(12), 1947-1965. https://doi.org/10.1111/twec.12237
• Currency Exposure in China under the New Exchange Rate Regime: National Level Evidence
  
  Nie, J., Zhang, Z., Zhang, Z., & Zhou, S. (2015). Currency Exposure in China under the New Exchange Rate Regime: National Level Evidence. China and World Economy, 23(3), 97-109. https://doi.org/10.1111/cwe.12116
• A Multiple Goal Investment Strategy for Sovereign Wealth Funds: An Application to China
  
  Xie, L., Woo, W. T., Zhang, Z., & Zhang, Z. (2015). A Multiple Goal Investment Strategy for Sovereign Wealth Funds: An Application to China. Asian Economic Papers, 14(1), 78-97. https://doi.org/10.1162/asep_a_00319
• Comments on Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis.
  
  Zhang, Z. (2015). Comments on Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis. Asian Economic Papers, 14(1), 151-153. https://doi.org/10.1162/asep_a_00328
• Investor learning and mutual fund family
  
  Zhang, Z., Ding, L., & Zhou, S. (2014). Investor learning and mutual fund family. Journal of Empirical Finance, 26, 171-188. https://doi.org/10.1016/j.jempfin.2013.12.001
• Fund Family Tournament and Performance Consequences: Evidence from the UK Fund Industry
  
  Zhang, Z., Ding, L., Zhou, S., & Fu, Y. (2014). Fund Family Tournament and Performance Consequences: Evidence from the UK Fund Industry. Multinational Finance Journal : MF : Quarterly Publication of the Multinational Finance Society., 18(1/2), 43-84.
• Exchange Rate Determination and Dynamics in China: A Market Microstructure Analysis
  
  Zhang, Z., Chau, F., & Zhang, W. (2013). Exchange Rate Determination and Dynamics in China: A Market Microstructure Analysis. International Review of Financial Analysis, 29, 303-316. https://doi.org/10.1016/j.irfa.2012.08.005
• Zhang, Z., Chau, F., & Li, X. (2013). Accumulation of Large Foreign Reserves in China: A Behavioural Perspective. Economic Change and Restructuring, 46(1), 85-108. https://doi.org/10.1007/s10644-012-9136-1
• Strategic Asset Allocation for China’s Foreign Reserves: A Copula Approach.
  
  Zhang, Z., Zhang, F., & Zhang, Z. (2013). Strategic Asset Allocation for China’s Foreign Reserves: A Copula Approach. China and World Economy, 21(6), 1-21. https://doi.org/10.1111/j.1749-124x.2013.12043.x
• Renminbi Exchange Rate Exposure: Evidence from Chinese Industries.
  
  Miao, B., Zhou, S., Jing, N., & Zhang, Z. (2013). Renminbi Exchange Rate Exposure: Evidence from Chinese Industries. Journal of Chinese Economic and Business Studies, 11(4), 229-250. https://doi.org/10.1080/14765284.2013.838386
• Song, W., Zhang, Z., Sun, X., & Shi, N. (2013). Subordinated debt as instrument of market discipline: risk sensitivity of sub-debt yield spreads in UK banking. Journal of Economics and Business, 73(May - June), 1-21. https://doi.org/10.1016/j.jeconbus.2013.11.002
• International Capital Flows, the Domestic Employment and Wages: Perspectives from China’s Different Provinces
  
  Li, W., & Zhang, Z. (2012). International Capital Flows, the Domestic Employment and Wages: Perspectives from China’s Different Provinces. China Finance Review International, 2(3), 286-310. https://doi.org/10.1108/20441391211231051
• A new perspective on financial anomalies in emerging markets: the case of China
  
  Zhang, Z. (2008). A new perspective on financial anomalies in emerging markets: the case of China. Applied Financial Economics, 18(21), 1681-1695. https://doi.org/10.1080/09603100701735946
• Exchange rate reform and its inflationary consequences: an empirical analysis for China
  
  Lu, M., & Zhang, Z. (2003). Exchange rate reform and its inflationary consequences: an empirical analysis for China. Applied Economics, 35(2), 189-199. https://doi.org/10.1080/0003684022000017575
• Zhang, Z. (2002). Real exchange rate behaviour under Hong Kong's linked exchange rate system: An empirical investigation. International Journal of Theoretical and Applied Finance, 5(1), 55-78. https://doi.org/10.1142/s0219024902001341
• Choosing an exchange rate regime during economic transition: the case of China
  
  Zhang, Z. (2001). Choosing an exchange rate regime during economic transition: the case of China. China Economic Review, 12(2-3), 203-226. https://doi.org/10.1016/s1043-951x%2801%2900051-7
• Zhang, Z. (2001). Real exchange rate misalignment in China: An empirical investigation. Journal of Comparative Economics, 29(1), 80-94. https://doi.org/10.1006/jcec.2000.1705
• China's exchange rate reform and exports
  
  Zhang, Z. (2001). China’s exchange rate reform and exports. Economics of Planning, 34(1-2), 89-112. https://doi.org/10.1023/a%3A1017549828555
• Exchange Rate Reform in China: An Experiment in the Real Targets Approach.
  
  Zhang, Z. (2000). Exchange Rate Reform in China: An Experiment in the Real Targets Approach. World Economy, 23(8), 1057-1081. https://doi.org/10.1111/1467-9701.00317
• Parallel exchange market as a transition mechanism for foreign exchange reform: China's experiment.
  
  Lu, M., & Zhang, Z. (2000). Parallel exchange market as a transition mechanism for foreign exchange reform: China’s experiment. Applied Financial Economics, 10(2), 123-135. https://doi.org/10.1080/096031000331752