Full-time Faculty Members of the School of Economics
Our School is composed of a rigorous team of local and international academics specialized in various disciplines of economics. The following links provide resources for selected internationally trained faculty members. For a complete list of all of our faculty members, please visit our Chinese website.
Dean of the School of Economics

Bingtao Song
Dean of the School of Economics
Office
New Campus of Henan University, Kaifeng, Henan
Economics Building, Room A 303
Contact Information
E-mail: sbingtao@hotmail.com
Research Interests
Theoretical basis and process for the success of the British Industrial Revolution, comparison of the public finance between eastern and western civilizations, economic development of underdeveloped regions
Education
PhD from Henan University, School of Environment and Planning, Kaifeng 2007
Recent Publications
- Institution and Change of the Public Economy: A New Interpretation of Early Modern Civilization Evolution, in Social Sciences in China, 2015 (1)
- The Efficiency of Public Finance and Economic Development: A New Theoretical Model, in Contemporary Economic Research, 2010.
Full-time Faculty Members (alphabetical order)

Baomin Dong
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 2nd Floor
Contact Information
E-mail: baomindong@vip.163.com
Research Interests
Industrial Organization Theory, Economic History, International Trade Theory, Game Theory and Applications
Education
PhD, Economics, Concordia University, Montréal, Canada, 2004
MA, Economics, Northwest University, Xi'an, China, 1996
BSc., Physics, Shaanxi Normal University, Xi'an, China, 1992
Publications
- Financing China’s cotton textile industry: 1890–1936 (with Peng, K. and Sun J.), Journal of Asian Economics, 79, 101453, 2022
- The legacy of colonial rule: On the impact of the railway zones in modern China (with Li N.), Australian Economic History Review, Vol. 62 (3), pp. 234-264, 2022
- Intellectual property rights protection and export product quality: Evidence from China (with Y. Guo and X. Hu), International Review of Economics and Finance, Vol. 77, pp. 143-158, 2022
- Railway and trade in modern China: Evidence from the 1930s (with Y. Guo), in: China Economic Review, Vol. 69, 101661, 2021
- A signaling model of loss leader pricing strategy (with G. Guo and F. Y. Wang) in: Australian Economic Papers, Vol. 60 (2), pp. 289-307, 2021
- Where is the beef? The costs of American aid and wartime China´s hyperinflation (with Y. Guo) in: China Economic Review, Vol. 61, 101260, 2020
- Is poverty the mother of crime? Evidence from homicide rates in China (with P. Egger and Y. Guo) in: Plos One, Vol. 15(5), e0233034, 2020
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Impacts of exchange rate volatility and international oil price shock on China´s regional economy: A dynamic multi-regional CGE analysis (with W. Wei, N. Wang, X. Ma), in: Energy Economics, Vol. 86, 103762, 2020
- Corruption as a natural resource curse: Evidence from the Chinese coal mining (with Y. Zhang and H. Song) in: China Economic Review, Vol. 57, 101314, 2019
- Corporate social responsibility, vertical product differentiation and international competition (with J. Li, X. Wang, and E.S. Yu) in: Review of International Economics, Vol. 27 (4), pp. 1108-1125, 2019
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Quantifiying the Impacts of China´s Currency Depreciation and Capital Control: A CGE Analysis (with W. Wei, J. Zhang, and H. Wang) in: Applied Economics Letters, Vol. 25 (14), pp. 964-967, 2018
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A Signaling Theory of Limited Supply (with Taradas Bandyopadhyay and Cheng-Zhong Qin), in: Journal of Institutional and Theoretical Economics, Vol. 174 (3), pp. 476-494 (19), 2018
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On the impacts of carbon tax and technological progress on China (with W. Wei, X. Ma and P. Li), in: Applied Economics, Vol. 50 (4), pp. 389-406, 2018
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The impact of the first Sino-Japanese war indemnity: Transfer problem reexamined (with Guo, Y.), in: International Review of Economics and Finance, Vol. 56, pp. 15-26, July 2018
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A Theory of Comparative Advantage with Specialized Subnational Regions (with S. K. Wong), in: Review of International Economics, Vol. 25 (3), August 2017, pp. 567-577
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Capital Market Liberalization: Optimal Tradeoff and Bargaining Dely (with Xinhua Gu and Huasheng Song), in: North American Journal of Economics and Finance, Vol. 39, Issue C, pp. 78-88, 2017
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Capacity Constraint, Merger Paradox and Welfare-improving Pro-Merger Policy (with G. Guo, F. Wang and X. Qian), Hitotsubashi Journal of Economics (SSCI), Vol. 57 (1), June 2016, pp. 1-26
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International R&D Collaboration and Strategic Trade Policy (with H. Song, X. Qian), Review of Development Economics (SSCI), Vol. 20 (1), pp. 250-260, 2016
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The Global EKCs (with F. Wang, Y. Guo), International Review of Economics and Finance (SSCI), Vol. 43, Issue C, pp. 210-221, 2016
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Little Divergence: Evidence from Cotton Textiles Exports in Japan and China 1868-1930 (with Z. Zhao, J. Gong, K. Peng), Review of Development Economics (SSCI), 19(4): 776-796, 2015
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Global Imbalance, Income Inequality and Saving Nexus: A New Theory with Evidence from OECD and Emerging Asia (with B. Huang and X. Gu), The World Economy (SSCI), 38(1): 110-135, 2015
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Chinas Structural Change: A new SDA model (with F. Wang, X. Yin and C. An), Economic Modelling (SSCI): 43: 256-266, 2014
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Estimating Outage Costs in China: a modi ed Tobit Model. (with X. Li), Emerging Markets Finance and Trade (SSCI), 50: 141-152, 2014
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A Moral Hazard Model of Parental Care (with T. Zhou), Hacienda Pública Española/Review of Public Economics (SSCI), 207-(4/2013), pp. 101-115, 2013
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A Pre-emption Model of Mergers (with Y. Wang), Journal of Economics (SSCI), 113: 187-204, 2014
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Velocity of Money and Economic Development in Song China (with J. Gong), Review of Development Economics (SSCI), 18(2): 203-217, 2014
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Cost-Based Antidumping as A Repeated Game, Economic Record (SSCI), 89: 95-105, 2013
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Dynamic Moral Hazard and Executive Stock Options, with F.Y. Wang and G. Guo, Paci c Economic Review (SSCI), 18(2): 259-279, 2013
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A Model of Export-Strengthening FDI (with G. Guo), China Economic Review (SSCI), 27: 208-226, 2013
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Sharing A Polluted River Network. (with Y. Wang and D. Ni), Environmental and Resource Economics (SSCI), 53(3): 367-387, 2012, (DOI: 10.1007/s10640-012-9566-2)
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Highway Toll Pricing Game (with Y. Wang), European Journal of Operational Research (SSCI), 220: 744751, 2012
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FDI and Environmental Regulation: Pollution Haven or a Race to the Top?, (with J. Gong, and X. Zhao), Journal of Regulatory Economics (SSCI), 41(2): 216-237, 2012
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A simple model of two-country bargaining for nancial integration, (with X. Gu) Applied Economics Letters (SSCI), 19(8): 725 728, 2012
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Network Congestion, Braess Paradox and Urban Expressway System, Game Theory and Applications, Vol 16, Chapter 6
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The Relationship Banking Paradox: No Pain No Gain Versus raison dêtre, Economic Modelling, (SSCI), 28, 22632270, 2011
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RJV Formation and Strategic Entry Accommodation (with G. Guo), Australian Economic Papers (SSCI), 50(4): 129-146, 2011
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A Theory of Financial Liberalization: Why are Developing Countries so Reluctant? (with X. Gu) The World Economy (SSCI), 34(7), 11061123, July 2011
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International R&D Networks (with X. Zhao), Review of International Economics (SSCI), 19(2), 325340, 2011
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The Loss from Trade under International Cournot Oligopoly with Cost Asymmetry (with L. Yuan), Review of International Economics (SSCI), 18(5): 818831, 2010
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Forecasting Long-run Coal Price in China: A Shifting Trend Time Series Approach (with B. Lin, and X. Li), Review of Development Economics (SSCI), 14(3): 499- 519, 2010
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International Environmental Agreement Formation and Trade (with X. Zhao), Asia-Paci c Journal of Accounting and Economics (SSCI), 16: 339-356, 2009

Makram El-Shagi
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 2nd floor
Contact Information
E-mail: makram.el-shagi@cfds.henuecon.education / makram.elshagi@gmail.com
CV
Education
Habilitation (postdoctoral qualification qualifying for full professorship), Department of Law and Economics, University of Mannheim, May 2008, thesis title: “Finanzmarktkrisen: Entstehungsmechanismen und Präventionsmöglichkeiten”(“Financial Crises: Origins and Prevention Opportunities”), Referees: Prof. Dr. Jürgen Schröder (University of Mannheim), Prof. Dr. Roland Vaubel (University of Mannheim), Prof. Dr. Jürgen von Hagen (University of Bonn).
Dr. rer. pol (equivalent to PhD), Department of Economics, University of Mannheim, December 2003 (summa cum laude) thesis title: „Die Neue Ökonomie: Bedeutung, Problembereiche, Funktionsbedingungen und Erfordernisse“ („The Economic Impact of the New Economy”), Referees: Prof. Dr. Jürgen Schröder (University of Mannheim), Prof. Dr. Roland Vaubel (University of Mannheim).
Diplom-Volkswirt (equivalent to MSc), University of Trier, January 2001,
(Average Grade: 1.1 , which is roughly equal to a GPA 4.9/5)
Abitur, Gymnasium Saarburg, 1996, (Average Grade: 1.3, which is roughly equal to 4.7/5)
Research Interests
- Monetary macroeconomics, esp. monetary policy
- International macroeconomics, esp. regulation of financial markets
- Econometrics, esp. computational econometrics and time series econometrics
Papers in Referred Journals and Refereed Conference Volumes
- El-Shagi, M.; Jiang, L.: Monetary policy transmission in China: Dual shocks with dual bond markets, Macroeconomic Dynamics (forthcoming).
- El-Shagi, M.: Productivity shocks and capital flows, Economic Letters, Vol. 225, 111015, 2023
- El-Shagi, M. / Tochkov, K.: Divisia Monetary Aggregates for Russia: Money Demand, GDP Nowcasting, and the Price Puzzle, Economic Systems, Vol. 46 (4), 2022.
- Benchimol, J. / El-Shagi, M.: Do expert experience and characteristics affect inflation forecasts?, in: Journal of Economic Behavior & Organization, Vol 201,pp. 205-226, 2022.
- El-Shagi, M.; von Schweinitz, G.: Why they keep missing: An empirical investigation of sovereign bond ratings and their timing, Scottish Journal of Political Economy, Vol. 69 (2), pp. 186-224, 2022.
- El-Shagi, M. / Sawyer, W. Charles / Tochkov, K.: The Income Elasticity of Import Demand: A Meta-Survey, Pacific Economic Review, Vol. 27 (1), pp. 18-41, 2022.
[Available as: CFDS Discussion Paper 2019/03, 2019]. - El-Shagi, M.; Zheng, Y.: Money Demand in China - A Meta Study, Emerging Markets, Finance and Trade, Vol. 58 (1), pp. 145-163, 2022.
- El-Shagi, M; Tochkov, K.: Shadow of the Colossus: Euro Area Spillovers and Monetary Policy in Central and Eastern Europe, in: Journal of International Money and Finance, Vol. 120, 102501, 2022.
- El-Shagi, M.; von Schweinitz, G.: Fiscal Policy and fiscal fragility: Empirical evidence from the OECD, Journal of International Money and Finance, Vol. 115, 102292, 2021.
- El-Shagi, M./ Yamarik, S.: IMF Conditionality and Capital Controls: Capital Account Liberalization to Capital Inflow Management?, Review of International Economics, Vol. 29 (3), pp. 590-605, 2021.
- El-Shagi, M.: When Does Monetary Measurement Matter (Most)?, Macroeconomic Dynamics, Vol. 25 (1), January 2021, pp. 240-256.
- El-Shagi, M.; Zhang, L.: Trade Effects of Silver Price Fluctuations in 19th-Century China: A Macro Approach, China Economic Review, Vol. 63, October 2020.
- Benchimol, J.; El-Shagi, M.: Forecast Performance in Times of Terrorism, Economic Modelling, Vol. 91, pp. 386-402, September 2020.
- El-Shagi, M.; Firdmuc, J.: Yamarik, S.: Inequality and credit growth in Russian regions, Economic Modelling, Vol. 91, pp. 550-558, September 2020.
- El-Shagi, M.; Kelly, L.J.: What can we learn from country level liquidity in the EMU?, Journal of Financial Stability, Vol. 42, pp. 75-83, June 2019.
- El-Shagi, M.; Yamarik, S.: State-Level Capital and Investment: Re finements and Update, Growth and Change, A Journal of Urban and Regional Policy, Vol. 50(4), pp. 1411-1422, December 2019.
- El-Shagi, M.: Rationality tests in the presence of instabilities in finite samples, Economic Modelling, Vol. 79, pp. 242-246, June 2019.
- El-Shagi, M.: A simple estimator for smooth local projections, Applied Economics Letters, Vol. 26 (10), pp. 830-834, 2019.
- El-Shagi, M.; Shao M.: The Impact of Inequality and Redistribution on Growth, Review of Income and Wealth, Vol. 65 (2), pp. 239-263, 2019.
- El-Shagi, M.; von Schweinitz, G.: The Joint Dynamics of Sovereign Ratings and Government Bond Yields, Journal of Banking and Finance, Vol. 97 (December 2018), pp. 198-218.
- El-Shagi, M.; Michelsen, C.; Rosenschon S.: Empirics on the Long-run Effects of Building Energy Codes in the Housing Market, Land Economics, Vol. 93 (4), November 2017, pp. 585-607.
- El-Shagi, M.: Dealing with Small Sample Bias in Post-Crisis Samples, Economic Modelling, 65, September 2017, pp. 1-8.
- El-Shagi, M; Kelly, L.J.: For They Know Not What They Do - Monetary Policy During the Great Moderation, Applied Economics Letters, Vol. 24 (10) (2017), pp. 717-721.
- Yamarik, S.; El-Shagi, M.: Yamashiro, G.: Does inequality lead to credit growth? Testing the Rajan hypothesis using state-level data, Economics Letters, Vol. 148 (November 2016), pp. 63-67.
- El-Shagi, M.; von Schweinitz, G.: The Qual VAR Revisited - Good Forecast, Bad Story, Journal of Applied Economics, Vol 19 (2016), 2, pp. 293-322 [Available as: IWH Discussion Papers 12/2012, 2012].
- El-Shagi, M.; Lindner, A.; von Schweinitz, G.: Real Effective Exchange Rate Misalignment in the EMU – A Counterfactual Analysis, Review of International Economics, Vol. 24 (1) (February 2016), pp. 37-66. [Available as: IWH Discussion Papers 6/2014, 2014].
- El-Shagi, M.; Giesen, S.; Jung, A.: Revisiting the relative forecast performances of Fed staff and private forecasters: A dynamic approach, International Journal of Forecasting, Vol. 32 (2) (April to June 2016), pp. 313-323. [Available as IWH Discussion Papers, 5/2012, 2012].
- El-Shagi, M.; von Schweinitz, G.: The Diablo 3 Economy: An Agent Based Approach, Computational Economics, Vol. 47 (2016), 2, pp. 193 – 216.
- El-Shagi, M.; Jung, A.: Have Minutes Helped Markets to Predict the MPC’s Monetary Policy Decisions?, European Journal of Political Economy, Vol. 39, (September 2015), pp. 222 – 234. [Availabe as ECB Working Paper 1808, 2015]
- El-Shagi, M.; Jung, A.: Does the Greenspan Era Provide Evidence on Leadership in the FOMC?, Journal of Macroeconomics, Vol. 44 (March 2015), pp. 173 – 190. [Previous version available as ECB Working Paper 1579, 2013]
- El-Shagi, M.; von Schweinitz, G.: Risk and Return - Is there an unholy cycle of ratings and yields?, Economics Letters, Vol. 129 (April 2015), pp. 49 - 51.
- El-Shagi, M.; Giesen, S.: Kelly, L.J.: The Quantity Theory Revisited - A New Structural Approach, Macroeconomic Dynamics, Vol. 19 (2015), 1, pp. 58 - 78. [Previous version available as IWH Discussion Papers, 7/2011, 2011]
- El-Shagi, M.; Giesen, S.: A Note on the Hidden Risk of Inflation, Journal of Economic Policy Reform, Vol. 17 (2014), 1, pp. 91 - 97. [Available online: Taylor and Francis online].
- El-Shagi, M.; Kelly, L.J.: Liquidity in the Liquidity Crisis: Evidence from Divisia Monetary Aggregates in Germany and the European Crisis Countries, Economics Bulletin, Vol. 34 (2014), 1, pp. 63 - 72. [Available online: Economics Bulletin].
- El-Shagi, M.; Giesen, S.: Money and Inflation - Consequences of Recent Monetary Policy, Journal of Policy Modeling, Vol. 35 (2013), 4, pp. 520 - 537 [Previous version available as IWH Discussion Papers, 2/2010, 2010].
- El-Shagi, M.; Knedlik, T.; von Schweinitz, G.: The (Statistical) Significance of the Signals Approach, Journal of International Money and Finance, Vol. 35 (2013), pp. 76 - 103. [Previous verison available as IWH Discussion Papers, 3/2012, 2012].
- El-Shagi, M.; Giesen, S.: Testing for Structural Breaks at Unknown Time: A Steeplechase, Computational Economics, Vol. 41 (2013), 1, pp. 101 - 123. [Previous version available as IWH Discussion Papers, 19,2010, 2010].
- El-Shagi, M: Initial Evidence from a New Database on Capital Market Restrictions, PanOeconomicus, 2012, 3, pp. 283 / 292.
- El-Shagi, M.: Protect and Survive? Did Capital Controls Help Shield Emerging Markets from the Crisis?, Economics Bulletin, Vol. 32 (2012), 1, pp. 1 - 6. [Available online: Economics Bulletin].
- El-Shagi, M.: The Distorting Effect of Capital Controls, German Economic Review, Vol. 13 (2012), 1, pp. 41 / 55. [Available online: Wiley Online Library].
- El-Shagi, M.: An Evolutionary Algorithm for the Estimation of Threshold Vector Error Correction Models, International Economics and Economic Policy, Vol. 8 (2011), 4, pp. 341 - 362. [Available online: Springer Link: previous version available as IWH Discussion Papers, 1/2010, 2010].
- El-Shagi, M.: Inflation Expectations: Does the Market Beat Professional Forecasts, North American Journal of Economics and Finance, Vol. 22 (2011), 3, pp. 298 - 319. [Available online: Science Direct; previous version available as IWH Discussion Papers, 16/2009, 2009].
- El-Shagi, M.: The Impact of Fixed Exchange Rates on Fiscal Discipline, Scottish Journal of Political Economy, Vol. 58 (2011), 5, pp. 685 - 710. [Available online: Wiley Online Library].
- El-Shagi, M; Ilgmann, C.: Die Bedeutung der Besitzverflechtung von Kapitalgesellschaften für die Finanzkrise, ORDO, Vol. 61 (2010), pp. 299 - 323.
- El-Shagi, M.: Did the Crisis Affect Potential Output, Applied Economics Letters, Vol. 18 (2011), 8, pp. 735 - 738. [Available online: Taylor and Francis Online]
- El-Shagi, M.: The role of rating agencies in financial crises - Case studies from the Asian Flu, Cambridge Journal of Economics, Vol. 34 (2010), 4, pp. 671 - 685. [Availabel online Cambridge Journal of Economics Advance Access]
- El-Shagi, M.: Capital Controls and International Interest Rate Differentials, Applied Economics, Vol. 42 (2010), 6, pp. 681 - 688. [Available online Taylor and Francis Online]
- El-Shagi, M.: Die Einführung von Kapitalverkehrskontrollen mit Korruptionsabsichten, List Forum für Wirtschafts- und Finanzpolitik, Vol 33 (2007), 4, pp. 330 - 356.
- El-Shagi, M.: Korruption, Institutionen und Einkommensniveau, Jahrbuch für Wirtschaftswissenschaften, Vol. 58 (2007), 3, pp. 227 - 249.
- El-Shagi, M.: Property networks of corporations as cause of abusive behavior - A stock market analysis based on institutional economics, Applied Financial Economics Letters, Vol 1 (2005), 5, pp. 279 - 283.
- El-Shagi, M.: Base Architecture for Preference Based Agents, Proceedings of the IEEE Conference on Systems, Man and Cybernetics, Tuscon, Arizona 2001.

Jiang Lunan
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 1st floor
Contact Information
E-mail: lunan.jiang@vip.henu.edu.cn
Education
Ph.D. Economics 2014, Stony Brook University, New York
M.A. Economics 2010, Peking University
B.A. Economics 2006, Central University of Finance and Economics, Beijing
Research Interests
Macroeconomics, Fiscal and Monetary Policy, Corporate Finance and Wealth and Income Inequality
Publications
- Interest margins, lending rates and bank productivity among Chinese provinces (with Dia Enzo, Menna Lorenzo, and Zhang Lin), International Review of Economics & Finance (forthcoming)
- Monetary policy transmission in China: Dual shocks with dual bond markets (with Makram El-Shagi), in: Macroeconomic Dynamics (forthcoming)
- Measuring the dynamics of provincial real economies in China (with Zhang Lin), in: Applied Economics Letters, Vol. 29 (2), pp. 1096-1101, 2022
- Liquidity risk and corporate bond yield spread: Evidence from China (with Yinghui Chen), in: International Review of Finance, Vol. 21 (4), pp. 1117-1151, 2021
- Dividend taxes and investment during the U.S. Great Depression, in: Economics Letters, Vol. 167, pp. 147-151, June 2018.

Xinjun Lyu
Office
New Campus of Henan University, Kaifeng, Henan
Economics Building, Room A505
Contact Information
E-mail: xinjun.lyu@cfds.henuecon.education
Research Interests
Corporate Governance, Industrial Economy, Regional Economy
Education
PhD in Economics from Huazhong University of Science and Technology, 2011
M.A. in Economics, Huazhong University of Science and Technology, 2007

Kaixiang Peng
Office
New Campus of Henan University, Kaifeng, Henan
Economics Building A300
Contact Information
E-mail: kaixiangp@qq.com
Research Interests
Economic History, Evolution of the economics and the market system
Education
Associate Degree from Ph.D. program in Economics, CCER. Peking University
Recent Publications
- Financing China’s cotton textile industry: 1890–1936 (with Dong, B. and Sun J.), Journal of Asian Economics, 79, 101453, 2022
- Little Divergence: Evidence from Cotton Textiles Exports in Japan and China 1868-1930 (with B. Dong, Z. Zhao, J. Gong), Review of Development Economics, 19(4): 776-796, 2015
- A research of China´s long-term rice prices (1644 - 2000) (with Feng Lu), in Frontiers of Economics in China, Volume 1, Number 4, December 2006

Liang (Frank) Shao
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 2nd Floor
Contact Information
E-mail: mingliangshao@foxmail.com
Research Interests
Income Inequality, Growth, China Economy, Panel data analysis
Education
Ph.D. in Economics, University of Miami, May 2011
M.A. in Economics, University of Miami, 2008
M.A. in Business Administration, Zhongnan University of Economics and Law, 2006
Diploma Mathematics, Central China Normal University, 1986
Publications
- "Rising mean incomes for whom?" (with M. Krause), in: PLoS ONE, 15(12): e0242803, 2020.
- "The Impact of Inequality and Redistribution on Growth" (with M. El-Shagi), in: Review of Income and Wealth, Vol. 65 (2), pp. 239-263, 2019.
- "How Do Mean Division Shares Affect Development and Growth?", in: Panoeconomicus, 2017, Vol. 64 Issue 5, p. 525-545

Pengfei Sheng
Office
New Campus of Henan University, Kaifeng, Henan
Economics Building, Room A503
Contact Information
E-mail: sheng_pf@163.com
Research Interests
- Environmental Interests and Health Inequality
- Assessment of Pollution Reduction efficiency
- Urbanization and its impact on energy use
- Pollution reduction and economic convergence
Education
Ph.D. in Economics, Chongqing University, June 2014
B.S. in Engineering, June 2009
Shandong University of Technology, Shandong
B.S. in Economics, June 2009
Shandong University of Technology, Shandong
Publications
- Sheng, P. / Zhang Y.: The effect of pollution on the inequality in health care expenditure: Evidence from China, in: Energy & Environment, Vol. 30 (8), pp. 1380-1395, 2019
- Yao, W. / Gao, D. / Sheng, P.: The impact of education on healthcare expenditure in China: quantity or quality, in: Applied Economics Letters, Vol. 26 (14), pp. 1192-1195, 2019
- Sheng, P. / Guo, X.: Energy consumption associated with urbanization in China: Efficient- and inefficient-use, in: Energy, Vol. 165 (B), pp. 118-125, 2018
- He, Y. / Sheng, P. / Vochozka, M.: Pollution caused by finance and the relative policy analysis in China, in: Energy & Environment, Vol. 28 (7), pp. 673-686, 2017
- Sheng, P. / He, Y. / Guo, X.: The impact of urbanization on energy consumption and efficiency, in: Energy & Environment, Vol. 28 (7), pp. 673-686, 2017
- Shi, L. / Sheng, P. / Vochozka, M.: The reduction cost of nonperforming loan: evidence from China’s commercial bank, in: Applied Economics Letters, Vol. 24 (7), pp. 456-459, 2017
- Sheng, P. / Guo X.: The Long-run and Short-run Impacts of Urbanization on Carbon Dioxide Emissions, in: Economic Modelling, 53, 208-215, February 2016
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Yang, J. / Zhang, T. / Sheng, P. / Shackman J.D.: Carbon dioxide emissions and interregional economic convergence in China, in: Economic Modelling, 52 (B), 672-680, February 2016
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Sheng, P. / Yang, J.: Low-energy development in China, in: Applied Economics Letters, 21 (9), 617-621, 2014
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Yang J. / Beirne J. / Liu G. / Sheng P.: Labour supply and pollution in China, in: Applied Economic Letters, 20 (10), 949 - 952, 2013

Qianqian Wang
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 2nd floor
Contact Information
E-mail: qianqian.wang@cfds.henuecon.education
Research Interests
International Trade, Financial Economics, and Econometrics
Education
Ph.D. in Economics, Washington State University, 2013
M.A. in Statistics, Washington State University, 2012
B.S. in Computer Science, Guizhou Normal University, 2007
Publications
- Productivity, agglomeration, and exporting directly: evidence from the Chinese textile industry, with Andrew Cassey, Journal of International Trade and Economic Development, Vol. 31 (8), pp. 1149-1172, 2022.
- Exporters in cross section: direct vs. intermediated trade, with Mark J. Gibson, Review of International Economics, Vol 26(1), February 2018.
- The Co-movement of Chinese and U.S. Aggregate Stock Returns, with Seung Mo Choi. Applied Economics, Vol 47(50), 2015.
- Willingness to Pay for Pesticides Environmental Features and Social Desirability Bias: The Case of Apple and Pear Growers, with R. Karina Gallardo. Journal of Agricultural and Resource Economics, Vol 38(1), 2013.

Zhicheng (Phil) Xu
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 3rd Floor
Contact Information
E-mail: zhicheng.xu@vip.henu.edu.cn
Website
https://philzhxu.github.io/
https://philxu.weebly.com/
Research Interests
Behavioral Economics, Experimental Economics, Development Economics, Applied Econometrics
Education
Ph.D. in Agricultural Economics, Texas A&M University, 2016
M.A. Economics, Shenzhen University, 2008
B.A. Management Information System, Jilin University, 2005
Publications
- Chinese Aid and Nutrition Improvement in Sub-Saharan Africa (with Dongying Li,
and Yu Zhang), in: Applied Economics (forthcoming) - Obedience to the Symbol of Authority: Experimental Evidence on the Symbolic Source
of Legitimate Authority, in: European Journal of Political Economy (forthcoming) - 传统铁路道口改造、交通便利性与城区空间演化. (合作者:孙天事). 《经济学(季刊)》,2023 年。
- Lightening up Africa: The effects of Chinese aid on the economic development in Africa (with Yu Zhang), in: China Economic Quarterly International, Vol. 2(3), pp.178-189, 2022
- The Siphon effects of transportation infrastructure on internal migration: evidence from China’s HSR network (with Tianshi Sun), in: Applied Economics Letters, Vol. 28(13), pp. 1066-1070, 2021
- The Long-Run Effects of the Slave Trade on the Political Violence in Sub-Saharan Africa (with Yu Zhang and Shahriar Kibriya), in: Journal of Comparative Economics, Vol. 49 (3), pp. 776-800, 2021
- The Effects of Centralized Power and Institutional Legitimacy on Collective Action (with Jose Gabriel Castillo, Ping Zhang, and Xianchen Zhu), in: Social Choice and Welfare, Vol. 56(2), pp. 385-419, 2021
- Can Chinese Aid Win the Hearts and Minds of Africa’s Local Population? (with Yu Zhang), in: Economic Modelling, Vol. 90, pp. 322-330, 2020
- Will Foreign Aid Foster Economic Development? Grid Panel Data Evidence from China’s Aid to Africa. (with Yu Zhang and Yang Sun), in: Emerging Markets Finance and Trade, Vol. 56(14), pp. 3383-3404, 2020
- Conveniently dependent or naively overconfident? An experimental study on the reaction to external help (with Yinjunjie Zhang and Marco A. Palma), in: Plos One, 4(5): e0216617, 2019
- Shadow of a Doubt: Moral Excuse in Charitable Giving (with Marco A. Palma), in: Review of Behavioral Economics, Vol. 6 (2), pp. 133-146, 2019
- The Negative Consequences of School Bullying on Academic Performance and Mitigation through Female Teacher Participation: Evidence from Ghana (with Shahriar Kibriya and Yu Zhang), in: Applied Economics, Vol. 49 (25), pp. 2480-2490, 2017
- Impacts of Playing after School on Academic Performance: A Propensity Score Matching Approach (with Yajuan Li, and Marco A. Palma), in: Education Economics, Vol. 25(6), pp. 575-589, 2017
- Consequential Egalitarianism vs. Accountability Principle: An Experimental Investigation (with Marco A. Palma), in: Applied Economics Letters, Vol. 23 (8), pp. 562-565, 2016
- Unintended effects of the Alabama HB 56 immigration law on crime: A preliminary analysis (with Yinjinjie Zhang and Marco A. Palma), in: Economics Letters, Vol 147, pp. 68 - 71, 2016

He Yang
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 3rd floor
Contact Information
E-mail: helenyang81@126.com
Research Interests
- Economic History
- Organizational Economics
- Development Economics
Education
Ph.D. in Economics, George Mason University, 2013
M.A. in Economics, Wuhan University, 2006
B.A. in Economics, Wuhan University, 2003
Publication
“The Impact of Intensive Farming on Land Tenancy”, China Economic Review, Volume 30, September 2014, Pages 279-289.
Working Papers
"Dual Landownership as Tax Shelter: An Economic Analysis of Perpetual Lease"(Revise and Resubmit at Journal of Comparative Economics)
China’s Modern Banking System and Bank Run Crisis in the 1910s: A Social Network Perspective (Work in progress)
Voluntary Serfdom in Late Imperial China: A Public Finance perspective (Work in progress)

Lin Zhang
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 3rd floor
Contact Information
E-mail: lin.zhang@vip.henu.edu.cn
Research Interests
Macroeconomics, Monetary Policy, International Economics, Housing, Financial Market, DSGE models
Education
Ph.D in Economics, Stony Brook University, 2014
M.A. in Economics, Stony Brook University, 2010
M.S. in Economics, Baylor University, 2008
B.A. in International Trade and Economics, University of International Business and Economics, 2006
Publication
- Interest margins, lending rates and bank productivity among Chinese provinces (with Dia Enzo, Jiang Lunan, and Menna Lorenzo), International Review of Economics & Finance (forthcoming)
- Measuring the dynamics of provincial real economies in China (with Jiang Lunan), in: Applied Economics Letters, Vol. 29 (2), pp. 1096-1101, 2022
- El-Shagi, M. / Zhang. L.: Trade Effects of Silver Price Fluctuations in 19th-Century China: A Macro Approach, in: China Economic Review, Vol. 63, October 2020.

Junbing Zhu
Office
Old Campus of Henan University, Kaifeng, Henan
Dongliuzhai Building, 1st floor
Contact Information
E-mail: zhujunbing@henu.edu.cn
Research Interests
- Comparative economic development
- Culture and economic development
- Game theory
- Economic history
Education
Doctor in Economics, Free University of Berlin, 2020
M.A. in Economics, Central University of Finance and Economics, 2015
B.A. in Economics, Central University of Finance and Economics, 2013
Publication
- Junbing Zhu, Theocharis N.Grigoriadis: Chinese dialects, culture & economic performance, in: China Economic Review, 101783, June 2022
- Tao Li, Junbing Zhu, Lin Fu: Are Smart People More Likely to be Entrepreneurs? - Evidence from China, in: Economic Research Journal, 2017(3)
(In Chinese: 李涛,朱俊兵,伏霖(通讯作者),聪明人更愿意创业吗?-来自中国的经验发现,《经济研究》,2017年第3期)