Business School, Sun Yat-sen University

Yan LIU

Contact: liuy2696@sysu.edu.cn

Research Areas: Macroeconomics, Financial Intermediation, Money and Banking, Corporate Finan

Teaching

Macroeconomics, Financial Intermediation, Money and Banking, Corporate Finance, Empirical Methods in Finance

Education

2009.8—2014.7 PhD in Economics, State University of New York at Stony Brook, Stony Brook

2005.9—2009.7 BS in Mathematics, BA in Economics, School of Mathematical Sciences, China Center for Economic Research, Peking University, Beijing

Work Experience

2025.1—present Associate Professor, Doctoral Supervisor, Business School, Sun Yat-sen University

2024.7—2024.12 Associate Professor, Doctoral Supervisor, Economics and Management School, Wuhan University

2023.6—2024.6 Associate Professor, Economics and Management School, Wuhan University

2020.8—2023.5 Special Term Associate Researcher, Master Supervisor, Economics and Management School, Wuhan University

2014.8—2020.7 Assistant Professor, Economics and Management School, Wuhan University

Academic Positions

Founding member, Economic Fluctuation and Growth Forum
Founding member, China Banking and Corporate Finance Youth Forum
Member, Association for AI and Management, Society of Management Science and Engineering of China
Member, Technical Committee on Agent-based computational economics, China Computer Federation
Director, China Banking Database
Member of youth editorial board, Journal of Entrepreneurship in Science & Technology
Director, Macroeconomic group, Center for Economics Development Research, WHU
Deputy director, Center of Financial Big Data Research, Big Data Institute, WHU
Researcher, Financial Development and Policy Research Center, WHU

Reviewer

Journal and Book (number of reviews): In Chinese, Review of Industrial Economics (2), Journal of Management Sciences in China (6), Management Review (6), Management World (1), Chinese Review of Financial Studies (1), Journal of Financial Research (1), Economic Science (2), Economic Theory and Business Management (1), Economic Review (20), China Journal of Economics (3), China Economic Quarterly (19), Economic Research Journal (4), Luojia Management Review (1), Nankai Economic Studies (13), Journal of Shanghai University of International Business and Economics (2), Journal of World Economy (3), Wuhan University Journal (1), China Industrial Economics (12), China Economic Studies (4), Social Sciences in China (English) (1); In English, Accounting & Finance (1), B.E. Journal of Macroeconomics (1), China and World Economy (1), China Financial Review International (1), Economics Letters (1), Emerging Markets Finance and Trade (1), Economic Modeling (5), Financial Innovation (1), Finance Research Letters (3), International Review of Business and Finance (1), International Review of Economics and Finance (1), Mathematical Social Science (1), Routledge Press (1)
Grant: National Natural Science Foundation of China, General Program, Young Scientists Fund

Publications in English

Ábraham, Árpad, Eva Carceles-Poveda, Yan Liu, Ramon Marimon, “On the Optimal Design of a Financial Stability Fund,” Review of Economic Studies, forthcoming
Fu, Weigang, Fangrui Liu, Yan Liu, “Network Based State Ownership and Corporate Resilience: Evidence from China,” Finance Research Letters, 2024, 69 Part B p. 106199
Dai, Junxun, Yan Liu, Wei Yuan, Xin Zou, “Does Liquidity Regulation Affect Commercial Banks’ Carbon Bias? Evidence from China,” China Economic Review, 2024, 87 p. 102253
Liu, Yan, Guowei Wu, Chen Xiong, “Countercyclical Central Government Transfers Incentivize Local Government Overborrowing: Theory and Evidence,” with Guowei Wu and Chen Xiong, Economic Modelling, 2024, 132 p. 106625
Liu, Yan, Xueqing Zhao, “On the Factors Driving Bank Lending Standards: Global Evidence from Bank Lending Surveys,” Economics Letters, 2023, 233 p. 111431
Liu, Yan, Ramon Marimon and Adrien Wicht, “Making Sovereign Debt Safe with a Financial Stability Fund,” Journal of International Economics, 2023, 145 p. 103834
Ge, Xinyu, Yan Liu, Jiali Zhuang, “Monetary Policy Uncertainty, Market Structure and Bank Risk-taking: Evidence from China,” Finance Research Letters, 2023, 52 p. 103599
Ge, Xinyu, Xiao-Lin Li, Yong Li, Yan Liu, “The Driving Forces of China’s Business Cycles: Evidence from an Estimated DSGE Model with Housing and Banking,” China Economic Review, 2022, 72 p. 101753
Tang, Xiaobo, Weigang Fu, Yan Liu, “Knowledge Big Graph Fusing Ontology with Property Graph: A Case Study of Financial Ownership Network,” Knowledge Organization, 2021, 48(1) pp. 55–71
Zhao, Jingchen, Jiemei Ou, Yan Liu, Wangwei Lin, “Make or Buy — A New Look for Derivative Action Costs in Chinese Law,” Texas International Law Journal, 2020, 55(2) pp. 297–326
Liu, Yan, Tian Xie, “Machine Learning Versus Econometrics: Prediction of Box Office,” Applied Economics Letters, 2019, 26(2) pp. 124–130
Chen, Xinyun, Yan Liu, Tao Zeng, “Does the T+1 Rule Really Reduce Speculation? Evidence from Chinese Stock Index ETF,” Accounting and Finance, 2017, 57(5) pp. 1287–1313

Publications in Chinese (* for corresponding author)

Yan Liu*, Hongtao Lin, Sijing Liang, “External Bank Capital Injections, Balance Sheet Adjustments and Risk-Taking Behavior,” Studies of International Finance, 2025, (2): 61–73
Yinggang Zhou, Jun Pan, Yan Liu*, “Bank Shareholder Governance and Systemic Vulnerability,” Journal of Financial Research, 2025, (2)
Yinggang Zhou, Jun Pan, Yan Liu*, “Digital Transformation of Commercial Banks and Systemic Vulnerability,” China Journal of Econometrics, 2024, (5): 1284–1310
Zhi Luo, Yan Liu, Liping Lu*, Cheng Liu, “Banking Development by Liberalization: With a Discussion on Financial Opening and Security,” 2024, Economic Research Journal, 2024, (9): 4–22
Yan Liu*, Xueqing Zhao, “Bank Lending Surveys and Credit Cycles Revisited,” Journal of Financial Research, 2023, (12): 188–206
Wanfa Lin*, Zhongkuang Zhao, Yan Liu, Mei Fang, “Investment Role of Bank Underwriters and Bond Pricing Efficiency: Analysis Based on a Quasi-Natural Experiment of Tightly Controlled Bond Holding Business,” China Industrial Economics, 2023, (9): 98–116
Rong Li, Yan Liu, Yuchao Peng, Zhiwei Xu*, Jianpo Xue, “Dynamic Stochastic General Equilibrium Research in China: A Review and Prospect,” China Economic Quarterly, 2022, (6): 1829–1846
Wanfa Lin, Yan Liu*, Zhongkuang Zhao, “Bond Rating Dressing and the Positive Guarantee Premium Puzzle,” Economic Research Journal, 2022, (2): 194–210
Xinyu Ge, Jiali Zhuang, Yan Liu*, How Does Trade Policy Uncertainty Affect Bank Risk? An Examination of the Firm Performance Channel,” China Industrial Economics, 2021, (8): 133–151
Jianpo Xue, Zhiwei Xu, Yan Liu*, Rong Li, “Perspectives on the Role of Government in the Post-COVID-19 Macroeconomics,” Economic Review, 2020, (4): 37–40
Yan Liu, Tian Xie*, “Model Uncertainty of Cross-country Growth Empirics: A Machine Learning Perspective,” China Industrial Economics, 2019, (12): 5–22
Xian Huang, Yan Liu*, Yunjie Tong, “Investigating the Persistence of Finance-led Growth: A Comparison of the Anglo-American, German, and French Legal Families,” Journal of Financial Research, 2019, (12): 147–168
Guohua He, Jie Li, Yan Liu*, “Financial Stabilization Policy Design: Based on the Analysis of Riskiness Formation over Spread Formation,” China Industrial Economics, 2017, (8): 25–43
Yan Liu*, Yewei Yang, “Village Coal Industry and Rural Development,” People’s Daily: Internal Review, 2008, (33)

Grants (as PI)

“A Study on the Control Right Network and Major Risk Prevention and Resolution in the Financial Sector,” 2022.1–2025.12, National Natural Science Foundation of China, General Program
“Research on Ownership Data Extraction, Integration, and Mining,” 2020.12–2021.12, Central University Research Fund
“Economic and Fiscal Stability in the Economic and Monetary Union,” 2019.4–2021.4, European Stability Mechanism
“Join Impact of Bank Competition and Bank Capital on Bank Lending Standards: A Dynamic Theory and International Evidences,” 2016.1–2018.12, National Natural Science Foundation of China, Young Scientists Fund, Excellent in post evaluation

Awards

Jiabai Outstanding Research, EMS, WHU, 2024.4
Annual Excellent Reviewer for Economic Review, 2024.1
Best Paper Award, 2nd Banking and Financial Intermediation Conference, 2022.11
2021 Top 10 Chinese Papers in International Finance, The Yearbook of World Economy, 2022.9
Annual Excellent Reviewer for Economic Review, 2021
2019 Top 10 Chinese Papers in World Economic Statistics, The Yearbook of World Economy2020.10
Best Paper Award, PwC 3535 Finance Forum, 2020.9
Excellent Work in Social Science, 3rd Class, Wuhan City Government, 2019.3
Best Paper Award, 1st Class, 15th Chinese Finance Annual Meeting, 2018.11
Best Paper Award, 2nd Class, 14th Chinese Finance Annual Meeting, 2017.10