Junjie Xia
Junjie XIA 
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Welcome to my academic website!
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Academic Affiliations:
Central University of Finance and Economics
Peking University

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Contact Information: 
junjiexia [at] nsd.pku.edu.cn

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Current Research Papers 
  • “The Transformative Role of Artificial Intelligence and Big Data in Banking” (with Binkai Chen, Dongmei Guo, and Zirun Zhang) updated in April 2025
  • “Shadow Banking and Misallocation: Evidence from Entrusted Loans” (with Binkai Chen and Qi Sun) updated in August 2024 [new version coming soon]
  • ​“Banking in Production Networks: Evidence and Theory from Supply Chain Finance”  (with Wukuang Cun, Dongmei Guo, and Changhua Yu) [draft coming soon]
  • “Trade-induced Urbanization and the Making of Modern Agriculture” (with Yuan Tian and Rudai Yang) updated in August 2024
  • ​“Information, Corporate Financing and Endogenous Dispersion and Volatility in Asset Returns”  (with Wukuang Cun) updated in Nov. 2024​ [new version coming soon]​
  • “SOE Inspections and Firms' Policies in China”  (with Wukuang Cun, Vincenzo Quadrini and Qi Sun)  updated in Nov. 2024
  • “Getting Rich in China: An Empirical and Structural Investigation of Wealth Mobility” ​(with Vincenzo Quadrini, Qi Sun and Ting Zeng) updated in January 2025​,  R&R
  • “Industrial Policy, Congruence, and Innovation: Evidence from Chinese Nasdaq” ​(with Xiuping Hua, Yong Wang and Haochen Zhang) updated in Feb. 2025,  R&R
  • “The Unintended Consequence of Discipline Inspection as an Anti-Corruption Campaign Tool on Managerial Incentives” (with Bill Megginson and Kedi Wang)​​ updated in Feb. 2025
  • “Factor Income Shares and Distortions in China” (with Xiaoyue Zhang) updated in July 2023 [new version coming soon]
  • “Productivity Cost of Distortions in China” (with Xiaoyue Zhang) updated in July 2023 [new version coming soon]
  • “Jobs at the Doorstep: The Unintended Effects of Special Economic Zones on Agricultural Production”  [draft coming soon]
  • “The Future of Labor: Automation and the Labor Share in the Second Machine Age” (with Hong Cheng, Lukasz Drozd, Rahul Giri and Mathieu Taschereau-Dumouchel) [new version coming soon] ​
  • “Social Ties and Gift Exchanges in a Relational Society” (with Yuan Tian) updated in Feb. 2024​
  • “Out of the Network: Migration and the Decay of Relational Society” (with Yuan Tian) updated in Feb. 2024 
  • “Trade Credit, Bank Credit, and Amplification Effect” (with Qi Sun) under revision
  • “What Determines the Success of Industrial Policy: Evidence from China's Special Economic Zones" (with Justin Yifu Lin, Fei Wang and Haochen Zhang) under revision
  • “Exporting Destination, Skill Utilization and Skill Premium: Theory and Evidence from China” (with Bilal Khan)​ under revision​
Publications
  • “How U.S. Tariffs Impact China's Domestic Sourcing: Evidence from Firm-to-firm Transactions” (with Binkai Chen, Dongmei Guo, Yuting Li, and Mingzhi Jimmy Xu), Journal of International Money and Finance, 2024
  • ​“A Theory of National Development Bank: Long-Term Investment and the Agency Problem” (with Shenzhe Jiang, Jiajun Xu and Jianye Yan),  Economic Theory, 2023
  • “Dynamics of Trade Credit in China” (with Wukuang Cun, Vincenzo Quadrini and Qi Sun), Economic Journal​, 2022
  • “Industrial Policy and Asset Prices: Evidence from the Made in China 2025 Policy” (with Xia Summer Liu and Bill Megginson), Journal of Banking and Finance, 2022 
  • “Cash Holdings, Capital Structure, and Financing Risk” (with Qi Sun), Journal of Financial and Quantitative Analysis​, 2021
  • “To Upgrade or To Relocate? Explaining Heterogeneous Responses of Chinese Light Manufacturing Firms to Rising Labor Costs” (with Fei Wang and Jiajun Xu), China Economic Review, 2020
Book Chapter
  • “Explaining Reform and Special Economic Zones in China” (with Justin Yifu Lin and Jiajun Xu), Chapter 28, 2020, The Oxford Handbook of Industrial Hubs and Economic Development​, edited by Arkebe Oqubay and Justin Yifu Lin, Oxford University Press
Select Work In Progress
  • “Superstar Firms and the Creation of Experts Along the Supply Chain”  (with Zijun Cheng, Yuan Tian and Jialiang Zhang)
  • ​“Exporters, Banks, and the Propagation of Global Shocks”  (with Yuan Tian)
  • “Trade Credit and Self-fulfilling Prophecy: Evidence from Chinese Manufacturing Firms”
  • “Shape of Jobs and Urban Wage Premium” (with Yuan Tian)​
Teaching
  • Advanced Topics in Macro-Finance (Peking U), 2020-2024, Spring 2025
  • Financial Economics and Capital Market Theory (CUFE), 2022-2024, Fall 2025
  • Applied Macroeconomics (CUFE), Spring 2025
  • Macroeconomics (CUFE), 2022-2024, Fall 2025
  • Econometrics (CUFE), 2022-2023
  • Intermediate Macroeconomics (Peking U), 2018-2021
  • Macroeconomic Theory (Peking U), Fall 2017
Education
  • Ph.D. Economics, University of Southern California (USC), 2017
           - Committee members: Vincenzo Quadrini (chair), Joel David, Robert Dekle, Jeff Nugent, Yongxiang Wang
  • M.B.A. (Finance); M.A. Economic Development Programming; M.A., B.A. Economics
Employment​​
  • Director, Center for New Structural Economics, Central University of Finance and Economics, 2024/07 - Present
  • Associate Professor (with tenure), School of Economics, Central University of Finance and Economics, 2023/07 - Present
  • Adjunct Professor, Institute of New Structural Economics, Peking University, 2024/11 - Present
  • Adjunct Assistant Professor, Institute of New Structural Economics, Peking University, 2021/11 - 2024/10
  • ​Associate Professor (without tenure), School of Economics, Central University of Finance and Economics, 2021/11 - 2023/06
  • Assistant Professor, Institute of New Structural Economics, Peking University, 2017/08 - 2021/10​

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