Junjie XIA
Welcome to my academic website!
Academic Affiliations:
Central University of Finance and Economics
Peking University
Contact Information:
junjiexia [at] nsd.pku.edu.cn
Current Research Papers
- “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) [updated in June 2026]
- “Rigid Institutions, Irreversible Technology” (with Xuewen Liu) [NEW] (中文-通俗版)
- “AI, Big Data, and Bank Credit Allocation” (with Binkai Chen, Dongmei Guo, and Zirun Zhang) [updated in Feb. 2026]
- “Government Venture Capital: Crowding-in or Crowding-out?” (with Binkai Chen and Vincenzo Quadrini) [draft coming soon]
- “Trade-induced Urbanization and the Making of Modern Agriculture” (with Yuan Tian and Rudai Yang) [updated in June 2026]
- “Economic Downturns, Skill Upgrading, and Export-led Resilience” (with Zijun Cheng, Yuan Tian and Jialiang Zhang) [updated in May 2026]
- “Green Credit Allocation under Environmental Regulation: The Role of ESG in Bank Lending” (with Binkai Chen, Dongmei Guo, and Zirun Zhang) [updated in May 2026]
- “Political Enforcement, Managerial Incentives, and Capital Allocation: Evidence from China’s SOE Inspections” (with Xia Summer Liu, Bill Megginson and Kedi Wang) [July 2026] Coverage: Chicago Booth's PROMARKET
- “When Shadow Banking Helps and Hurts: Entrusted Lending and Capital Allocation” (with Binkai Chen and Qi Sun) [updated in October 2025]
- “Jobs at the Doorstep: The Unintended Effects of Special Economic Zones on Agricultural Production” (with Xingjian Ding, Yanchen Niu, Rudai Yang and Wei You) [updated in Feb. 2025]
- “Banking in Production Networks: Evidence and Theory from Supply Chain Finance” (with Wukuang Cun, Dongmei Guo and Changhua Yu) [new draft coming soon]
- “Do Corporate Insiders Take Advantage of Their Political Connections? Evidence from Insider Trading” (with Brandon Cline, Xia Summer Liu and Haoyang Xiong) [updated in June 2026]
- “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]
- “Four Weddings, a Funeral, and No Fridge: The Economics of Gifts and Social Networks in a Relational Society” (with Yuan Tian) [Updated in August 2025]
- “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
- “SOE Inspections and Corporate Policies in China” (with Wukuang Cun, Vincenzo Quadrini and Qi Sun) [updated in June 2025] CICF2025 Best Paper Award, R&R at Journal of Economic Theory
- “Stage-Dependent Infrastructure Investment and Economic Growth” (with Justin Yifu Lin, Shenzhe Jiang and Ling Wang) [CES2025 (Michigan-Ross) Best Paper Award], R&R at International Economic Review
- “Getting Rich in China: An Empirical and Structural Investigation of Wealth Mobility” (with Vincenzo Quadrini, Qi Sun and Ting Zeng), Accepted at Economic Journal
- “Endogenous Dispersion and Volatility in Stock Returns” (with Wukuang Cun), Journal of Economic Dynamics and Control, 2026
- “Industrial Policy, Congruence, and Innovation: Evidence from Chinese Nasdaq” (with Xiuping Hua, Yong Wang and Haochen Zhang), Research Policy, 2025
- “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
- “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
- 消费和投资良性互动与长期经济增长（与陈斌开、杜浩锋、江深哲合作）《经济研究》, 2026年第 6 期
- 人工智能、经济增长与财富分配（与陈斌开、张梓润、陈思合作），《经济学（季刊）》，2026年第 3 期
- 消费习惯、生育选择与中国经济增长（与杜浩锋、陈斌开、江深哲合作），《世界经济》，2026 年第 3 期
- 结构变迁与产业转移——中国制造业的新趋势与微观证据（与林毅夫、张皓辰合作）《新结构经济学刊》，2026 年第 1 期
- 中小企业发展与银行结构——基于进出口经营权改革的经验研究（与邓尚沅、徐铭梽合作）《金融研究》，2024年第11期
- 比较优势产业政策与企业减排：基于新结构经济学视角（与林毅夫、蔡嘉瑶合作）《改革》，2023年第5期
- 房地产税、投资结构转型与经济发展（与江深哲、杜浩锋、陈斌开合作）《管理科学学报》, 录用待刊
- 贸易政策不确定性下降如何促进金融发展（与徐铭梽、邓尚沅合作）《经济科学》, 录用待刊
- Advanced Topics in Macro-Finance (Peking U), 2020-2025, Spring 2026
- Macroeconomics (CUFE), 2022-2024, Fall 2025
- New Structural Economics, Fall 2024, Fall 2025
- Financial Economics and Capital Market Theory (CUFE), 2022-2024
- Applied Macroeconomics (CUFE), Spring 2025
- Econometrics (CUFE) (CUFE), 2022-2023
- Intermediate Macroeconomics (Peking U), 2018-2021
- Macroeconomic Theory (Peking U), Fall 2017
- Ph.D. Economics, University of Southern California (USC), 2017
- M.B.A. (Finance); M.A. Economic Development Programming; M.A., B.A. Economics
- Associate Professor (with tenure), School of Economics, Central University of Finance and Economics, 2023/07 - Present
- Director, Center for New Structural Economics, Central University of Finance and Economics, 2024/06 - Present
- Adjunct Professor, Institute of New Structural Economics, Peking University, 2024/11 - Present
- Associate Professor (without tenure), School of Economics, Central University of Finance and Economics, 2021/11 - 2023/06
- Adjunct Assistant Professor, Institute of New Structural Economics, Peking University, 2021/11 - 2024/10
- Assistant Professor, Institute of New Structural Economics, Peking University, 2017/08 - 2021/10