Ziliang Yu

2009—2014: Ph.D. in Economics, Nankai University

2004—2008: B.S. in  Applied Mathematics, Hohai University

2021.12—Present: Associate professor (with tenure); School of Finance, Nankai University

2017.9—2021.12: Assistant professor; School of Finance, Nankai University

2014.9—2017.6: Research Fellow; Institute of Real Estate Studies (IRES), National University of Singapore

2014.6—2017.9: Postdoctoral Research Fellow; School of Economics, Nankai University

Publications in English (*corresponding author)：

1. [15] Yang, Jian and Ziliang Yu* (2025), “Housing Market Spillovers in China via Trading Volume: A Comparison of Two Spillover Indexes.” Financial Review, accepted. (ABS-3 Journal, SSCI) 

2. [14] Liu, Zhuqing; Feng Qian; Ziliang Yu*; Wei Jin and Weibiao Xu (2025), “Banking Shareholder and the Debt Behavior of Chinese Real Estate Firms.” Applied Economics Letters, forthcoming. (SSCI)

3. [13] Yang, Jian; Zheng Li and Ziliang Yu* (2024), “Low-Frequency versus High-Frequency Housing Price Spillovers in China.” Accounting & Finance, 64 (4), 3713-3749. (ABS-2 Journal, SSCI)

4. [12] Nong, Huifu; Ziliang Yu and Yang Li (2024), “Financial Shock Transmission in China's Real Estate and Banking Sectors: A Network Analysis.” Economic Analysis and Policy, 82, 701-723. (JCR-Q1 journal, SSCI)

5. [11] Liu, Xiaomeng; Ziliang Yu* and Yang Li (2024), “Housing Price Volatility in China: A Pervasive Pattern with Geographic Disparity.” International Journal of Strategic Property Management, 28(1), 45-63. (ABS-2 Journal, SSCI) 

6. [10] Yang, Jian; Meng Tong and Ziliang Yu (2023), “Can Volume Be More Informative than Prices? Evidence from Chinese Housing Markets.” Review of Quantitative Finance and Accounting, 61, 633-672. (ABS-3 Journal, ESCI) (An earlier version was listed on SSRN's Top Ten Download List, 2023)

7. [9] Yu, Ziliang; Xiaomeng Liu; Zhuqing Liu and Yang Li (2023), “Central Bank Swap Arrangements and Exchange Rate Volatility: Evidence from China.” Emerging Markets Review, 56, 101044. (ABS-2 Journal, SSCI) (An earlier version was listed on SSRN's Top Ten Download List, 2022)

8. [8] Yu, Ziliang; Jian Yang and Robert I. Webb (2023), “Price Discovery in Chinese Crude Oil Futures Markets: An Emerging Asian Benchmark?” Journal of Futures Markets, 43(3), 297-328. (ABS-3 Journal, SSCI) (Lead article; Featured in China Futures (《中国期货》) and 2023 Development Reports of Shanghai Crude Oil Futures and Options Market (《2023上海原油期货和期权市场发展报告》); This paper was also included in the World Health Organization (WHO) COVID-19 Research Database, ID: covidwho-2237370)

9. [7] Yu, Ziliang*; Yanan Liu; Huiting Mang and Xiaomeng Liu (2023), “The Relationship Between Crude Oil Futures and Exchange Rates in the Context of the COVID-19 Shock: A Tale of Two Markets.” Journal of Risk, 25(4), 83-120. (ABS-2 Journal, SSCI) (This paper was also included in the World Health Organization (WHO) COVID-19 Research Database, ID: covidwho-2327284)

10. [6] Yang, Jian; Meng Tong and Ziliang Yu* (2021), “Housing Market Spillovers through the Lens of Transaction Volume: A New Spillover Index Approach.” Journal of Empirical Finance, 64, 351-78. (ABS-3 Journal, SSCI) (Top 5 Most Cited JEF Articles Published since 2020 (in 2023 & 2024))

11. [5] Yu, Ziliang* and Jiadong Tong (2020), “Financing Benefit from Exporting: An Indirect Identification Approach.” Journal of Multinational Financial Management, 57-58, 100657. (ABS-2 Journal, SSCI) (An earlier version was pre-selected for the INFER Young Economist Award of the 21st International Network for Economic Research (INFER) Annual Conference held in Brussels, not awarded because of the age requirement)

12. [4]Tong, Jiadong; Ziliang Yu*; Jiayun Xu and Meng Tong (2020), “The Belt and Road Initiative and China's Export: A Soft Power Perspective.” Frontiers of Economics in China, 15(3), 312-354. (ESCI) (Lead article; Top 3 Most Downloaded FEC articles in recent year (in 2021); Top 4 Most Accessed FEC articles in last two years (in 2022))

13. [3] Peng, Zhiwei; Ziliang Yu* and Huifu Nong (2020), “Inter-Type Investment Connectedness: A New Perspective on China’s Booming Real Estate Market.” Global Economic Review, 49(2), 186-204. (SSCI) (Top 3 most cited GER articles in the past three years (in 2022); Top 2 most cited GER articles in the past three years (in 2023))

14. [2] Yang, Jian; Ziliang Yu and Jun Ma (2019), “China’s Financial Network with International Spillovers: A First Look.” Pacific-Basin Finance Journal, 58, 101222. (ABS-2 Journal, SSCI) (Summarized in CFA Institute Journal Review (formerly CFA Digest), 27 August 2020; An earlier abridged version of the paper published as the PBOC working paper 2017-4 and circulated under the title “Transmission of Financial Shocks among China's Financial Institutions: A Global Perspective” was featured in New York Times, Reuters, CNBC, Daily Mail (UK), US News and World Report, Global Times (China), Business Standard (India), New Strait Times (Malaysia), Arab News (Saudi Arab), Daily Times (Pakistan), May 9, 2017; China Securities Journal, May 11, 2017; among about 35 media outlets in total)

15. [1]Yang, Jian; Ziliang Yu* and Yongheng Deng (2018), “Housing Price Spillovers in China: A High-Dimensional Generalized VAR Approach.” Regional Science and Urban Economics, 68, 98-114. (ABS-3 Journal, SSCI) (Top 5 Most Downloaded RSUE articles in 2018, Top 14 Most Cited RSUE articles since 2017 (in 2020), and Top 6 Most Cited RSUE articles since 2018 (in 2021); Winner of the Best Paper Award at the 5th National Post-Doctoral Forum in Finance of China; Main results were widely reported by Chinese domestic media or official websites such as China Real Estate Association official website (中房网), China Business News (第一财经), Phoenix New Media (凤凰网), NetEase (网易), Sina (新浪), Tencent (腾讯), Financial Net (财经网) among others)

Publications in Chinese (*corresponding author)：

1. [10]余子良、邙荟婷、佟家栋（2022）：“美元国际货币网络效应之基：石油美元体系评述”，《长安大学学报（社会科学版）》第5期。

2. [9]刘程、佟家栋、余子良（2020）：“从比较优势竞争到战略竞争”，《瞭望》第36期。（光明网、新华网、凤凰网、新浪、搜狐、腾讯、东方网等全文转载）

3. [8]涂红、徐春发、余子良*（2018）：“货币政策对房价影响的区域差异：来自多层混合效应模型的新证据”，《南开经济研究》第5期。（封面文章）

4. [7] 余子良、洪倩霖、佟家栋、王芊（2017）：“入世后国企产权改革的出口效应研究”，《国际贸易问题》第10期。（篇首文章；人大复印资料《国际贸易研究》2018年第1期全文转载；论文初稿曾获2015年第四届全国博士后金融论坛优秀论文奖）

5. [6] 杨坚、余子良、贾彦东、马骏（2017）：“全球视角下的中国金融机构间金融冲击传递”，《中国人民银行工作论文》，No. 2017/4。（本文被Reuters、CNBC、The New York Times、Daily Mail、Nasdaq、U.S. News & World Report、Yahoo Finance、Business Standard、Arab News、New Straits Times、Daily Times、经济通讯社、星岛日报、大公报、凤凰网、中国金融网、金融时报、中国证券报等众多国内外主流媒体或门户网站报道）

6. [5] 余子良、佟家栋（2016）：“所有制、出口行为与企业融资约束”,《世界经济》第3期。（论文初稿收录于《经济研究（工作论文）》2014年1月No. 593）

7. [4]余子良、佟家栋、洪倩霖（2015）：“贸易信贷、资金成本、金融危机冲击与企业出口集约边际”，《世界经济研究》第4期。(国务院发展研究中心信息网（国研网）全文转载)

8. [3] 刘竹青、余子良（2014）：“地理集聚能否促进企业出口参与？—基于外部融资依赖的分析”，《世界经济研究》第12期。(国务院发展研究中心信息网（国研网）全文转载)

9. [2]佟家栋、余子良*（2013）：“系统性企业外部融资冲击与美国出口波动”，《世界经济》第8期。（人大复印资料《国际贸易研究》2014年第1期、国务院发展研究中心信息网（国研网）全文转载）

10. [1]余子良（2013）：“地方政府融资平台的来龙去脉与风险规避（原标题：地方政府融资平台风险与对策分析）”，《改革》第1期。（人大复印资料《金融与保险》2013年第5期、国务院发展研究中心信息网（国研网）、中国社会科学网、中华人民共和国国史网、全球政务网等全文转载；《新产经》2013年第2期新观点推荐文章）

Book Chapters：

1. [5] “用网络分析法研究机构间金融冲击传递”，《金融危机的预警、传染和政策干预》第七章，中国金融出版社，马骏等著，2019。（与杨坚、马骏、贾彦东合著；约2万字）

2. [4] “Land Management in Singapore”, Book chapter prepared for NUS-ISAS workshop “Land and Business: Challenges and Opportunities for India”, 2017. (Coauthored with Y. Deng and Y. Fan; 8,000 words, in English)

3. [3] “新加坡公共住房的发展演变：一个‘居者有其屋’的成功典范”，《公共住房的未来：东西方的现状与趋势》第七章，中信出版社，编者：陈杰等，2015。（与邓永恒、程天富合著；约1.5万字）

4. [2] “Chapter 4: To Reduce Trade Frictions”, On China's Trade Surplus, Springer Press, edited by Tao Yuan, 2014. (Coauthored with Tao Yuan; 12,000 words, in English)

5. [1] “减少针对中国出口的贸易摩擦”，《中国对外贸易与世界贸易组织（WTO）》第七章，中国对外经济与贸易大学出版社，编者：苑涛，2012。（与苑涛合著，约1.5万字）