Li-Gang LIU

The below information is as of August 25, 2005. It may differ from the current information.

Li-Gang LIU

Li-Gang LIU

Senior Fellow (until August 25, 2005)

Activities at RIETI


International Trade and Finance, Fiscal Decentralization, Credit Rating and Credit Rating Agencies, and Chinese and East Asian Economies


1997 Ph.D., Johns Hopkins University, Baltimore, Maryland (Economics)
Dissertation Title: Government Deficit Financing Methods and Their Effect on Capital Accumulation and Economic Growth.
Dissertation Advisors: Louis J. Maccini, Masahiro Kawai, and Francois Velde
1992 M.A., Johns Hopkins University, Baltimore, Maryland (Economics)
1990 B.A., University of Maryland, College Park, Maryland (Economics, Cum Laude with High Honors)


2003-present Assistant Professor of Public Policy and Finance, School of Public Policy, George Mason University
2000-2003 Senior and Research Fellow, Asian Development Bank Institute, Tokyo, Japan
1998-2000 Economist, Chief Economist's Office, East Asia and Pacific Region, The World Bank Group, Washington, DC
1996-1998 Research Associate, Institute for International Economics (IIE), Washington DC

Selected Publications and Papers

1) Monographs
The Global Economic Effect of Asian Currency Devaluations: Policy Analyses in International Economics 56, With Marcus Noland, and Sherman Robinson, Institute for International Economics (Washington DC), July 1998.

2) Papers Published in Refereed Journals
"A Structural and Macroeconomic Approach to RMB's Valuation," Journal of China and World Economy, January-February Issue, 2004, pp11-20.

"How Do Global Credit Rating Agencies Rate Firms from Developing Countries?" with Giovanni Ferri, Asian Economic Papers: 2003, 2:3.

"Determinants of International Commercial Lending to Developing Countries," with Masahiro Kawai (forthcoming, Journal of Japanese and International Economies).

"Assessing the Effort of Rating Agencies in Emerging Economies: Some Empirical Evidence" with Giovanni Ferri, Journal of European Finance (forthcoming).

"How the Proposed Basel Guidelines on Rating-Agency Assessments Would Affect Developing Countries?" with Giovanni Ferri, Journal of Banking and Finance (25) 1, 2001, pp115-148.

"The China Money Puzzle: Will a Devaluation of the Yuan Help or Hurt the Hong Kong Dollar?" with Shang-Jin Wei and Wing Thy Woo, China Economic Review, 2000, pp171-188.

"Are Credit Ratings Pro-cyclical? Evidence from East Asian Countries," with Giovanni Ferri and Joseph E. Stiglitz, Economic Notes, Vol. 28, no.3, 1999, pp335-355.

"The Economics of Korean Unification," with Marcus Noland and Sherman Robinson, Journal of Policy Reform Vol. 3, 1999, pp255-299.

"Opening China's Bond Market: Catalyst to Further Reform and A Jumpstart to the Stalled WTO Accession Negotiations," with Edward M. Graham, Journal of World Trade, Vol. 32 (4) August, 1998, pp5-19.

3) Papers in Edited Books
"Calibrating the Costs (and Benefits) of Korean Unification," with Marcus Noland and Sherman Robinson, 1998, in Korean Economic Integration, Edited by M. Noland, Washington, DC: Institute for International Economics.

"Telecommunications in the Andean Countries: the Role of Foreign Capital," with Carlos Braga and Volker Ziegler, 1998, in The Andean Community and the United States: Trade and Investment Relations in the 1990s, Edited by Miguel Mendoza, Patricia Correa and Barbara Kotschwar, Washington DC: Organization of American States.

4) Contributing Author to ADB and World Bank Reports
Post-Crisis Development Paradigms in Asia, with M. Yoshitomi and ADBI Staff, Asian Development Bank Institute, March 2003.

Policy Proposals for Sequencing the PRC's Domestic and External Financial Liberalization, with James Chan-Lee and Masaru Yoshitomi, Asian Development Bank Institute, Tokyo, October 2002.

East Asia: Recovery and Beyond, May 2000, World Bank, Washington DC.

5) Working Papers
"Government Guarantees Behind Banks: International Evidence from the Moody's Ratings," George Mason University, April, 2004.

"Can Chinese Provinces Issue Debt? A Credit Rating Approach to Chinese Provinces' Credit Worthiness," George Mason University, May, 2003.

"Is there an FDI diversion from the ASEAN to China: Some empirical evidence" ADB Institute, August. 2003.

"Sequencing China's Banking Sector Reform after the WTO: Options and Strategies," March, 2002, Asian Development Bank Institute, Tokyo.

"Beyond Sequencing: A Risk Management Approach to Financial Liberalization," Feb. 2002, Asian Development Bank Institute, Tokyo.

"Hong Kong and Singapore: Financial Policies amid a Regional Crisis," with Yuzuru Ozeki, Internal World Bank Report, June 1999, EASPR, The World Bank.

"Asian Competitive Devaluation," with Marcus Noland, Sherman Robinson, and Zhi Wang, Working Paper Series, 98-2, Institute for International Economics.