I am an Assistant Professor of Finance at HKU Business School.
I study international finance and macroeconomics, with a focus on exchange rate dynamics, emerging markets business cycles, and global capital allocation. I also work on topics in financial intermediation and institutions.
CV (last updated: January 2026) | Google Scholar | HKUBS Profile
Upcoming presentations/discussions:
FISF, PHBS, PolyU (Spring 2026)
Contact: E-mail: haonanz [at] hku.hk | Twitter: @Haonan_Zhou
Working Papers
[NEW!] Liquidity Regulation and Bank Funding Costs (with Iñaki Aldasoro and Sebastian Doerr)
[Latest version: February 2026]
[SSRN]
Managing Emerging Market Currency Risk (with Nanyu Chen)
[Latest version: November 2025]
[SSRN]
Selected Presentations: CEPR IMF, IFS, SED, CICF, SFX
Anatomy of the Treasury Market: Who Moves Yields? (with Manav Chaudhary and Julie Zhiyu Fu)
[Latest version: October 2025]
[SSRN] [Slides] [Julia Package] [Python Package]
Arthur Warga Award for Best Paper in Fixed Income, SFS Cavalcade AP 2025
Selected Presentations: Bundesbank, The Chicago Booth Treasury Markets Conference 2025, Second UIC Finance Conference, the 2025 OFR Rising Scholar Conference, NBER SI Asset Pricing, EFA, SFS Cavalcade AP
Signaling with Debt Currency Choice (with Egemen Eren and Semyon Malamud)
[Latest version: September 2025]
Revise & Resubmit, Journal of Financial Economics
Best Paper Award, CICF 2023
Selected Presentations: Adam Smith Workshop, EFA, SFS Cavalcade, Vienna Symposium on Foreign Exchange Markets, AsianFA, CICF
The Fickle and the Stable: Global Financial Cycle Transmission via Heterogeneous Investors
[Latest version: September 2025]
Revise & Resubmit, Journal of Finance
[SSRN] [Job Market Paper version] (with additional results)
Policy: BIS Annual Economic Report 2025
Presentations: MFA, Adam Smith Workshop, ESSIM, DebtCon, EEA-ESEM
Open Economy, Redistribution, and the Aggregate Impact of External Shocks
[Latest version: February 2022]
Marimar & Cristina Torres Prize (best 3rd-year paper), Princeton University
Avinash K. Dixit Prize in International Economics, Princeton University
Selected Presentations: CICM, NBER, Bank of Canada, Banco Central del Uruguay, T2M
Published and Forthcoming
Non-bank Lending during Crises (with Iñaki Aldasoro and Sebastian Doerr)
Review of Finance, 29(6), 2025
[Preprint] [SUERF Policy Brief] [Central Banking] [Central Banking]
[FT Column]
Do Investor Differences Impact Monetary Policy Spillovers to Emerging Markets? (with Ester Faia and Karen K. Lewis)
Journal of International Economics, Volume 156, July 2025.
[Preprint] [Online Appendix] [VoxEU Column] [Replication Package]
Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants, and Disconnect (with Eugenio Cerutti)
IMF Economic Review (2024) 72:196–252.
[Preprint]
The Global Dollar Cycle (with Maurice Obstfeld)
Brookings Papers on Economic Activity, Fall 2022.
[Replication Package] [Non-Technical Summary] [VoxEU Column] [Podcast]
[Bloomberg] [Central Banking] [Econofact] [The Economist] [FT] [MarketWatch] [Reuters] [New York Times]
[IMF 2023 External Sector Report]
Covered Interest Parity Deviations: Macrofinancial Determinants (with Eugenio Cerutti and Maurice Obstfeld)
Journal of International Economics, Volume 130, May 2021.
[VoxEU Column] [Replication Package]
Selected Policy Writings
Non-bank Lenders in the Syndicated Loan Market (with Iñaki Aldasoro and Sebastian Doerr)
BIS Quarterly Review, March 2022
The Chinese Banking System: Much More than a Domestic Giant (with Eugenio Cerutti)
VoxEU Column, February 2018
Selected Discussions
“Currency Return Dynamics: What Is the Role of U.S. Macroeconomic Regimes?” (Feng, He, Li, Sarno, Zhang 2025). Global AI Finance Research Conference.
“Oil-driven Greenium” (Shi, Zhang 2025). CICF.
“Foreign Exchange Interventions and Intermediary Constraints” (Ferreira et al. 2025). WFA.
“Bond Demand and the Yield-Exchange Rate Nexus: Risk Premium vs. Convenience Yield” (Zou 2024). IFS.
“Money Market Funds and the Pricing of Near-Money Assets” (Doerr, Eren, Malamud 2024). SFS Cavalcade AP
“Which Exchange Rate Matters to Global Investors?” (Jansen, Shin, von Peter 2024). EFA
“Investor Heterogeneity and Large-Scale Asset Purchases” (Breckenfelder, De Falco 2024). BSE Summer Forum
“Understanding the Strength of the Dollar.” (Jiang, Richmond, Zhang 2023). Vienna Symposium on Foreign Exchange Markets
“Internationalizing Like China.” (Clayton, Dos Santos, Maggiori, Schreger 2022). SFS Cavalcade NA
Teaching
Financial Markets and Institutions, HKU (undergraduate) [Syllabus]