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Zhaoyong Zhang

Zhaoyong Zhang

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Real Output Co-movements in East Asia: A Cointegration Approach
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A Monetary Union in East Asia: What does the Common Cycles Approach Tell?
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Modelling Volatility Asymmetry of Business Cycles in the U.S.
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Associate Professor Zhaoyong Zhang

Associate Professor

Telephone: (61 8)  6304 5266  
Facsimile: (61 8)  6304 5271  
Email: zhaoyong.zhang@ecu.edu.au   
Campus: Joondalup  
Room: JO2.340  

 

Current teaching:

ECF3221 International Economics and Finance lll;
ECF5324 International Economics and Finance lll.

Background

Zhaoyong began at Edith Cowan University as a visiting Professor in 2005. Prior to joining the university, he was a Professor of Economics & Finance at NUCB Graduate School of Commerce & Business in Nagoya, Japan, and Associate Professor at National University of Singapore. He also held several visiting positions at universities in China, Japan, Korea, Macau, and South Australia. Zhaoyong was (Deputy) Director for the Centre for the Study of Transitional Economics (CSTE) at NUS in 1992-2003, and Director of Social Sciences Research Centre for Contemporary China (SSRCCC) at University of Macau in 2002.

Staff qualifications:

  • BA (Shandong, China)
  • MBA MA PhD (Leuven, Belgium)

Research

Research interest:

  • International trade and finance;
  • Financial market integration in East Asia;
  • Foreign trade-FDI linkages associated with regional monetary integration; and
  • Exchange rate policy in the Chinese economy.

Current research area:

  • Monetary and financial market integration in East Asia;
  • Real output co-movement; and
  • Exchange rate policy in the Chinese economy.

Recent publications

Books

  • Z.Y. Zhang and J.H. Liu (2006), On Taxation System, China Financial and Economic Publishing House, Beijing, China (in Chinese), ISBN: 7-5005-9094-6, pp.299.

Journal articles

  •  K Sato, J. Shimizu, N. Shrestha and Z.Y. Zhang (2012), “New Estimates of the Equilibrium Exchange Rate: The Case for the Chinese Renminbi”, The World Economy (Blackwell Publishing), vol. 35 (4), 419-443. (ERA “A”-ranked journal).
  •  K.Y. Ho and Z.Y. Zhang (2012), “Dynamic Linkages among Financial Markets in the Greater China Region: A Multivariate Asymmetric Approach”, The World Economy (Blackwell Publishing), vol. 35 (4), 500-523. 
  •  P. De Grauwe and ZY. Zhang (2012), “Monetary Integration and Exchange Rate Issues in East Asia”, The World Economy (Blackwell Publishing), vol. 35 (4), 397-404. 
  •  V. T.  Hai, A. K Tsui and Z.Y. Zhang (2012), “Measuring Asymmetry and Persistence in Conditional Volatility in Real Output: Evidence from Three East Asian Tigers Using a Multivariate GARCH approach”, Applied Economics (Routledge: Taylor & Francis Group), (doi:10.1080/00036846.2012.687098). 
  • Z.Y. Zhang and K. Sato (2012), “Should Chinese Renminbi Be Blamed for Its Trade Surplus: An VAR Approach”, The World Economy (Blackwell Publishing), vol. 35 (5), 632-650. 
  • Sohn, C.H., AK Tsui, F Zhang and ZY Zhang (2012), “An Empirical Assessment of A-Share IPO Under-Pricing in China”, Seoul Journal of Business, forthcoming. 
  • K.Y. Ho, L. Zheng and Z.Y. Zhang (2012), “Volume, Volatility and Information Linkages in the Stock and Options Markets”, Review of Financial Economics, (doi: 10.1016/j.rfe.2012.06.001).
  • K Sato, Z.Y. Zhang, and M McAleer (2011), “Identifying Shocks in Regionally Integrated East Asian Economies with Structural VAR and Block Exogeneity”, Mathematics and Computers in Simulation (Elsevier, North-Holland), Vol. 81 (7),  pp. 1353–1364.
  • Zhao, J. Y., Z.Y. Qi, Z.Y. Zhang (2011), “Improving technological capability of Beijing in the context of multinational R&D transfer”, International Journal of Strategic Change Management, Vol.3 (1), pp.99-114.
  • De Grauwe, P. and Z.Y. Zhang (2011), “Globalization and Economic Integration in East Asia: An Introduction”, International Journal of Business Studies, 19(1), pp. 1-5. 
  • Fei, P., AK Tsui and ZY Zhang (2011), “East Asian Financial Crisis Revisited: What does a copula tell?”, International Journal of Business Studies, 19(1), pp. 29-51. 
  • K.Y. Ho, A.K. Tsui and Z.Y. Zhang (2009), “Modelling Volatility Asymmetry of Business Cycles in the U.S.”, Mathematics and Computers in Simulation (Elsevier, North-Holland), vol. 79, pp. 2856–2868.
  • K Sato, Z.Y. Zhang and D. Allen (2009), “A Monetary Union in East Asia: What does the Common Cycles Approach Tell”, Mathematics and Computers in Simulation (Elsevier, North-Holland). Vol. 79, pp. 2927–2937..
  •  K.Y. Ho, A.K. Tsui and Z.Y. Zhang (2009), “Volatility Dynamics of the UK Business Cycle: A Multivariate Asymmetric GARCH Approach”, Economia Internazionale, Vol. 117,  pp.31-46.
  • ZY Zhang, K. Sato and M. McAleer (2008), “Is Greater China a Currency Union: a tale of the Chinese trio”, Mathematics and Computers in Simulation (Elsevier, North-Holland), Vol 78 (2-3), pp. 319-327;
  • Z.Y. Zhang and K. Sato (2008), “Whither A Currency Union in Greater China?” Open Economies Review, Springer-Verlag, Vol. 19 (3), July, pp. 355-370. (DOI 10.1007/s11079-007-9048-2, 2007, 1-16).
  • KY Ho, AK Tsui and ZY Zhang (2007), “An Analysis Of The Conditional Volatility Dynamics Of The Australian Business Cycle”, Journal Of Economic Development, Vol 32 (2), December, pp. 157-182;
  • Z.Y. Zhang and C. Li (2006), “Country-Specific Factors and the Pattern of Intra-Industry Trade in China’s Manufacturing”, Journal of International Development (John Wiley & Sons), 18, pp. 1137–1149;
  • K Sato and Z.Y. Zhang (2006), “Real Output Co-movements in East Asia: Any Evidence for a Monetary Union?”, The World Economy (Blackwell Publishing, UK), Vol. 29 (12), pp.1671-1689;
  • P. De Grauwe and ZY Zhang (2006),  “Monetary and Economic Integration in the East Asian Region”, The World Economy (Blackwell Publishing, UK), Vol. 29 (12), pp. 1643-1647;
  • M. Thrope and Z.Y. Zhang (2005), “A Study of the Measurement and Determinants of East Asia’s Intra-Industry Trade”, Asian Economic Journal, vol. 19 (2), pp.  143-156;
  • Z.Y. Zhang (2005), “Intra-Industry Trade Dynamics of China’s Manufacturing Sector”, The Ritsumeikan Journal of Asia Pacific Studies, vol.15(1), pp.  83-102;
  • C-H. Sohn and Z.Y. Zhang (2005), “How Intra-Industry Trade is related to Income difference and FDI: Evidence from trade in manufacturing between Japan and the Rest of East Asia”, Asian Economic Papers (MIT Press), Vol. 4 (3), pp.143-156;
  • Z.Y. Zhang, K. Sato and M. McAleer (2004), “Asian Monetary Integration: A Structural VAR Approach”, Mathematics and Computers in Simulation, North-Holland, vol. 42, no.1, pp. 447-458;
  • Z.Y. Zhang, K. Sato and M. McAleer (2004), “Is a monetary union feasible for East Asia?”, Applied Economics, vol. 36 (10), pp. 1031-1043.

Conference papers

  • Conference papersS. Saha and ZY Zhang (2011), “Modelling Exchange Rate Pass-Through in Australia, China and India”, In F. Chan, D. Marinova and R.S. Anderssen (eds.), Proceedings of 19th International Congress on Modelling and Simulation: Sustaining our future, (MSSANZ Inc. ISBN 978-0-9872143-0-0), pp. 1582-1588.
  • K.Y. Ho and ZY Zhang (2011), “Modelling the Fractional Integration in Volatility between the Greater China Financial Markets”, In F. Chan, D. Marinova and R.S. Anderssen (eds.), Proceedings of 19th International Congress on Modelling and Simulation: Sustaining our future, (MSSANZ Inc. ISBN 978-0-9872143-0-0), pp. 1540-1646.
  • Ho, K.Y., A.K. Tsui and Z.Y. Zhang (2011),”Modeling the Conditional Volatility Asymmetry of business cycles in four OECD countries: A multivariate GARCH approach”, In F. Chan, D. Marinova and R.S. Anderssen (eds.), Proceedings of 19th International Congress on Modelling and Simulation: Sustaining our future, (MSSANZ Inc. ISBN 978-0-9872143-0-0), pp. 1533-1539.
  • Ho, K.Y., L. Zheng and Z.Y. Zhang (2011), “Modeling information linkages in the stock and options markets”, In F. Chan, D. Marinova and R.S. Anderssen (eds.), Proceedings of 19th International Congress on Modelling and Simulation: Sustaining our future, (MSSANZ Inc. ISBN 978-0-9872143-0-0), pp. 1547-1553.
  • Ho, K.Y., B.D. Ernst and Z.Y. Zhang (2011), “Assessing the dynamic relationship between small and large cap stock prices”, In F. Chan, D. Marinova and R.S. Anderssen (eds.), Proceedings of 19th International Congress on Modelling and Simulation: Sustaining our future, (MSSANZ Inc. ISBN 978-0-9872143-0-0), pp. 1554-1560.
  • Jayasinghe, P., A.K. Tsui and Z.Y. Zhang (2011), “Modeling exchange rate exposure in the Japanese industrial sectors”, In F. Chan, D. Marinova and R.S. Anderssen (eds.), Proceedings of 19th International Congress on Modelling and Simulation: Sustaining our future, (MSSANZ Inc. ISBN 978-0-9872143-0-0), pp. 1561-1567.
  • Jayasinghe, P., A.K. Tsui and Z.Y. Zhang (2011), “Modeling Time-Varying Currency Betas: New evidence from the selected markets”, In F. Chan, D. Marinova and R.S. Anderssen (eds.), Proceedings of 19th International Congress on Modelling and Simulation: Sustaining our future, (MSSANZ Inc. ISBN 978-0-9872143-0-0), pp. 1568-1574.
  • Yin, Z., A.K. Tsui and Z.Y. Zhang (2011), “Modelling the Conditional Heteroscedasticity and Leverage Effect in the Chinese stock markets", In F. Chan, D. Marinova and R.S. Anderssen (eds.), Proceedings of 19th International Congress on Modelling and Simulation: Sustaining our future, (MSSANZ Inc. ISBN 978-0-9872143-0-0), pp. 1338-1344. 
  • Z.Y. Zhang and K. Sato (2009), “How Effective Is The Renminbi Devaluation On China’s Trade Balance”, In Anderssen, R.S., R.D. Braddock and L.T.H. Newham (eds) 18th World IMACS Congress and MODSIM09 International Congress on Modelling and Simulation. Modelling and Simulation Society of Australia and New Zealand and International Association for Mathematics and Computers in Simulation, July 2009, pp. 1370-1376. ISBN: 978-0-9758400-7-8.
  • K Sato, Z.Y. Zhang and M. McAleer  (2009), “The Effect of External Shocks on Macroeconomic Fluctuations: Implications for a Monetary Union in East Asia”, In Anderssen, R.S., R.D. Braddock and L.T.H. Newham (eds) 18th World IMACS Congress and MODSIM09 International Congress on Modelling and Simulation. Modelling and Simulation Society of Australia and New Zealand and International Association for Mathematics and Computers in Simulation, July 2009, pp.1349-1355. ISBN: 978-0-9758400-7-8.
  • V.H. Hai, A.K. Tsui and Z.Y. Zhang (2009), “Real GDP growth rates of Singapore, Taiwan and Hong Kong: An asymmetric multivariate GARCH approach”, In Anderssen, R.S., R.D. Braddock and L.T.H. Newham (eds) 18th World IMACS Congress and MODSIM09 International Congress on Modelling and Simulation. Modelling and Simulation Society of Australia and New Zealand and International Association for Mathematics and Computers in Simulation, July 2009, pp. 1140-1146. ISBN: 978-0-9758400-7-8.
  • X. Huang, I. Austin, Z. Zhang and S. Grainger (2009), “Chinese outward direct investment in the Australian resources sector: Benefits, concerns and policy implication”, Harvard Business The 3rd China Going Global International Conference Proceedings, October 2009, pp.1-17.
  • K Sato, D. Allen and Z.Y. Zhang, (2007). “A Monetary Union in East Asia: What does the Common Cycles Approach Tell?” In Oxley, L. and Kulasiri, D. (eds) MODSIM 2007 International Congress on Modelling and Simulation. Modelling and Simulation Society of Australia and New Zealand, December 2007, pp. 1007-1013.ISBN:978-0-9758400-4-7.
  • KY Ho, AK Tsui and ZY Zhang, (2007). “Modelling Volatility Asymmetry of Business Cycles in the U.S.”. In Oxley, L. and Kulasiri, D. (eds) MODSIM 2007 International Congress on Modelling and Simulation. Modelling and Simulation Society of Australia and New Zealand, December 2007, pp. 933-939. ISBN : 978-0-9758400-4-7. 
  • K Sato, Z.Y. Zhang, and M McAleer, (2005). “Towards an East Asian Monetary Union: An Econometric Analysis of Shocks”. In Zerger, A. and Argent, R.M. (eds) MODSIM 2005 International Congress on Modelling and Simulation. Modelling and Simulation Society of Australia and New Zealand, December 2005, pp. 946-952. ISBN: 0-9758400-2-9.
  • K Sato and Z.Y. Zhang, (2005). “Real Output Co-movements in East Asia: A Cointegration Approach”. In Zerger, A. and Argent, R.M. (eds) MODSIM 2005 International Congress on Modelling and Simulation. Modelling and Simulation Society of Australia and New Zealand, December 2005, pp. 2869-2875. ISBN: 0-9758400-2-9. 

Others

  • P. De Grauwe and Z.Y. Zhang (Guest Editors), (2012). Monetary Integration and Exchange Rate Issues in East Asia,  Special issue for The World Economy, Blackwell Publishing.
  • P. De Grauwe and Z.Y. Zhang (Guest Editors),(2011). Globalization and Economic Integration in East Asia, Special issue for the International Journal of Business Studies.
  • P. De Grauwe and Z.Y. Zhang (Guest Editors),(2006). Economic and Monetary Integration in East Asia, Special issue for The World Economy, Blackwell Publishing.
  • K Sato and ZY Zhang (2005), “Real Output Co-movements in East Asia: any evidence for a monetary union?”, CTTS Working Paper Series 2005-08, Centre for International Trade Studies, Yokohama national University.
  • ZY Zhang and K. Sato (2005), “Whither Currency Union in Greater China?”, CTTS Working Paper Series 2005-01, Centre for International Trade Studies, Yokohama national University.
  • H. Sohn and ZY Zhang (2004), "Income Distribution, Intra-industry Trade and Foreign Direct Investment in East Asia”, KIEP Working Paper 04-14, Korea Institute for International Economic Policy.
  • ZY Zhang (2004), “Country-Specific Factors and the Pattern of Intra-Industry Trade in China's Manufacturing”, KIEP CNAEC Research Series 04-01, Korea Institute for International Economic Policy.
  • Z.Y. Zhang (Guest Editor),(2003). Regional Integration, Trade and Investment Expansion in the Asia Pacific. Papers in Regional Science, Journal of the Regional Science Association International, Springer-Verlag.