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  • Ph.D., Finance, University of Michigan, 2002
  • M.S., Economics, Iowa State University, 1997
  • B.A., International Finance, People's University of China, 1993
  • Current Research Topics

  • Returns on U.S. Portfolio Investment Abroad
  • European debt crisis
    • Economist

      Board of Governors of the Federal Reserve System

    • 2002 - present
  • Brandner, Erika, Fang Cai, and Ruth Judson (2012). "Improving Measurement of Cross-Border Securities Holdings: The TIC SLT," Federal Reserve Bulletin, vol. 98, no. 1, pp. 1-28.
  • Cai, Fang, and Francis Warnock (2012). "Foreign Exposure through Domestic Equities," Finance Research Letters, vol. 9, no. 1, pp. 8-20.
  • Bowman, David, Fang Cai, Sally M. Davies, and Steven Kamin (2011). "Quantitative Easing and Bank Lending: Evidence from Japan," International Finance Discussion Papers 1018. Board of Governors of the Federal Reserve System (U.S.).
  • Cai, Fang, and John Ammer (2011). "Sovereign CDS and Bond Pricing Dynamics in Emerging Markets: Does the Cheapest-to-Deliver Option Matter?" Journal of International Financial Markets, Institutions, and Money, vol. 21, no. 3, pp. 369-387.
  • Cai, Fang (2009). "Trader Exploitation of Order Flow Information during the LTCM Crisis," Journal of Financial Research, vol. 32, pp. 261-284.
  • Cai, Fang, Hyunsoo Joo, and Zhiwei Zhang (2009). "The Impact of Macroeconomic Announcements on Real Time Foreign Exchange Rates in Emerging Markets," International Finance Discussion Papers 973. Board of Governors of the Federal Reserve System (U.S.).
  • Cai, Fang, Edward Howorka, and Jon Wongswan (2008). "Informational Linkages Across Trading Regions: Evidence from Foreign Exchange Markets," Journal of International Money and Finance, vol. 27, no. 8, pp. 1215-1243.
  • Cai, Fang (2008). "Home Country Bias," in Frankel, Jeffrey, Christopher and Pissarides eds., The Princeton Encyclopedia of the World Economy. Princeton, NJ: Princeton University Press.
  • Cai, Fang, and Francis E. Warnock (2006). "International Diversification at Home and Abroad," NBER Working Papers 12220. National Bureau of Economic Research, Inc.
  • Cai, Fang, and Lu zheng (2004). "Institutional Trading and Stock Returns," Finance Research Letters, vol. 1, pp. 178-189.
  • Cai, Fang (2003). "Was there Front Running during the LTCM Crisis," International Finance Discussion Papers 758. Board of Governors of the Federal Reserve System (U.S.).
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Last update: December 9, 2013