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Board of Governors of the Federal Reserve System
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TheEconomists

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202-452-3540
fang.cai@frb.gov
Education
  • 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

  • Cross-border portfolio investment
  • European debt crisis
    • Economist

      Board of Governors of the Federal Reserve System

    • 2002 - present
  • Bertaut, Carol C., Fang Cai, and Nyssa Kim (2013). ""Fool Me Once . . . " did U.S. Investors Play it Safer in the European Debt Crisis?" International Finance Discussion Papers 1088. Board of Governors of the Federal Reserve System (U.S.).
  • Cai, Fang, Song Han, and Dan Li (2013). "Institutional Herding in the Corporate Bond Market," International Finance Discussion Papers 1071. Board of Governors of the Federal Reserve System (U.S.).
  • 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.
  • Ammer, John, Fang Cai, and Chiara Scotti (2011). "Has International Financial Co-Movement Changed? Emerging Markets in the 2007-2009 Financial Crisis," in Batten, Jonathan, Peter G. Szilagyi eds., The Impact of the Global Financial Crisis on Emerging Financial Markets. Bingley: United Kingdom: Emerald Group Publishing Limited, pp. 231-253.
  • 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.
  • 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.).
  • Ammer, John, Fang Cai, and Chiara Scotti (2010). "Has International Financial Co-Movement Changed? Emerging Markets in the 2007-2009 Financial Crisis," International Finance Discussion Papers 1006. Board of Governors of the Federal Reserve System (U.S.).
  • 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.
  • Ammer, John, and Fang Cai (2008). "Sovereign CDS and Bond Pricing Dynamics in Emerging Markets: Does the Cheapest-to-Deliver Option Matter?" Working Paper 912. Wharton School University of Pennsylvania.
  • Ammer, John, and Fang Cai (2007). "Sovereign CDS and Bond Pricing Dynamics in Emerging Markets: Does the Cheapest-to-Deliver Option Matter?" International Finance Discussion Papers 912. Board of Governors of the Federal Reserve System (U.S.).
  • 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, Edward Howorka, and Jon Wongswan (2006). "Transmission of Volatility and Trading Activity in the Global Interdealer Foreign Exchange Market: Evidence from Electronic Broking Services (EBS) Data," International Finance Discussion Papers 863. Board of Governors of the Federal Reserve System (U.S.).
  • Cai, Fang, and Francis E. Warnock (2005). "International Diversification at Home and Abroad," Discussion Paper Series 1: Economic Studies 2005,06. Deutsche Bundesbank, Research Centre.
  • Cai, Fang, and Lu zheng (2004). "Institutional Trading and Stock Returns," Finance Research Letters, vol. 1, pp. 178-189.
  • Cai, Fang, and Francis E. Warnock (2004). "International Diversification at Home and Abroad," International Finance Discussion Papers 793. Board of Governors of the Federal Reserve System (U.S.).
  • 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: October 6, 2014