My research is on financial stability and systemic risk in the Chinese financial system. I work with institution-level data on Chinese banks, non-bank financial institutions, and real estate developers, drawn mainly from CSMAR and WIND.
Bilateral exposures between these institutions are largely unobserved, so the network itself has to be estimated. I reconstruct exposure networks from balance-sheet aggregates with maximum entropy (ME) and minimum density (MD) methods and measure contagion on them with DebtRank. ME spreads exposures as evenly as possible, MD concentrates them on as few links as possible; comparing the two shows how far systemic risk estimates depend on the reconstruction assumption. I then compare these balance-sheet-based results with market-based tail-risk networks such as TENET, to see whether both approaches single out the same institutions as systemically important.
Master’s thesis (in progress)
Systemic risk in the Chinese financial system, modelled with a multilayer DebtRank framework that traces how shocks propagate across banks, non-bank financial institutions, and the real estate sector. Chemnitz University of Technology, supervised by Prof. Torsten Heinrich.
Bachelor’s thesis (2025)
Competition, Concentration and Systemic Risk in the Chinese Banking System since 1995. Chemnitz University of Technology. Abstract and PDF
Course paper (2026)
ECB Monetary Policy and the German Economy, 1999–2023. SILC Business School, Shanghai University. Abstract and PDF