Prof. Xuewen LIU

3917 0055

KK 823

Academic and Professional Qualification

  • Ph.D., MSc, London School of Economics (LSE)
  • MSc, Fudan University
  • BSc, University of Shanghai for Science and Technology


Professor Xuewen Liu is currently a full professor at HKU. Prior to joining HKU, he was an associate professor and an assistant professor at HKUST and was an assistant professor at Imperial College Business School. He obtained his Ph.D. degree at London School of Economics (LSE).

Professor Liu is an economic theorist. His research areas include financial economics (financial institutions and financial crises), macroeconomics, growth and development, and Chinese economy.

Professor Liu has published in leading finance and economics journals, such as Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Economic Theory, Journal of Monetary Economics.

Research Interest

  • Financial Economics
  • Macroeconomics
  • Growth and Development
  • Chinese Economy

Selected Publications

1Market Transparency and the Accounting Regime (with Alexander Bleck), 2007, Journal of Accounting Research, 45(2), 229-256.     

2The Fragile Capital Structure of Hedge Funds and the Limits to Arbitrage (with Antonio Mello), 2011, Journal of Financial Economics, 102(3), 491-506.

3. Short-selling Attacks and Creditor Runs, 2015, Management Science, 61(4), 814-830.

4. Sentiments, Financial Markets, and Macroeconomic Fluctuations (with Jess Benhabib and Pengfei Wang), 2016, Journal of Financial Economics, 120(2), 420-443.

5. Interbank Market Freezes and Creditor Runs, 2016, Review of Financial Studies, 29(7), 1860-1910.

    o Yihong Xia Best Paper Award, China International Conference in Finance, 2014

6. Endogenous Information Acquisition and Countercyclical Uncertainty (with Jess Benhabib and Pengfei Wang), 2016, Journal of Economic Theory, 165,601-642.

7. The Creditor Channel of Liquidity Crises (with Antonio Mello), 2017, Journal of Money, Credit and Banking49(6),1113–1160.

8. Credit Expansion and Credit Misallocation (with Alexander Bleck), 2018, Journal of Monetary Economics94,27-40.

9. Financial Markets, the Real Economy, and Self-fulfilling Uncertainties (with Jess Benhabib and Pengfei Wang), 2019, Journal of Finance74 (3), 1503-1557.