Peer-Reviewed Journal Publications
Using the Balance Sheet Framework for Monetary Analysis: The Case of China . Economic Affairs , 44 (3), 501–526, 2024.China's Shadow Banking in 2020–2022: An Empirical Study . Humanities and Social Sciences Communications , 11 (282), 1–14, 2024.Economic Analysis of China's Shadow Banking: Development Drivers . Economist , 267 (3), 91–100, 2021, (in Chinese). 中国影子银行的经济学分析：发展驱动因素Economics of China's Shadow Banking: Impact on Monetary Policy . China Economic Studies , 322 (5), 55–70, 2020, (in Chinese). 中国影子银行的经济学分析：对货币政策调控的影响Economics of China's Shadow Banking: The Impact on Financial Stability . Financial Regulation Research , 101 (5), 31–47, 2020, (in Chinese). 中国影子银行的经济学分析：对金融稳定的影响Economics of China's Shadow Banking: Definition, Composition, and Measurement . Journal of Financial Research , 465 (3), 53–73, 2019, (in Chinese). 中国影子银行的经济学分析：定义、构成和规模测算Wenzhe Li and Bin Li. Microeconomic Explanation to China's PPI and CPI Dynamics — An Analytical Framework Based on DSGE Model . Public Finance Research , 427 (9), 15–31, 2018, (in Chinese). 对我国PPI与CPI走势的微观解释——一个基于DSGE模型的分析框架
Does Targeted Monetary Policy Matter? A Perspective from China . Economic Affairs , 38 (1), 106–124, 2018.
Working Paper
Wenzhe Li and Mikael Juselius. The Strength of the Inflation-Output Link in China . BIS Working Papers , No 1353, Bank for International Settlements, 2026.
What Determine Monetary Policy Mandates in Central Bank Legislation? -By Legal Tradition or Economic Considerations? . SSRN , 2024.Economics of China's Shadow Banking: Driving Growth Factors . Economic Research Journal Working Paper Series , W1363, 2019, (in Chinese). 中国影子银行的经济学分析：发展驱动因素David Leung, Wenzhe Li, Alfred Wong and Jiayue Zhang. The Limit of Evil: Effects of Inflation and Public Debt on Capital Market Development . Hong Kong Monetary Authority Research Memorandum , 02/2019, 2019.
Other Publications
Assessing US Dollar Liquidity Conditions in Cambodia's Banking System . AMRO Annual Consultation Report — Cambodia 2026 , Selected Issues 1, 43–46, 2026.Wenzhe Li and Guohua Huang. Impact of Government Deposit Fluctuations on Banking System Liquidity . AMRO Annual Consultation Report — Cambodia 2026 , Box B, 21–23, 2026.
Evolution of Physical Forms of Money and Three Perspectives of Its Definition. China Finance , 1040 (2), 91–92, 2025, (in Chinese). 货币的形态演变和三个层次
My 12 Years of Study at Tsinghua University . Financial View , (12), 88–90, 2019, (in Chinese). 我在清华大学求学十二年Unconventional Monetary Policy Tools: A Cross-country Analysis . Bank for International Settlements, Committee on the Global Financial System. BIS CGFS Papers , No. 63, as Member of the Working Group, 2019.Establishing Viable Capital Markets . Bank for International Settlements, Committee on the Global Financial System. BIS CGFS Papers , No. 62, as Member of the Working Group, 2019.Electronic Trading in Fixed Income Markets . Bank for International Settlements, Markets Committee. BIS Markets Committee Papers , No. 7, as Member of the Study Group, 2016.
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