Associate Professor in Business Economics
  • Ph.D. in Financial Economics, University of Toronto, Canada
  • M.A. in Economics, Concordia University, Canada
  • M.A. in Quantitative Economics, Nanjing University, China
  • B.S. in Mathematics, Nanjing University, China
  • Associate Professor, FBA, University of Macau, Macao, China
  • Instructor, Dept. of Econ, University of Toronto, Ontario, Canada
  • Post-Doctoral Fellow, CRDE, University of Montreal, Quebec, Canada
  • Lecturer, Dept. of Economics, Nanjing University, Jiangsu, China
  • Undergraduate Courses
    • International Banking (00)
    • Development Economics (01)
    • Money and Banking (02)
    • Intermediate Macroeconomics (03)
    • Financial Economics (04)
    • Intermediate Microeconomics (05)
    • Quantitative Methods for Economists (06)
    • Econometrics (07)
    • Planning and Management of National Economy (08)
  • International Economics
  • Financial Economics
  • Development Economics
  • Tourism Economics
  • FBA Research Award – Best of Finance and Business Economics Department granted by FBA, University of Macau, in May 2018.
  • Incentive Award Scheme for Outstanding Academic Staff 2016/2017 granted by FBA, University of Macau, in May 2017.
  • Best Paper Award granted by Academy of International Business (Indonesia) in the 2013 Academy of International Business Southeast Asia Regional Conference held in July 2013, Bali, Indonesia.
  • Ph.D. Fellowship granted by Univ of Toronto and by Fonds pour la Formation de Chercheurs et l’Aide a la Recherché (FCAR) on the basis of university recommendation and province-wide competition in Quebec.
  • First-ranking Teaching Award (university-level), 1989-1990 (Academic year) granted by the Rector of Nanjing University who grants 3 top-one awards each year. See (in Chinese).
  • China: Excellent Paper Award (national-level), 1985 granted by China’s National Conference of Middle-aged and Young Economists on Reform and Opening-up. This conference was organized and sponsored by the China State Council’s Center for Economic Research, and other departments of the China Communist Party’s Central Committee.
  • Jiangsu: Excellent Paper Award (provincial-level), 1986, granted by Jiangsu Province’s Conference of Middle-aged and Young Economists on Reform and Development. This conference was organized and sponsored by the Jiangsu Government’s Center for Economic Research and other governmental departments.
  • Nanjing: Academic Achievement Award (municipal-level), 1986, granted by the Nanjing City Government’s Association of Philosophy & Social Sciences.
  • Best Paper Award (university-level), 1988, granted by Nanjing University Journal of Philosophy & Social Sciences.
  • Note: Awards 3-6 above were won for joint papers with my co-authors. All papers were published.
  1. Ding, W., Shu, L., Gu, X., 2022. A robust Glasso approach to portfolio selection in high dimensions. Journal of Empirical Finance, accepted (ABS3)
  2. Shi, F.Q., Shu, L.J., Gu, X.H., 2022. An enhanced factor model for portfolio selection in high dimensions. Journal of Financial Econometrics, accepted. (ABS3)
  3. Liu, N., Gu, X., Lei, C., 2022. The equilibrium effects of digital technology on banking, production, and employment. Finance Research Letters, 49, 103196 (ABS2)
  4. Gu, X., Lian, Z., Peng, L., Zhao, Q., A comparative study of bank efficiency in three Chinese regions: Mainland China, Hong Kong, and Macao. Journal of Financial Research, in press.
  5. Gu, X., Sheng, L., Lei, C., 2021. Specialization or diversification: A theoretical analysis for tourist cities. CITIES: International Journal of Urban Policy and Planning. 122 (2022), 103517. SSCI-Q1.
  6. Sheng, L, Gu., X., Guo, H., 2021. Business cycles of casino cities: Theoretical model, empirical evidence and policy implications. Journal of Urban Affairs
  7. Gu, X., Lei, C., Sheng, L., Zhao, Q., 2021. Global current account imbalances and the link between income and consumption inequality. Review of International Economics, forthcoming. (ABS2) First published: 22 December 2020|
  8. Gu, X.H., Tam, P.S., Lei, C.K., 2021. The effects of inequality in the 1997-98 Asian crisis and the 2008-09 global tsunami: The case of five Asian economies. Journal of International Money and Finance, 110, 102306. (ABS3)
  9. Zhao, Q., Li, G., Gu, X., Lei, C., 2020. Inequality hikes, saving surges, and housing bubbles. International Review of Economics and Finance, 72, 349-363. (ABS2)
  10. Zhao, Q.B., Lei, C.K., Peng, L., Gu, X.H., 2020. The U.S.-Sino different links between income and consumption inequality. Applied Economics Letters, 1-4. (ABS1)
  11. Gu, X.H., Sheng, L., Yuen, C.Y., Lei, C.K., 2020. Modeling the economic effect of statutory taxation on gaming hospitality. Journal of Hospitality & Tourism Research, 45(2), 325-344. (ABS2)
  12. Gu, X., Li, G., Lei, C., Sheng, L., Zhao, Q., 2020. The Inequality-housing price nexus in tourist resorts: Theory and evidence.Asia-Pacific Journal of Accounting & Economics, 27(1), 132-150. (ABS2)
  13. Chang, X., Li, G., Gu, X., Lei, C., 2020. Does the inequality-credit-crisis nexus exist? An empirical re-examination. Applied Economics, 52(37), 4044-4057. (ABS2)DOI: 10.1080/00036846.2020.1730757
  14. Deng, Q., Gu, X., Law, R., Lian, Z., 2020. A comparative study for determinants of gaming efficiency in Macao and Las Vegas. Tourism Management, 77, 103964. (ABS4)
  15. Chang, X., An, T., Tam, P.S., Gu, X., 2020. National savings rate and sectoral income distribution: An empirical look at China. China Economic Review, 61, 101263. (ABS2, Q1-SSCI)
  16. Gu, X., Tam, P., Li, G., Zhao, Q., 2020. An alternative explanation for high saving in China: Rising inequality. International Review of Economics and Finance, 69, 1082-1094. (ABS2)
  17. Gu, X., Sheng, L., Yuen, C., 2019. Inbound tourism, hospitality business, and market structure. Journal of Hospitality & Tourism Research, 43(8), 1326-1335. (ABS2)
  18. Gu, X.H., Tam, P.S., Zhang, Y., Lei, C.K., 2019. Inequality, leverage, and crises: Theory and evidence revisited. The World Economy, 42(8), 2280-2299. (ABS2)
  19. Gu, X., Wu, J., Guo, H., Li, G., 2018. Local tourism cycle and external Business cycle. Annals of Tourism Research, 73, 159-170. (ABS4)
  20. Lin, Y.J., Fu, X.Q., Gu, X.H., Song, H.Y., 2018. Institutional ownership and return volatility in the casino industry. International Journal of Tourism Research, 20, 204-214. (ABS2)
  21. Gu, X.H., Li, G.Q., Chang, X., Guo, H.Z., 2017. Casino tourism, economic inequality, and housing bubbles. Tourism Management, 62, 253-263. (ABS4)
  22. Gu, X.H., Zhang, Y., Chang, X., 2017. The role of financial systems for cross-country differences in the link between income and consumption inequality. Applied Economics, 49(24), 2365-2378. (ABS2)
  23. Dong, B.M., Gu, X.H., Sheng, H.S., 2017. Capital market liberalization: Optimal tradeoff and bargaining delay. North American Journal of Economics and Finance, 39, 78-88. (ABS2)
  24. Gu, X.H., Zhang, Y., Qian, X.L., Guo, H.Z., 2016. The suspension of borrowing: An implicit penalty for loan default under imperfect information. Applied Economics, 48(60), 5882-5896. (ABS2)
  25. Lian, Z.T., Gu, X.H., Wu, J.B., 2016. A re-examination of experience service offering and regular service pricing under profit maximization. European Journal of Operational Research, 254, 907-915. (ABS4)
  26. Gu, X.H., Tam, P.S., Lei, C.K., Chang, X., 2016. The economics of taxation in casino tourism with cross-border market power. Review of Development Economics, 20, 113-125. (ABS2)
  27. Aivazian, V., Gu, X.H., Qiu, J.P., Huang, B.H., 2015. Loan collateral, corporate investment, and business cycle. Journal of Banking and Finance, 55, 389-392. (ABS3)
  28. Li, G.Q., Gu, X.H., Wu, J., 2015. A trade based view on casino taxation: Market conditions. Journal of Gambling Studies, 31, 585-606.
  29. Gu, X.H., Huang, B.H., Tam, P.S., Zhang, Y., 2015. Inequality and saving: Further evidence from integrated economies. Review of Development Economics, 19(1), 15-30. (ABS2)
  30. Gu, X.H., Dong, B.M., Huang, B.H., 2015. Inequality, saving and global imbalances: A new theory with evidence from OECD and Asian countries. The World Economy, 38(1), 110-135. (ABS2)
  31. Gu, X.H., Tam, P.S., 2014. The impacts of demand and supply elasticities on gambling tax choices. Journal of Gambling Business and Economics, 8(1), 53-71. (ABS1)
  32. Gu, X.H., Tam, P.S., 2014. Tax incidence and price discrimination: An application of theories to gambling markets. China Economic Review, 28, 135-151. (ABS2)
  33. Gu, X.H., Huang, B.H., 2014. Does inequality lead to a financial crisis? Revisited. Review of Development Economics, 18(3), 502-516. (ABS2)
  34. Gu, X.H., Tam, P.S., 2014. Market structure and casino taxation in tourist resorts. Applied Economics, 46(10), 1049-1057. (ABS2)
  35. Gu, X.H., Tam, P.S., 2013. The saving-growth-inequality triangle in China. Economic Modelling, 33, 850-857. (ABS2)
  36. Sahib, P.R., Gu, X.H., 2013. Class partition with sequential learning in a search /matching model of marriage markets. Journal of Mathematical Sociology, 37, 133-158.
  37. Gu, X.H., Li, G.Q., Tam, P.S., 2013. Casino tourism, social cost and tax effects. International Gambling Studies, 13(2), 221-239.
  38. Gu, X.H., Li, G.Q., Siu, R.C.S., 2012. Casino Taxation in Tourism Resorts. Gaming Law Review and Economics, 16(5), 274-277.
  39. Gu, X.H., Dong, B.M., 2011. A theory of financial liberalization: Why are developing countries so reluctant? The World Economy, 34(7), 1106-1123. (ABS2)
  40. Gu, X.H., Huang, B.H., 2011. A new approach to capital flows: Theory and evidence. Economic Modelling, 28(3), 1050-1057. (ABS2)
  41. Gu, X.H., Dong, B.M., 2011. A simple model of two-country bargaining for financial integration. Applied Economics Letters, 19(8), 725-728. (ABS1)
  42. Gu, X.H., Tam, P.S., 2011. Macao casino taxation: An economic perspective. Journal of Gambling Studies, 27(4), 587-605.
  43. Gu, X.H., Sheng, L., 2010. A sensible policy tool for Pareto improvement: Capital controls. Journal of World Trade, 44(3), 567-590. (ABS2)
  44. Li, G.Q., Gu, X.H., Siu, R.C.S., 2010. The impacts of gaming expansion on economic growth: A theoretical reconsideration. Journal of Gambling Studies, 26, 269-285.
  45. Gu, X.H., 2010. A synthesized discussion on the Macao monetary reform. Frontiers of Economics in China, 5(4), 604-621, Springer, Beijing.
  46. Gu, X.H., Sheng, L., 2009. Externalities of capital flows and justifications for capital controls. Euro-Asia Journal of Management, 19(1), 13-26, Macao.
  47. Gu, X.H., Sheng, L., 2009. The myth of a booming town: A two-sector model of Macau economic growth. China Economic Journal, 2(2), 187-202, Routledge-Taylor & Francis Group, Beijing. (ABS1)
  48. Gu, X.H., Li, G.Q., 2009. Why do various gaming markets adopt different tax rates? Journal of Gambling Business and Economics, 3(1), 65-87. (ABS1)
  49. Gu, X.H., Zhang, L., 2006. Effectiveness of China’s monetary policy and reform of its foreign exchange system. China & World Economy, 14(5), 48-64, Wiley-Blackwell, Beijing. (ABS1)
  50. Sahib, P.R., Gu, X.H., 2002. ‘Living in sin’ and marriage: A matching model. Journal of Population Economics, 15(2), 261-282. (ABS3)
  51. Sahib, P.R., Gu, X.H., 2002. To tie the knot or not: Cohabitation, marriage and individuals’ attitudes to risk. Demographic Research, 6(13), 355-382.
  1. Xinhua Gu, Wang Qipei, and Kong Lingwen, Input-output Techniques Applied to Nanjing Medium- and Long-term Economic Planning, 1991, Nanjing University Press, Nanjing, China.
  2. Xinhua Gu, He Guanghui, and Yao Cheng, Technological Innovation and Economic Growth in Jiangsu Province, Science and Technology Literature Press, 1989, Beijing, China.
  3. Xinhua Gu, Gu Caolin, and Cai Jianhui, Economic Development Strategies for the Yangtze Area, Jiangsu People’s Press, 1988, Nanjing, China.
  1. Xinhua Gu, Pui Sun Tam, Guoqiang Li, “An Alternative Explanation for High Saving in China: Rising Inequality”. The Fourth International Conference on the Chinese Economy: Present and Future. December 2017, Beijing, China.
  2. Xinhua Gu and Guoqiang Li, “Casino tourism and taxation: Theory and evidence”. The 92nd Annual Conference of Western Economic Association International. June 2017, San Diego, California, USA.
  3. Xinhua Gu, Pui Sun Tam, and Xiao Chang, “The Role of Rising Income Inequality for Higher Saving Rates in China”. 2017 Chinese Economist Society Annual Conference. June 2017, Nanjing, China.
  4. Xinhua Gu and Guoqiang Li, “The role of financial systems for cross-country differences”. The Eighth IEFS China Annual Conference. July 2016, Beijing, China.
  5. Xinhua Gu, Pui Sun Tam, and Baomin Dong, “Why Asia was hit by the Asian Financial Crisis in 1997-98 but not in the Global Financial Crisis in 2008-09?” First World Congress of Comparative Economics. June 2015, Rome, Italy.
  6. Xinhua Gu, Pui Sun Tam, and Xiao Chang, “The economics of taxation in casino tourism with cross-border market power”. Sixth International Economics and Finance Society China Annual Conference, May 2014. Beijing, China.
  7. Guoqiang Li, Xinhua Gu, and Jie Wu, “A Trade Based View on Casino Taxation: Market Conditions”. 2013 Academy of International Business Southeast Asia Regional Conference. December 2013, Bali, Indonesia.
  8. Xinhua Gu, Bihong Huang, and Yang Zhang, “Inequality, Leverage, and Crises: Theory and Evidence Revisited”. The 5th International Finance and Banking Society (IFABS) Conference. June 2013, Nottingham, UK.
  9. Xinhua Gu, Pui Sun Tam, and Bihong Huang, “An alternative explanation for high saving in China: High inequality”. 2013 Chinese Economist Society Annual Conference. June 2013, Chengdu, China.
  10. Xinhua Gu and Bihong Huang. “Different Inequality-Saving Links between OECD and Emerging Asia: Theory and New Evidence”. Proceedings of Conference on Economic and Financial System Development in the Pacific-Rim Region, May 2012, Hawaii, USA.
  11. Xinhua Gu and Pui Sun Tam, “Market Segmentation and Gaming Taxation”, presented at 2011 CES China Conference, June 2011, Beijing, China.
  12. Xinhua Gu and Bihong Huang, “The Determinants of Chinese National Saving: Why So High?” presented at International Economics and Finance Society (IEFS China) 2nd Conference, May 2010, Beijing, China.
  13. Xinhua Gu and Baomin Dong, “A Theory of Financial Liberalization: Why are Developing Countries so Reluctant?” presented at the 3rd ACE International Conference 2009, December 2009, Hong Kong, China.
  14. Xinhua Gu and Li Sheng, “A Tradeoff between Growth and Volatility in Face of International Capital Flows”, presented at the Chinese Economists Society — China Conference in Macao, 2009, China.
  15. Xinhua Gu and Bihong Huang, “A New Approach to Capital Flows: Theory and Evidence”, presented at International Economics and Finance Society (IEFS China) Inaugural Conference 2009, May 2009, Beijing, China.
  16. Xinhua Gu, and Guoqiang Li, “Why do Various Gaming Markets Adopt Different Tax Rates?” presented at the Southern Economic Journal Symposium on Gambling Business and Public Policy, September 2008, Nottingham, UK.
  1. Xinhua Gu and Baomin Dong, “A Game-Theoretic Approach to the Economic Impacts of International Capital Flows” (Dong, Beijing Econ & Trade Univ).
  2. Aivazian Varouj, Xinhua Gu, and Jiaping Qiu, “Loan Collateral, Corporate Investment, and Business Cycles”, (Aivazian: Univ of Toronto; Qiu: McMaster Univ).
  3. Aivazian V. and Xinhua Gu, “Two-Sided Search for Credit Matching: A New Theory”.
  4. I have ever published more than 60 research papers and other types of articles (in Chinese), many of which were China-SSCI or SCI publications. See their online presence by searching under my or my co-authors’ names from the Chinese Journal Net at
  • Member, Council Committee, Macau Scholar Association
  • Member, Council Committee, Macau Accounting and Finance Association
  • Member, American Economic Association, American Finance Association
  • Member, U.S. Chinese Economists Society