Prof. Xinhua GU

Associate Professor in Business Economics
Head of Department of Finance and Business Economics

Faculty of Business Administration
University of Macau, E22
Avenida da Universidade, Taipa, Macau, China

Contact Information

Room: E22-4067
Telephone: (853) 8822-4171
E-mail: xhgu
  • Ph.D. in Financial Economics , University of Toronto, Canada
  • M.A. in Economics , Concordia University, Canada
  • M.S. 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
  • Ph.D. Fellowship granted by Univ of Toronto and by Fonds pour la Formation de Chercheurs et l’Aide a la Recherche (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. Gu, X.H., Tam, P.S., Zhang, Y., Lei, C.K., 2019. Inequality, leverage, and crises: Theory and evidence revisited. The World Economy, forthcoming.
  2. Chang, X., An, T.L., Tam, P.S., Gu, X.H., 2019. National savings rate and sectoral income distribution: An empirical look at China. China Economic Review, accepted.
  3. Gu, X.H., Li, G.Q., Chang, X., 2019. Does the inequality-credit-crisis nexus exist? An empirical reexamination. Applied Economics, accepted.
  4. Gu, X.H., Wu, J., Guo, H.Z., Li, G.Q., 2018. Local tourism cycle and external business cycle. Annals of Tourism Research, in press.
  5. Gu, X.H., Tam, P.S., Li, G.Q., Zhao, Q.B., 2018. An alternative explanation for high saving in China: Rising inequality. International Review of Economics & Finance, accepted.
  6. 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.
  7. Gu, X.H., 2017. Institutional ownership and return volatility in the casino industry. International Journal of Tourism Research, accepted (jointly with Rebecca Lin, Maggie Fu, and H.Y., Song).
  8. Gu, X.H., Li, G.Q., Chang, X., Guo, H.Z., 2017. Casino tourism, economic inequality, and housing bubbles. Tourism Management, 62, 253-263.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. 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.
  20. Gu, X.H., Huang, B.H., 2014. Does inequality lead to a financial crisis? revisited. Review of Development Economics, 18(3), 502–516.
  21. Gu, X.H., Tam, P.S., 2014. Market structure and casino taxation in tourist resorts. Applied Economics, 46(10), 1049-1057.
  22. Gu, X.H., Tam, P.S., 2013. The saving–growth–inequality triangle in China. Economic Modelling, 33, 850–857.
  23. 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.
  24. Gu, X.H., Li, G.Q., Tam, P.S., 2013. Casino tourism, social cost and tax effects. International Gambling Studies, 13(2), 221–239.
  25. 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.
  26. 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.
  27. Gu, X.H., Huang, B.H., 2011. A new approach to capital flows: Theory and evidence. Economic Modelling, 28(3), 1050-1057.
  28. Gu, X.H., Dong, B.M., 2011. A simple model of two-country bargaining for financial integration. Applied Economics Letters, 19(8), 725-728.
  29. Gu, X.H., Tam, P.S., 2011. Macao casino taxation: An economic perspective. Journal of Gambling Studies, 27(4), 587–605.
  30. Gu, X.H., Sheng, L., 2010. A sensible policy tool for Pareto improvement: Capital controls. Journal of World Trade, 44(3), 567-590.
  31. 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.
  32. Gu, X.H., 2010. A synthesized discussion on the Macao monetary reform. Frontiers of Economics in China, 5(4), 604-621, Springer, Beijing.
  33. 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.
  34. 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.
  35. 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.
  36. Gu, X.H., Zhang, L., 2006. Effectiveness of China’s monetary policy and reform of its foreign exchange system. China and World Economy, 14(5), 48-64, Wiley-Blackwell, Beijing.
  37. Sahib, P.R., Gu, X.H., 2002. ‘Living in sin’ and marriage: A matching model. Journal of Population Economics, 15(2), 261-282.
  38. 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 and P.S. Tam, “Market Segmentation and Gaming Taxation”, presented at the U.S. Chinese Economists Society– 2011 China Conference, Beijing, June 2011, China.
  2. Xinhua Gu and Huang Bihong, “The Determinants of Chinese National Saving: Why So High?” presented at International Economics and Finance Society (IEFS China) 2nd Conference, Beijing, May 2010, China.
  3. Xinhua Gu and Dong Baomin, “A Theory of Financial Liberalization: Why are Developing Countries so Reluctant?” presented at the 3rd ACE International Conference 2009, December 2009, Hong Kong.
  4. Xinhua Gu and Sheng Li, “A Tradeoff between Growth and Volatility in Face of International Capital Flows”, presented at the U.S. Chinese Economists Society– China Conference in Macao, 2009, China.
  5. Xinhua Gu and Huang Bihong, “A New Approach to Capital Flows: Theory and Evidence”, presented at International Economics and Finance Society (IEFS China) Inaugural Conference 2009, Beijing, May 2009, China.
  6. Xinhua Gu, and Li Guoqiang, “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 Dong Baomin, “A Game-Theoretic Approach to the Economic Impacts of International Capital Flows” (Dong, Beijing Econ & Trade Univ).
  2. Aivazian Varouj, Xinhua Gu, and Qiu Jiaping, “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 Assocaition, American Finance Association
  • Member, U.S. Chinese Economists Society