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
- 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 http://jw.nju.edu.cn/oldweb/JiaoGai/ChengGuo/89.htm (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.
- Gu, X.H., Tam, P.S., Zhang, Y., Lei, C.K., 2019. Inequality, leverage, and crises: Theory and evidence revisited. The World Economy, forthcoming.
- 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.
- Gu, X.H., Li, G.Q., Chang, X., 2019. Does the inequality-credit-crisis nexus exist? An empirical reexamination. Applied Economics, accepted.
- 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.
- 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.
- 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.
- 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).
- Gu, X.H., Li, G.Q., Chang, X., Guo, H.Z., 2017. Casino tourism, economic inequality, and housing bubbles. Tourism Management, 62, 253-263.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Gu, X.H., Huang, B.H., 2014. Does inequality lead to a financial crisis? revisited. Review of Development Economics, 18(3), 502–516.
- Gu, X.H., Tam, P.S., 2014. Market structure and casino taxation in tourist resorts. Applied Economics, 46(10), 1049-1057.
- Gu, X.H., Tam, P.S., 2013. The saving–growth–inequality triangle in China. Economic Modelling, 33, 850–857.
- 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.
- Gu, X.H., Li, G.Q., Tam, P.S., 2013. Casino tourism, social cost and tax effects. International Gambling Studies, 13(2), 221–239.
- 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.
- 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.
- Gu, X.H., Huang, B.H., 2011. A new approach to capital flows: Theory and evidence. Economic Modelling, 28(3), 1050-1057.
- Gu, X.H., Dong, B.M., 2011. A simple model of two-country bargaining for financial integration. Applied Economics Letters, 19(8), 725-728.
- Gu, X.H., Tam, P.S., 2011. Macao casino taxation: An economic perspective. Journal of Gambling Studies, 27(4), 587–605.
- Gu, X.H., Sheng, L., 2010. A sensible policy tool for Pareto improvement: Capital controls. Journal of World Trade, 44(3), 567-590.
- 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.
- Gu, X.H., 2010. A synthesized discussion on the Macao monetary reform. Frontiers of Economics in China, 5(4), 604-621, Springer, Beijing.
- 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.
- 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.
- 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.
- 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.
- Sahib, P.R., Gu, X.H., 2002. ‘Living in sin’ and marriage: A matching model. Journal of Population Economics, 15(2), 261-282.
- 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.
- 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.
- Xinhua Gu, He Guanghui, and Yao Cheng, Technological Innovation and Economic Growth in Jiangsu Province, Science and Technology Literature Press, 1989, Beijing, China.
- Xinhua Gu, Gu Caolin, and Cai Jianhui, Economic Development Strategies for the Yangtze Area, Jiangsu People’s Press, 1988, Nanjing, China.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- Xinhua Gu and Dong Baomin, “A Game-Theoretic Approach to the Economic Impacts of International Capital Flows” (Dong, Beijing Econ & Trade Univ).
- Aivazian Varouj, Xinhua Gu, and Qiu Jiaping, “Loan Collateral, Corporate Investment, and Business Cycles”, (Aivazian: Univ of Toronto; Qiu: McMaster Univ).
- Aivazian V. and Xinhua Gu, “Two-Sided Search for Credit Matching: A New Theory”.
- 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 http://www.docin.com/p-24400709.html
- 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