Selected Journal Articles
(A full list of publications can be found in the curriculum vitae)

• How Much of Chinese Exports is Really Made In China? Assessing Domestic Value-Added When Processing Trade is Pervasive
  (with Robert Koopman and Zhi Wang), NBER working paper w14109, June 2008.
  


• Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights
  (with Jeffrey A. Frankel), NBER working paper w14016, May 2008.
  


• When Is Quality of Financial System a Source of Comparative Advantage?
  (with Jiandong Ju), NBER working paper w13984, May 2008.
  


• What Accounts for the Rising Sophistication of China's Exports?
  (with Zhi Wang), NBER working paper w13771, February 2008.
  


• How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?
  (with Woochan Kim and Taeyoon Sung), NBER working paper w13721, January 2008.
  


• The Smuggling of Art, and the Art of Smuggling: Uncovering the Illicit Trade in Cultural Property and Antiques
  (with Raymond Fisman), NBER working paper w13446, September 2007.
  


• Current Account Adjustment: Some New Theory and Evidence
  (with Jiandong Ju), NBER working paper w13388, September 2007.
  


• Domestic Institutions and the Bypass Effect of Financial Globalization
  (with Jiandong Ju), NBER working paper w13148, June 2007.
  


• Assessing China's Exchange Rate Regime
  (with J. Frankel), Economic Policy, 2007.
  NBER working paper version.     Data used
  


• Outsourcing Tariff Evasion: A New Explanation for Entrepot Trade
  (With R. Fisman and P. Moustakerski), Review of Economics and Statistics, forthcoming.
  (Presentation File)


• Collateral Damage: Exchange Controls and International Trade
  (With Z. Zhang), Journal of International Money and Finance, forthcoming.
  (Presentation File)


• Transparency and International Portfolio Holdings
  (with Gaston Gelos), Journal of Finance, December 2005.
  (old NBER working paper version) (Presentation File)
  


• Connecting Two Views on Financial Globalization: Can We Make Further Progress?
  Journal of The Japanese and International Economies, October 2006.
  


• The WTO Promotes Trade, Strongly but Unevenly (short JIE version)
  (with Arvind Subramanian), Journal of International Economics, forthcoming.
  ( Final long version with more detail than the JIE publication) (NBER working paper version)
  (See the Economist, Aug 4, 2005, report of this paper) (Data available)


• Monetary Policies for Developing Countries: The Role of Institutional Quality
  (With Haizhou Huang), Journal of International Economics, September 2006.
  


• A Prism into the PPP Puzzles: The Micro-foundations of Big Mac Real Exchange Rates (With D. Parsley), NBER Working Paper 10074, December 2005, forthcoming, Economic Journal.
  (See the Economist, June 9, 2005, report of this article)


• Fear of Service Outsourcing: Is it Justified?
  (With M. Amiti), NBER Working Paper 10808, October 2004. Published in Economic Policy in April, 2005.
  (Appendix tables available)
  


• Tax Rates and Tax Evasion: Evidence from 'Missing Imports' in China
  (with Raymond Fisman), Journal of Political Economy, 2004, vol. 112, no. 2.
  (NBER working paper version) (Presentation File)
  


• Does Insider Trading Raise Market Volatility?(Data available)
  (with Julan Du), The Economic Journal, 2004, 114 (October), 927-956.
  (NBER working paper version) (Presentation File)
  


• Pollution Havens and Foreign Direct Investment: Dirty Secret or Popular Myth?
  (With B.S. Javorcik), Contributions to Economic Analysis & Policy, 2004, 3(2), Article 8.
  


• Foreign Portfolio Investors Before and During a Crisis
  (Chinese translation of the maintext)
  (with Woochan Kim), Journal of International Economics, 2002, 56(1): 77-96.
  


• Offshore Investment Funds: Monsters in Emerging Markets?
  (with Woochan Kim), Journal of Development Economics, 2002, Vol. 848.
  


• Explaining the Border Effect: The Role of Exchange Rate Variability, Shipping Costs, and Geography (Data available)
  (with David Parsley), Journal of International Economics, October 2001, 55(1): 87-105.
  


• The Bigger They Are, the Harder They Fall: the Retail Price Differences across U.S. Cities
  (with Paul O'Connell), Journal of International Economics, 2002, 56(1): 21-54.
  


• Convergence to the Law of One Price Without Trade Barriers or Currency Fluctuations? (Data available)
  (with David Parsley), Quarterly Journal of Economics, November, 1996, No.447, 1211-1236.
  


• Local Corruption and Global Capital Flows
  Brookings Papers on Economic Activity, 2000(2): 303-354.
  


• How Taxing is Corruption on International Investors?
  Review of Economics and Statistics, February 2000, 82(1): 1-11. Featured in Economist magazine, Financial Times, Chicago Tribune, Asian Wall Street Journal, (London) Times, and St. Petersburg Times.
  


• Domestic Crony Capitalism and International Fickle Capital: Is There a Connection? (Data available)
  2001, International Finance, 4(1): 15-45.
  


• The China Money Puzzle: Will a Devaluation of the Yuan Help or Hurt the Hong Kong Dollar?
  (S.-J. Wei, L. Liu, Z. Wang, and W.T. Woo), China Economic Review, 2000(11): 171-188.
  


• Currency Hedging and Goods Trade
  European Economic Review, 1999, (43) 1371-1394.
  


• Open Regionalism in a World of Continental Trade Blocs
  (with Jeffrey Frankel), IMF Staff Papers, Vol. 45, No. 3, September 1998.
  


• Gradualism versus Big Bang: Speed and Sustainability of Reforms
  Canadian Journal of Economics, XXX(4b), November, 1997, p1234-1247.
  


• To Shock or not to Shock: Economics and Political Economy of Large-scale Reforms
  (with P. Lian) Economics and Politics, 10(2): 161-183, July, 1998.
  


• Regional Trading Arrangements: Natural or Supernatural?
  (with J. Frankel and E. Stein), American Economic Review, 86(2), May, 1996, p52-56.
  


• Trading Blocs and the Americas: The Natural, the Unnatural, and the Super-natural? (Data available)
  (with J.Frankel and E. Stein), Journal of Development Economics, June, 1995, 47:61-95.
  


• Insignificant and Inconsequential Hysteresis: The Case of U.S. Bilateral Trade (Data available)
  (With D. Parsley). The Review of Economics and Statistics, November, 1993, p606-613.
  


• Can Regional Trade Blocs be a Stepping Stone to Global Free Trade?
  (S.J. Wei and J. Frankel) International Review of Economics and Finance, 5(4): 339-347, 1996.
  


• Price Volatility Without News about Fundamentals
  Economics Letters, 37: 453-458, 1991.