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About the Author(s)

180x250 Hanming Fang

Hanming Fang is the Class of 1965 Term Professor of Economics at the University of Pennsylvania. He is a research associate in the NBER Program on Public Economics, and served as acting director of the Chinese Economy Working Group from 2014 to 2016. He received a B.A. from Fudan University in Shanghai in 1993, an M.A. from the University of Virginia in 1995, and completed his Ph.D. in economics at the University of Pennsylvania in 2000.

    Fang is a fellow of the Econometric Society. Before joining the Penn faculty, he held positions at Yale University (2000–07) and Duke University (2007–09). He is currently a senior editor of the Journal of Risk and Insurance, and was previously a co-editor of Journal of Public Economics and International Economic Review.

    Fang is an applied microeconomist with broad theoretical and empirical interests. His research covers topics including discrimination, social economics, psychology and economics, welfare reform, health insurance markets, and population aging. His papers in these areas have been published in several leading journals, including American Economic Review, Journal of Political Economy, and International Economic Review. His recent research on China focuses on issues related to population aging, social security, and housing market.

    Fang grew up on the beautiful Zhoushan Islands, in the East China Sea, of Zhejiang Province. He now lives in a Philadelphia suburb with his wife, Yufeng, and two children: Jerry who will be a college freshman, and Katie who will be a high-school freshman. He enjoys reading and gardening.



1. H. Fang, "Insurance Markets for the Elderly," NBER Working Paper No. 20549, October 2014, and published in J. Piggott and A. Woodland, eds., Handbook of Economics of Population Aging, Vol. 1A, Amsterdam, The Netherlands, Elsevier/North Holland Press, 2016, pp. 237–309. Go to ⤴︎
2. Y. Chen and H. Fang, "The Long-Term Consequences of Having Fewer Children in Old Age: Evidence from China's 'Later, Longer, Fewer' Campaign," NBER Working Paper No. 25041, September 2018.   Go to ⤴︎
3. K. Babiarz, P. Ma, G. Miller, and S. Song, "The Limits (and Human Costs) of Population Policy: Fertility Decline and Sex Selection in China under Mao," NBER Working Paper No. 25130, October 2018, also studied the impact of LLF campaigns on fertility and sex selection.   Go to ⤴︎
4. H. Fang and J. Feng, "The Chinese Pension System," NBER Working Paper No. 25088, September 2018, and forthcoming in M. Armstad, G. Sun, and W. Xiong, Handbook on Chinese Financial Markets, Princeton University Press.   Go to ⤴︎
5.  H. Fang, Q. Gu, W. Xiong, and L. Zhou, "Demystifying the Chinese Housing Boom," NBER Working Paper No. 21112, April 2015, and the NBER Macroeconomics Annual, 2015, pp. 105–66. We also answer the following questions: Did the soaring prices make housing out of the reach of typical households? How much financial burden did households face in buying homes?   Go to ⤴︎
6. K. Case and R. Shiller, "Prices of Single-Family Homes Since1970: New Indexes for Four Cities," New England Economic Review, 1, 1987, pp. 45–56.   Go to ⤴︎
7. Ibid, NBER Working Paper No. 21112.    Go to ⤴︎
8. A. Park and Y. Shen, "Understanding wealth and housing inequality among China's older population," China Economic Journal, 8(3), 2015, pp. 288–307; L. Gan, Z. Yin, N. Jia, S. Xu, S. Ma, and L. Zheng, Data You Need to Know About China: Research Report of China Household Finance Survey (2012), Berlin: Springer-Verlag, 2014; and Y. Xie and Y. Jin, "Household Wealth in China," Chinese Sociological Review, 47(3), 2015, pp. 203–29.   Go to ⤴︎
9. K. Hanewald, H. Bateman, H. Fang, and S. Wu, "Is There a Demand for Reverse Mortgages in China? Evidence from Two Online Surveys," NBER Working Paper No. 25491, January 2019. Go to ⤴︎

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