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Meet the Researchers

Photo of Fang Cai

Fang Cai

Assistant Director Program Direction Section Financial Stability
202-452-3540
[email protected]

Education

  • Ph.D., Finance, University of Michigan
  • M.S., Economics, Iowa State University
  • B.A., International Finance, Renmin University of China
Current Research Topics
  • Non-bank financial intermediation
  • Financial market vulnerabilities
  • Assistant Director

    Board of Governors of the Federal Reserve System

    2023 - present
  • Section Chief - Financial Stability Assessment

    Board of Governors of the Federal Reserve System

    2018 - 2023
  • Principal Economist/Senior Economist/Economist

    Board of Governors of the Federal Reserve System

    2002 - 2018
  • New Insights from N-CEN: Liquidity Management at Open-End Funds and Primary Market Concentration of ETFs
    Fang Cai, Grace Chuan, Kevin Henry, Chaehee Shin, and Tugkan Tuzun
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3226
  • Bank Borrowings by Asset Managers Evidence from U.S. Open-End Mutual Funds and Exchange-Traded Funds
    Fang Cai and Chaehee Shin
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2887
  • Household and Business Debt: A Fire-Sale Risk Analysis
    Fang Cai, Gene Kang, Gazi I. Kara, Nathan Swem, and Filip Zikes
    FEDS Notes (2021)
    https://doi.org/10.17016/2380-7172.2625
  • Liquidity Transformation Risks in U.S. Bank Loan and High-Yield Mutual Funds
    Kenechukwu Anadu and Fang Cai
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2412
  • Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market
    Fang Cai, Song Han, Dan Li, and Yi Li
    Journal of Financial Economics (2019)
    https://doi.org/10.1016/j.jfineco.2018.07.012
    See also » FRB Working Paper (2016)
  • Quantitative Easing and Bank Lending: Evidence from Japan
    David Bowman, Fang Cai, Sally Davies, and Steven Kamin
    Journal of International Money and Finance (2015)
    https://doi.org/10.1016/j.jimonfin.2015.05.002
    See also » FRB Working Paper (2011)
  • 'Fool Me Once . . . ' Did U.S. Investors Play it Safer in the European Debt Crisis?
    Carol C. Bertaut, Fang Cai, and Nyssa Kim
    International Finance Discussion Papers (2013)
    https://doi.org/10.17016/IFDP.2013.1088
  • Foreign Exposure through Domestic Equities
    Fang Cai and Francis Warnock
    Finance Research Letters (2012)
    https://doi.org/10.1016/j.frl.2011.12.001
  • Improving Measurement of Cross-Border Securities Holdings: The TIC SLT
    Erika Brandner, Fang Cai, and Ruth Judson
    Federal Reserve Bulletin (2012)
    https://doi.org/10.17016/bulletin.2012.98-1
  • Sovereign CDS and Bond Pricing Dynamics in Emerging Markets: Does the Cheapest-to-Deliver Option Matter?
    Fang Cai and John Ammer
    Journal of International Financial Markets, Institutions & Money (2011)
    https://doi.org/10.1016/j.intfin.2011.01.001
  • Has International Financial Co-Movement Changed? Emerging Markets in the 2007-2009 Financial Crisis
    John Ammer, Fang Cai, and Chiara Scotti
    Impact of the Global Financial Crisis on Emerging Financial Markets (2011)
  • Trader Exploitation of Order Flow Information During the LTCM Crisis
    Fang Cai
    Journal of Financial Research (2009)
    https://doi.org/10.1111/j.1475-6803.2009.01250.x
  • The Impact of Macroeconomic Announcements on Real Time Foreign Exchange Rates in Emerging Markets
    Fang Cai, Hyunsoo Joo, and Zhiwei Zhang
    International Finance Discussion Papers (2009)
  • Home Country Bias
    Fang Cai
    Princeton Encyclopedia of the World Economy (2008)
  • Informational Linkages across Trading Regions: Evidence from Foreign Exchange Markets
    Fang Cai, Edward Howorka, and Jon Wongswan
    Journal of International Money and Finance (2008)
    https://doi.org/10.1016/j.jimonfin.2007.08.001
  • Global Financial Integration: A Collection of New Research
    John Ammer, Carol C. Bertaut, Fang Cai, Mark Carey, Jon Faust, Sara B. Holland, Linda S. Kole, Greg Nini, John H. Rogers, David C. Smith, Charles P. Thomas, Shing-Yi B. Wang, Francis E. Warnock, Jon Wongswan, and Jonathan Wright
    International Finance Discussion Papers (2004)
  • Institutional Trading and Stock Returns
    Fang Cai and Lu zheng
    Finance Research Letters (2004)
    https://doi.org/10.1016/j.frl.2004.06.003
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Last Update: December 1, 2023