Photo of Fang Cai

Fang Cai


  • Ph.D., Finance, University of Michigan, 2002
  • M.S., Economics, Iowa State University, 1997
  • B.A., International Finance, People's University of China, 1993
Current Research Topics
  • Institutional investment
  • Financial market vulnerabilities
  • Economist

    Board of Governors of the Federal Reserve System

    2002 - present
  • Cai, Fang, Song Han, Dan Li, and Yi Li (2016). "Institutional Herding and Its Price Impact: Evidence from the Corporate Bond Market," Finance and Economics Discussion Series 2016-091. Board of Governors of the Federal Reserve System (U.S.).
  • Bowman, David, Fang Cai, Sally Davies, and Steven Kamin (2015). "Quantitative Easing and Bank Lending: Evidence from Japan," Journal of International Money and Finance, vol. 57, pp. 15-30.
  • Bertaut, Carol C., Fang Cai, and Nyssa Kim (2013). "'Fool Me Once . . . ' Did U.S. Investors Play it Safer in the European Debt Crisis?" International Finance Discussion Papers 1088. Board of Governors of the Federal Reserve System (U.S.).
  • Cai, Fang, Song Han, and Dan Li (2012). "Institutional Herding in the Corporate Bond Market," International Finance Discussion Papers 1071. Board of Governors of the Federal Reserve System (U.S.).
  • Brandner, Erika, Fang Cai, and Ruth Judson (2012). "Improving Measurement of Cross-Border Securities Holdings: The TIC SLT," Federal Reserve Bulletin, vol. 98, no. 1, pp. 1-28.
  • Cai, Fang, and Francis Warnock (2012). "Foreign Exposure through Domestic Equities," Finance Research Letters, vol. 9, no. 1, pp. 8-20.
  • Ammer, John, Fang Cai, and Chiara Scotti (2011). "Has International Financial Co-Movement Changed? Emerging Markets in the 2007-2009 Financial Crisis," in Batten, Jonathan, Peter G. Szilagyi eds., The Impact of the Global Financial Crisis on Emerging Financial Markets. Bingley: United Kingdom: Emerald Group Publishing Limited, pp. 231-253.
  • Cai, Fang, and John Ammer (2011). "Sovereign CDS and Bond Pricing Dynamics in Emerging Markets: Does the Cheapest-to-Deliver Option Matter?" Journal of International Financial Markets, Institutions, and Money, vol. 21, no. 3, pp. 369-387.
  • Cai, Fang (2009). "Trader Exploitation of Order Flow Information during the LTCM Crisis," Journal of Financial Research, vol. 32, no. 3, pp. 261-284.
  • Cai, Fang, Hyunsoo Joo, and Zhiwei Zhang (2009). "The Impact of Macroeconomic Announcements on Real Time Foreign Exchange Rates in Emerging Markets," International Finance Discussion Papers 973. Board of Governors of the Federal Reserve System (U.S.).
  • Cai, Fang, Edward Howorka, and Jon Wongswan (2008). "Informational Linkages Across Trading Regions: Evidence from Foreign Exchange Markets," Journal of International Money and Finance, vol. 27, no. 8, pp. 1215-1243.
  • Cai, Fang (2008). "Home Country Bias," in Frankel, Jeffrey, and Christopher Pissarides eds., The Princeton Encyclopedia of the World Economy. Princeton, NJ: Princeton University Press.
  • Cai, Fang, and Lu zheng (2004). "Institutional Trading and Stock Returns," Finance Research Letters, vol. 1, pp. 178-189.
Last update: March 27, 2017