I’m Richard Yee Fan Chow, PhD Candidate at the Department of Finance, Queen Mary University of London. I have previously held research positions at Peking University, the Chinese University of Hong Kong, and the Boao Forum for Asia, and have contributed to research projects for the People’s Bank of China, the Green Development Institute, and the Capacity-building Alliance of Sustainable Investment.

I hold an M.S. in Finance from the School of Finance, Renmin University, and was a Visiting PhD Student at the Business School, Imperial College London.

Working Papers

1. Common Shock, Uneven Transmission: Funding Segmentation and the Yield Curve (invited to CCF Computational Economics & Tsinghua University)
   Abstract

   How does funding-market segmentation shape the transmission of monetary-policy news to long-term government bond yields, and through which yield-curve components does that transmission occur? Policy news reaches long rates through expected future short rates and, when arbitrage is limited, through the compensation required to absorb duration. Yet institutional funding tiering is rarely observed directly. China's repo market provides an observable cross-tier funding-price wedge in the DR007--R007 spread. I use a five-factor no-arbitrage state-space model to separate 1M--30Y fitted yields into expected-rate and model-implied term-premium components, then identify a common monetary-policy innovation from timestamped PBoC announcements and pre-event-cleaned 1Y FR007-IRS surprises. Expected-rate revisions dominate the front end, while term-premium repricing accounts for an increasing share of the long-end response. At long maturities, high--low conditional differences arise in both components, but the fitted-yield gap mainly reflects the larger, more persistent term-premium difference. Funding segmentation thus shapes the composition and persistence of long-end transmission.

2. Private Rails, Public Anchors: Stablecoins and the Infrastructural Reproduction of Dollar Power (invited to MPSA, PSA, BISA, Junior IO, GSIPE, and Renmin SISCDS)
   Abstract

   Why does supposedly anti-state money so often reproduce state power? This paper develops Digital Shadow Dollar Theory to explain when privately issued digital money reproduces rather than weakens incumbent financial dominance. Dollar-backed Stablecoins, when anchored to credible redemption and public regulatory authority, extend dollar claims through private token networks and generate digitally mediated dollarization. Using monthly data from July 2015 through December 2025, reduced-form screens, and a Bayesian Structural Vector Autoregression, the analysis shows that persistent dollar strength is associated with Stablecoin balance-sheet expansion and that Stablecoin-led liquidity shocks initially ease funding conditions but then strengthen the dollar index DXY, with transmission dominated by the combined Stablecoin balance sheet rather than Bitcoin prices.

3. No Clean Exit: Chinese Finance, Paris Club Recourse, and Layered Debt Governance
   Abstract
4. AI Supply Chain Giants, Macroeconomic Outcomes, and Governance Capacity
   Abstract