I’m Richard Yee Fan Chow, PhD Candidate at the Department of Finance, Queen Mary University of London. I ever held research affiliates at the Boao Forum for Asia, the Chinese University of Hong Kong, and Peking University, contributing to several projects for the People’s Bank of China and the Hong Kong Green Finance Association.

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

Research Interests

I study how political, macroeconomic, financial, and technological shocks reshape firm resources, capabilities, and strategic behavior. A complementary stream of my research examines sovereign and local government debt markets, monetary systems, and how these institutional forces influence firm decision-making and market outcomes.

Keywords: Strategic Management, Global Strategy, International Business, International Political Economy, Debt Management, and Technology Governance

Working Papers

1. Shadow Dollar: How Private Digital Money Reproduces Financial Dominance (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.

2. Pricing China Sovereign Bonds: A Bayesian No-Arbitrage Approach
   Abstract
3. Institutional Design Shapes Digital Asset Governance under Regulatory Uncertainty
   Abstract

   Institutional design shapes how states govern digital asset markets under conditions of regulatory uncertainty. This article develops a structured, focused comparison of the United States, the European Union, and Hong Kong using official legal and regulatory materials from 2019--2025 together with scholarship on the regulatory state, delegation, policy design, policy capacity, regulatory intermediaries, and digital-finance governance. The article argues that the three jurisdictions have converged on the need to govern centralized intermediaries, but they do so through distinct governance modes. Fragmented, multi-agency authority in the United States produces contested perimeter-setting and greater reliance on ex post enforcement. Legislative harmonization in the European Union produces clearer categories and ex ante authorization, but at the cost of slower formal adaptation. Hong Kong's single-regulator licensing model closes the perimeter more quickly and coherently, but concentrates governance on centralized gatekeepers rather than the broader protocol layer. The article contributes to governance scholarship by showing that cross-border differences in digital asset regulation are explained less by technology alone than by the organization of public authority, policy capacity, and the choice between supervisory and enforcement-led control.

4. No Clean Exit: Chinese Finance, Paris Club Recourse, and Layered Debt Governance
   Abstract

   In the 2000-2017 observed window, Chinese bilateral finance expanded across sovereign borrowers without supplying a clean substitute for Paris Club recourse. I show this with a country-year panel that merges Paris Club events, Chinese restructurings, China swap-line activity, and Chinese debt-stock measures from Horn et al. (2021). Chinese debt exposure spreads rapidly across the sample, and by 2010-2015 most Paris Club event years occur in countries with positive Chinese debt exposure. Yet the main regression result is not substitution. A negative pooled association for swap lines turns positive with country and year fixed effects, and broader Chinese debt measures are statistically and substantively close to zero. The paper therefore interprets Chinese finance as layering onto, rather than replacing, Paris Club-centered debt governance in the observed pre-2018 window.

5. AI Supply Chain Giants, Macroeconomic Outcomes, and Governance Capacity
   Abstract

   This paper examines whether country exposure to listed AI supply-chain giants is associated with macroeconomic performance and whether governance capacity moderates that relationship. I combine local market-cap snapshots for major AI-linked firms with World Bank country-year indicators to build an unbalanced panel covering 217 countries from 2010 to 2024. Two-way fixed-effects models with country-clustered standard errors show that the AI market-cap-to-GDP proxy is positively associated with labor productivity growth, but that association attenuates as government effectiveness rises. The same interaction is weaker and statistically imprecise for GDP growth, while AI market-cap share results remain less stable across specifications. The strongest identification-oriented check is a post-ChatGPT differential-exposure design that freezes 2022 baseline exposure and governance, but its coefficients are weak and imprecise. Robustness checks also indicate that the negative productivity interaction remains in the no-pandemic sample and weakens materially in a within-country first-difference design. The paper therefore advances a bounded public-administration claim: state capacity shapes how AI-linked market concentration is absorbed through national systems, but the current evidence remains observational rather than causal.