Y. Sophia Zhang

International Monetary Fund (IMF)

700 19th Street, N.W.

Washington, DC 20431

United States









Scholarly Papers (10)


Fiscal Vulnerabilities and Risks from Local Government Finance in China

IMF Working Paper No. 14/4
Number of pages: 30 Posted: 11 Feb 2014
Y. Sophia Zhang and Steven A. Barnett
International Monetary Fund (IMF) and International Monetary Fund (IMF) - Fiscal Affairs Department
Downloads 468 (75,459)



Fiscal risk, China, Government expenditures, Infrastructure, External financing, External borrowing, Budget deficits, Public debt, Debt sustainability, Fiscal policy, Fiscal Vulnerabilities, Fiscal Risks, Local Government Finance, Land Finance, Gross Financing Needs, fiscal deficit, fiscal debt, fiscal data, fiscal activity, fiscal revenue, fiscal position, fiscal reform, government deficit, quasi-fiscal activity, government budget, fiscal costs, fiscal revenues, fiscal space, government spending, fiscal expenditure, fiscal system, central government budget, tax rates, local government spending, fiscal adjustment, fiscal statistics, aggregate demand, primary deficit, intergovernmental fiscal


Credit Market Imperfection and Sectoral Asymmetry of Chinese Business Cycle

IMF Working Paper No. 11/118
Number of pages: 36 Posted: 12 Jun 2011
Y. Sophia Zhang
International Monetary Fund (IMF)
Downloads 61 (427,347)



Business cycles, China, Credit, Economic models


Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?

IMF Working Paper No. 13/195
Number of pages: 38 Posted: 10 Oct 2013
Jaejoon Woo, Elva Bova, Tidiane Kinda and Y. Sophia Zhang
International Monetary Fund (IMF) - Fiscal Affairs Department, Independent, International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 60 (430,874)
Citation 2



Fiscal policy, Fiscal consolidation, Progressive taxation, Income distribution, Developed countries, Emerging markets, Inequality, Gini Coefficient, Tax and Spending policy, world income inequality, dependent variable, disposable income inequality, inequality data, social spending, rising income inequality, labor market, income inequality data, social security, redistributive impact, inequality trends, redistributive policies, kuznets curve, purchasing power, increase income inequality, covariance matrix, income equality, inequality equation, human capital, inequality measure, high income inequality, reducing inequality, inverted-u relationship, inequality changes, income redistribution, ine


A New Wave of Ecb's Unconventional Monetary Policies: Domestic Impact and Spillovers

IMF Working Paper No. 18/11
Number of pages: 34 Posted: 08 Feb 2018 Last Revised: 21 Mar 2018
Richard Varghese and Y. Sophia Zhang
Graduate Institute of International and Development Studies (IHEID) and International Monetary Fund (IMF)
Downloads 55 (449,054)



Yield Curve, Quantitative Easing, Event Study, General, General


Effectiveness and Channels of Macroprudential Instruments: Lessons from the Euro Area

IMF Working Paper No. 16/4
Number of pages: 33 Posted: 28 Mar 2016
Thierry Tressel and Y. Sophia Zhang
International Monetary Fund (IMF) - Research Department and International Monetary Fund (IMF)
Downloads 51 (464,246)



LTV ratios, capital requirement, mortage, bank lending, lending, monetary policy, instruments, mortgage, credit growth, General,


Country Insurance Using Financial Instruments

IMF Working Paper No. 11/169
Number of pages: 36 Posted: 19 Jul 2011
Marcos Chamon, Y. Sophia Zhang and Luca Antonio Ricci
International Monetary Fund (IMF) - Research Department, International Monetary Fund (IMF) and affiliation not provided to SSRN
Downloads 45 (488,959)




Real Money Investors and Sovereign Bond Yields

IMF Working Paper No. 13/254
Number of pages: 25 Posted: 20 Jan 2014
Laura Jaramillo and Y. Sophia Zhang
International Monetary Fund (IMF) and International Monetary Fund (IMF)
Downloads 34 (541,149)



Investment, Bonds, Nonbank financial sector, Central banks, Developed countries, Emerging markets, Economic models, Public Debt, Government Bonds, Investor Base, Advanced Market Economies, Emerging Market Economies, bond yields, sovereign bond, government bond yields, international finance, bond market, international capital, bond spreads, bond prices, corporate bond, international financial statistics, financial institutions, international finance statistics, term bonds, long-term bonds, sovereign bonds, government bond market, financial markets, long-term bond yield, treasury bonds, treasury bond yields, domestic financial institutions, nominal interest rate, financial stability, supply of


Safe Havens, Feedback Loops, and Shock Propagation in Global Asset Prices

IMF Working Paper No. 14/81
Number of pages: 46 Posted: 03 Jun 2014
Franziska Ohnsorge, Marcin Wolski and Y. Sophia Zhang
International Monetary Fund (IMF), European Investment Bank and International Monetary Fund (IMF)
Downloads 27 (580,775)



Asset prices, Capital flows, Banks, Stock prices, External shocks, Economic models, Feedback loops, Sovereigns, bond yields, sovereign bond, equity prices, stock market, sovereign bonds, risk aversion, bond market, bond markets, financial stability, sovereign bond markets, financial system, financial market, hedges, government bond, financial markets, government bond markets, international standards, interbank money markets, equity returns, financial contagion, financial sector, stock market volatility, equity markets, bond investment, liquid markets, term bond, asset markets, credit rating


European Wage Dynamics and Spillovers

IMF Working Paper No. 19/156
Number of pages: 30 Posted: 27 Aug 2019
Y. Sophia Zhang
International Monetary Fund (IMF)
Downloads 17 (648,368)



Labor market reforms, Labor markets, Real wages, Labor costs, Labor productivity, wages, spillovers, Phillips curve, non-employment, European Union, wage growth, inflation expectation, Eu member, real wage, euro area


Corporate Vulnerabilities in Vietnam and Implications of COVID-19

IMF Working Paper No. 2020/260
Number of pages: 27 Posted: 26 Jan 2021
International Monetary Fund (IMF), International Monetary Fund (IMF), International Monetary Fund (IMF), General Statistics Office, General Statistics Office and General Statistics Office
Downloads 13 (677,767)