Research interests

Public Development Finance, Global Governance, and Aging Finance

Education experience

B.A., Tsinghua University

MPhil, Tsinghua University

DPhil, University of Oxford

Publications

Books and Book Chapters

1. Lin, Justin, Jiajun Xu*, Zirong Yang, and Yilin Zhang. 2024. New Structural Financial Economics: A Framework for Rethinking the Role of Finance in Serving the Real Economy. Cambridge University Press.

2. Xu, Jiajun. 2017. Beyond US Hegemony in International Development. Cambridge, United Kingdom: Cambridge University Press.

3. Xu, Jiajun. 2021. “Asian Infrastructure Investment Bank: Its Birth, Mandates, and Infrastructure Financing”. in Regional Development Banks in the World Economy. Oxford University Press.

4. Lin, Justin Yifu, Jiajun Xu, and Junjie Xia. 2019. “Explaining Reform and Special Economic Zones in China”. in The Oxford Handbook of Industrial Hubs and Economic Development. Oxford University Press.

5. Lin, Justin Yifu, and Jiajun Xu. 2019. “Chinese Light Manufacturing and Africa’s Industrialization”. In The Oxford Handbook of China-Africa and an Economic Transformation, edited by Justin Lin and Arkebe Oqubay. Oxford University Press.

6. Lin, Justin Yifu, Jiajun Xu, and Sarah Hager. 2018. “Special Economic Zones and Structural Transformation in Ethiopia: A New Structural Economics Perspective”. In The Oxford Handbook of the Ethiopian Economy. Oxford University Press.

7. Xu, Jiajun. 2018. “China’s Rise as Development Financer: Implications for International Development Cooperation.” In The Dragon’s Learning Curve: Global Governance and China, edited by Scott Kennedy, London Routledge.

Journal Articles

1. Jiang, Shenzhe, Junjie Xia*, Jiajun Xu, and Jianye Yan. 2023. A theory of National Development Bank: long-term investment and the agency problem. Economic Theory. https://doi.org/10.1007/s00199-023-01484-2.

2. Gong, Di, Jiajun Xu*, and Jianye Yan. 2023. “National Development Banks and Loan Contract Terms: Evidence from Syndicated Loans.” Journal of International Money and Finance, 130, 102763, https://doi.org/10.1016/j.jimonfin.2022.102763 (published online in 2022).

3. Schclarek, Alfredo, Jiajun Xu*. 2022. “Exchange Rate and Balance of Payment Crisis Risks in the Global Development Finance Architecture.” Journal of International Financial Markets, Institutions and Money, 79:101574.

4. Schclarek, Alfredo, Jiajun Xu*, Jianye Yan. 2023. “The Maturity Lengthening Role of National Development Banks.” International Review of Finance, 23:130–157. (published online in 2022)

5. Hu, Bo, Alfredo Schclarek, Jiajun Xu*, Jianye Yan. 2022. “Long-Term Finance Provision: National Development Banks VS. Commercial Banks.” World Development, 158.

6. Schclarek, Alfredo, Jiajun Xu*, and Pedro Amuchastegui. 2022. “Panda Bond Financing of the Belt and Road Initiative: An Analysis of Monetary Mechanisms and Financial Risks.” Research in International Business and Finance, 61.

7. Xu, Jiajun*, Xinshun Ru, and Pengcheng Song. 2021. “Can a New Model of Infrastructure Financing Mitigate Credit Rationing in Poorly Governed Countries.” Economic Modelling 95: 111-120.

8. Wang, Fei, Junjie Xia, and Jiajun Xu*. 2020. “To Upgrade or To Relocate? Explaining Heterogeneous Responses of Chinese Light Manufacturing Firms to Rising Labor Costs.” China Economic Review 60: 1-15.

9. Jiajun Xu* and Kevin Gallagher. 2022. “Transformation towards Renewable Energy Systems: Evaluating the Role of Development Financing Institutions.” Studies in Comparative International Development 57, 577–601. https://doi.org/10.1007/s12116-022-09375-8.

10. Griffith-Jones, Stephany*, Shari Spiegel, Jiajun Xu, Marco Carreras, and Natalya Naqvi. 2022. “Matching Risks with Instruments in Development Banks.” Review of Political Economy, 34(2): 197-223.

11. Gottschalk, Ricardo, Lavinia B. Castro, and Jiajun Xu*. 2022. “Should National Development Banks be Subject to Basel III?” Review of Political Economy, 34(2): 249-267, DOI: 10.1080/09538259.2021.1977541.

12. Xu, Jiajun*, and Richard Carey. 2021. “Exploring China’s Impacts on Development Thinking and Policies.” Institute of Development Studies (IDS) Bulletin, 52(2): 53-68.

13. Xu, Jiajun*, and Richard Carey. 2015. “Post-2015 Global Governance of Official Development Finance: Harnessing the Renaissance of Public Entrepreneurship.” Journal of International Development 27 (6): 856–80.

14. Xu, Jiajun*, and Richard Carey. 2014. “China’s Development Finance: What Issues for Reporting and Monitoring Systems?” IDS Bulletin 45 (4): 102–13.

15. Gruin, Julian, Peter Knaack*, and Jiajun Xu. 2018. “Tailoring for Development: China’s Post-Crisis Influence in Global Financial Governance.” Global Policy, 9 (4): 467-478. https://doi.org/10.1111/1758-5899.12566.

16. Xu, Jiajun*, Régis Marodon, Xinshun Ru, Xiaomeng Ren, and Xinyue Wu. 2021. “What are Public Development Banks and Development Financing Institutions?——Qualification Criteria, Stylized Facts and Development Trends.” China Economic Quarterly International, 1(4), 271-294.

17. Tong, Hefeng, Yan Wang*, and Jiajun Xu. 2020. “Green Transformation in China: Structures of Endowment, Investment, and Employment.” Structural Change and Economic Dynamics 54: 173-185.

18. Xu, Jiajun*, and Paul Hubbard. 2018. “A Flying Goose Chase: China’s Overseas Direct Investment in Manufacturing (2011–2013).” China Economic Journal 11 (2): 91-107.

19. Lin, Justin Yifu, and Jiajun Xu*. 2017. “Rethinking Industrial Policy from the Perspective of New Structural Economics.” China Economic Review, 48: 155-157. https://doi.org/10.1016/j.chieco.2017.11.009.

20. Xu, Jiajun. 2017. “Market Maker: The Role of China Development Bank in Incubating Market.” Man and the Economy 4 (2): 1–23.

21. Besada, Hany*, Jiajun Xu, Annalise Mathers, and Richard Carey. 2016. “Advancing African Agency in the New 2030 Transformative Development Agenda.” African Geographical Review, 36 (1): 19-44.

(Note: * corresponding author)