"The aim of research is to study the "big questions", but that often the way to achieve that is to study smaller, more tractable questions that are steps on the way - which is by and large how science works." - Nobel Laureate, Paul Krugman


Studying for a PhD is a life-changing experience. A PhD is a long project and it is very different to any academic work you have done in the past: it requires three novel research projects (also known as essays / academic articles) that contribute to the existing knowledge. During a PhD you will become a researcher / scientist, formulating your own hypotheses and theories, and testing them for their validity. Scientific research requires curiosity to discover, explore and learn new things; ambition to challenge yourself to become knowledgeable, to make science for the benefit of humanity; dedication, commitment, modesty and patience.


I am keen on supervising PhD students who aspire to follow an academic career in top Universities, or in Central Banks and other leading institutions such as the World Bank, the Federal Reserve Board, the International Monetary Fund (IMF), the Organization for Economic Co-operation and Development (OECD), the Bank for International Settlements (BIS) among others.


Prospective PhD students should hold degrees in Economics / Finance, and have an interest in accomplishing scientific research in one of the following topics: monetary theory and policy; fiscal theory and policy; sovereign debt; business cycles; macroprudential policy and systemic risk; bank lending, credit channel and credit cycles; shadow banking; household financing; currencies, commodities, and bonds; empirical asset pricing in financial markets; empirical behavioral finance. Particularly welcome are students with degrees in Econometrics / Statistics, Mathematical Economics / Mathematical Finance or with undergraduate degrees in Mathematics, Engineering, Physics or Computer Science.

What to expect from a PhD: Studying for a PhD is a stressful endeavor. A PhD is not just four years of intense study but something that will affect your whole life. You will spend many hours on books, computers, and analysing data. All of this takes not only time but also brings personal costs: fewer hours with family, and friends. Therefore, I would recommend prospective candidates to consider whether their reasons for doing a PhD are strong enough to keep them inspired and to reflect on these motivations during the tough times, to remember that there is an important reason for doing something so demanding and difficult. 

Sizhe Hong

PhD Candidate in Financial Economics

e-mail: sizhe.hong[at]durham.ac.uk

[University Page[SSRN]  

Starting date: January 2018 

Thesis area: Credit Channel, Bank Lending.

Scholarship: PhD funded by the Centre for Banking, Institutions, and Development (CBID) and includes Scholarship for the fees, plus a monthly Studentship and funding to attend conferences and summer schools.


  • BSc in Finance, Jilin University (China) 

  • MSc in Finance, Durham University (UK) 

Achievements during PhD studies:

  • Working Paper "Forward Guidance and Corporate Lending

  • 2019 INFINITI Conference (Glasgow) Presentation

  • Certificate in Banking (2019), Barcelona Graduate School of Economics Summer School (Spain)

Research Interests:

  • Credit Channel

  • Bank Lending Channel

  • Shadow Banking

  • Monetary Policy Transmission

Kaisheng Luo

PhD Candidate in Financial Economics

e-mail: kaisheng.luo[at]durham.ac.uk

[University Page[SSRN]  

Starting date: October 2018 

Thesis area: Macro-Finance, Household Debt.

Scholarship: PhD funded by the Centre for Quantitative Research in Financial Economics (QRFE) and includes Scholarship for the fees plus a monthly Studentship and funding to attend conferences and summer schools.


  • BSc in Finance, Zhongnan University of Economics and Law (China)

  • BA in Business Administration, University of West Georgia (US) 

  • MSc in Finance, Durham University (UK) 

Achievements during PhD studies:

  • Working Paper "No Time for Caution: Banks' Internal Capital Markets and Liquidity Provisiong During the COVID-19 Pandemic"  

  • Certificate in Macroeconomics (2019), London School of Economics Summer School (London)

Research Interests:

  • Macro-Finance

  • Monetary Policy

  • Bayesian Inference

Xuan Yin

PhD Candidate in Financial Economics

e-mail: xuan.yin2[at]durham.ac.uk

[University Page[SSRN]  

Starting date: October 2019 

Thesis area: Macroprudential policy, Financial Networks.

Scholarship: PhD funded by the Economic & Social Research Council (ESRC) via the ESRC "NINE DTP" Doctoral Training Partnership and includes Scholarship for the fees plus a monthly Studentship and funding to attend conferences and summer schools. 

Total Award: £120,500



  • BA in Finance, Dongbei University of Economics and Finance (China) 

  • BA in Finance and Investment Analysis, Ulster University (Belfast, UK)

  • MSc in Risk Management & Financial Engineering, Imperial College Business School (UK) 

Research Interests:

  • Macroprudential Policy

  • Systemic Risk

  • Financial Networks

  • Credit