Ye Li

Financial Intermediation with Fragile Seigniorage: A Dynamic Model of Stablecoin Issuers, with Simon Mayer (updated 2026), link, summary

Information-Concealing Credit Architecture, with Gary Gorton, Guillermo Ordoñez (2025, updated 2026), revise and resubmit at the American Economic Review, link, summary

Data as a Networked Asset, with Bo Bian, Qiushi Huang, Huan Tang (2024, updated 2026), revise and resubmit at the Journal of Political Economy, link, summary

Payment Risk and Bank Liquidity Management, with Yi Li (2026), the 2026 AEA Papers and Proceedings, link

The Information Cliff, with Chen Wang (2025, updated 2026), link, summary

The Network Structure of Money Multiplier, with Yi Li, Sergey Sarkisyan, Huijun Sun (2023, updated 2026), link, summary

Payment Risk and Bank Lending, revise and resubmit at the Journal of Financial Economics with Yi Li (2021, updated 2025), link

Public Liquidity and Intermediated Liquidity (2025), link, summary

Firm Quality Dynamics and the Slippery Slope of Credit Intervention, with Wenhao Li, the Review of Economic Studies (2025), link, summary

Dynamic Banking and the Value of Deposits, with Patrick Bolton, Neng Wang, Jinqiang Yang, the Journal of Finance (2025), link, summary

Fragile New Economy: Intangible Capital, Corporate Savings Glut, and Financial Instability, the American Economic Review (2025), link, summary

Network Risk and Key Players: A Structural Analysis of Interbank Liquidity, with Ed Denbee, Christian Julliard, Kathy Yuan, the Journal of Financial Economics (2021) Lead Article (vol. 141 issue 3), link, summary

Token-based Platform Finance, with William Cong, Neng Wang, the Journal of Financial Economics (2022), link, summary

Tokenomics: Dynamic Adoption and Valuation, with William Cong, Neng Wang, the Review of Financial Studies (2021) Editor's Choice (vol. 34 issue 3), link, summary