Dora Xia

Principal Economist

Monetary and Economic Department, Economics and Financial Markets for Asia and the Pacific

dora.xia@bis.org

Dora Xia joined the BIS in 2016 after working two years for Merrill Lynch Global Rates and Currencies Research as a strategist. Her work focuses mainly on the impact of monetary policy on financial marekts. Her papers on shadow interest rates have been widely referenced and discussed by policymakers, academia and practitioners, and have become a benchmark for measuring the monetary policy stance during the zero lower bound. She also works on topics related to monetary policy spillovers and central bank communications. Dora holds an MSc in physics and a PhD in economics from the University of California, San Diego.

Fields of interest

Financial markets
Monetary policy
Econometrics

All BIS publications (30)

BIS Working Paper No 1362 17 Jun 2026

Embracing carbon uncertainty in portfolio construction

We propose a framework for constructing fixed-income portfolios of sovereign bonds that integrates financial and environmental…

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Dora Xia

Principal Economist

Fields of interest

All BIS publications (30)

Embracing carbon uncertainty in portfolio construction

Bond yield responses to macro news: the role of macro forecast disagreement and monetary policy uncertainty

Monetary responses to external shocks in emerging market economies: the role of financial vulnerabilities

Financial channel implications of a weaker dollar for emerging market economies

R* in East Asia: business, financial cycles, and spillovers

Macroeconomic impact of tariffs and policy uncertainty

Integrating balance sheet policy into monetary policy conditions

US dollar's slide in April 2025: the role of FX hedging

The role of geopolitics in international trade

All external publications (15)

Macroeconomic news and repricing of monetary policy expectations

Dollar depreciation and the financial winds buffeting emerging markets

Global Market Reactions to the China-US 2018-2019 Trade War: Evidence From a Chinese Media Sentiment Index

Liquidity in the euro area sovereign bond market during the "dash for cash" driven by the COVID-19 crisis

The effects of climate change-related risks on banks: a literature review

The term structure of inflation forecasts disagreement and monetary policy transmission

The term structure of carbon premia

Global inflation and global monetary policy tightening: implications for the Euro area

Quantitative forward guidance through interest rate projections

All videos (2)

Deconstructing global trade

The pandemic-related financial turmoil of March 2020

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