Felix Chang

We're hiring at @OSU_Law! We're looking in contracts, IP, business law, and constitutional law. Hope you'll consider applying. thefacultylounge.org/2024/08/ohio-s…

The #Chinese Cross-Border Interbank Payment System (CIPS) has been viewed as a move to dethrone the #US dollar. Will the emergence of CIPS guarantee widespread acceptance of the #renminbi? Find the Answer: spkl.io/60194FjUL Subscribe: spkl.io/60104FjU0 #antitrustlaw

@tandfhss @changlawprof and @slavprofsrc provide a historically and geographically contextualized study of how global racial processes emerge in locally distinct yet interconnected ways. You can read @AnthroBalkans's review here: doi.org/10.1080/014198…

While @FTC decides how to proceed with Kroger-Albertsons, here is a @YaleJREG blog arguing against the acquisition. Hate to root against a Cincinnati company, but I don’t think the deal is good for workers or consumers. yalejreg.com/nc/why-i-oppos…

In today's Antitrust Remedies for Platform Monopolies seminar organised by CAIDG and supported by @AllenGledhill, we were privileged to have @changlawprof from @UCincinnatiLaw lead an illuminating discussion on the recent US antitrust interventions targeting platform monopolies.

Our Spring issues are online now! Congratulations to our incredible authors @EskridgeBill @SBenzell @changlawprof Jim Rossi @jbruhl Christopher Havasy, Brian Richardson @xwang1987 @DanielJHemel @merrittm Katherine E. Di Lucido, Nicholas K. Tabor & Jeffery Y. Zhang

@gdp1985 Thank you so much!

Highly recommend @changlawprof's paper on RMB internationalization. Network effects matter! I also like this point about how CIPS doesn't serve downstream customers' multi currency needs and thus cannot replace those competing networks. 1/

@daniel_mcdowell Thank you, Dan!

This is a fantastic paper by @changlawprof that everyone interested in RMB internationalization needs to read.

Thanks to @daniel_mcdowell, @nicolas_veron, @ew_jin, @DanAwrey, @ErikHovenkamp, @JFinReg, @PIIE, and others not on Twitter for comments

CIPS is a natural monopoly in cross-border RMB settlement, but its network effects are constrained by a uniform direct participant roster. Still, China’s market-making activities in RMB payments (e.g., through BRI) is bringing more—and diverse—players into the RMB fold.

China has been on a tear building infrastructures, but how good is it at building a financial market infrastructure? In Clearing the Way to Renminbi Dominance, I compare China’s Cross-Border Interbank Payment System to other FMIs. papers.ssrn.com/sol3/papers.cf…

For now, I still think it’s hard for China to leverage CIPS’s dominance in RMB settlement into dominance in an adjacent market where all int’l currencies compete

@MatthewErie @PashaHsieh @ProfLiuSida @RamsiWoodcock Thank you, Matthew!

In a new article, “Intestacy and Inequality under China’s Revised Succession Law,” forthcoming in American Journal of Comparative Law, Lusina Ho @hkulaw and I look at how Chinese intestacy laws affect wealth inequality. papers.ssrn.com/sol3/papers.cf…

@MatthewErie @PashaHsieh @ProfLiuSida @RamsiWoodcock An abstract is up on SSRN. DM me if you’d like a copy

Grateful for the comments of @MatthewErie, @PashaHsieh, @ProfLiuSida, @RamsiWoodcock, and others not on Twitter

.@SBenzell (@ChapmanArgyros) and @changlawprof (@OSU_Law, @UCincinnatiLaw) find that interventions such as taxes, mandated interoperability, and user rebates would be more socially beneficial than breakups of digital platforms ms.spr.ly/6010gyKxa

@ew_jin @daniel_mcdowell @gdp1985 @Brad_Setser As CIPS’s participants list grows, I’m watching if it diversifies. CHIPS by contrast only has 43 participants, but they’re diverse. Diversity suggests economies of scope, which CIPS doesn’t yet have. Once it does, RMB settlement will make economic (rather than political) sense.

@ew_jin @daniel_mcdowell @gdp1985 @Brad_Setser Thanks for bringing me in, Dan. Emily’s explanation makes sense. Maybe CIPS hasn’t updated the direct participant list to include BOCOM-BBM.

Follow up question for currency nerds: Suppose firms in countries A and B (not China) want to settle trade with each other in RMB. Would or could that transaction use CIPS?