Crypto Shadow Banking: Stablecoins, Crypto Assets and Capital Controls
G. Sun. (2025). "Crypto Shadow Banking: Stablecoins, Crypto Assets and Capital Controls." Job Market Paper.
CV
A PDF version of my CV is available here.
Research Interests
- Macroeconomics and Financial Stability — Capital Control, Capital Flow, Crypto Assets, Financial Risks, Fraud Detection
- AI/ML in Economics — AI and Financial Markets, AI Bubbles, LLM Prompting/Finetuning, Machine Learning
Education
- Ph.D. in Economics, George Washington University, Washington D.C., expected May 2027
- M.S. in International Economics, University of International Business and Economics, Beijing, 2021
- Exchange Student in Economics, University of California, Berkeley, 2020
- B.A. in Finance, Jiangxi University of Finance and Economics, 2018
Work Experience
- Economist Intern, Andersen Institute of Finance and Economics — Washington, D.C. (Jun 2025 – Aug 2025)
- Designed and implemented an audio-input LLM pipeline to process thousands of stablecoin podcast episodes, integrating Whisper transcription, GPT-4o/Claude multi-prompt analysis, and Python post-processing to generate structured datasets on sentiment, regulatory views, and key themes.
- Researched and authored an Andersen Note on Investment Screening Mechanisms: Definition, Legal Framework, and Stylized Facts, providing a comparative analysis of OECD frameworks; part of the Institute’s flagship policy series and being expanded into a peer-reviewed paper.
- Coauthored two published papers: Stablecoins: A Revolutionary Payment Technology with Financial Risks (NBER Working Paper) and An LLM-based Survey of Stablecoin Podcasts (SSRN).
Skills
- Programming: MATLAB, Python, Stata, SQL, Excel VBA, Eviews, OxMetric, C, SAS
- Deep Learning: Hugging Face, Transformers, OpenAI API, LLM Finetuning
- Analytical: Quantitative Programming, Time-Series / ML Forecasting, Causal Inference, LLM Prompting/Finetuning
- Languages: Mandarin (native), English (fluent)
Publications
Stablecoins: A Revolutionary Payment Technology with Financial Risks
Ahmed, R., Clouse, J. A., Natalucci, F., Rebucci, A., and Sun, G. (2025). "Stablecoins: A Revolutionary Payment Technology with Financial Risks." NBER Working Paper No. 34475, National Bureau of Economic Research.
An LLM-based Survey of Stablecoin Podcasts
Ahmed, R., Rebucci, A., and Sun, G. (2025). "An LLM-based Survey of Stablecoin Podcasts." SSRN, October 19, 2025. http://dx.doi.org/10.2139/ssrn.5628451
Learning to Regulate: A New Event-Level Dataset of Capital Control Measures
Sun, G., Liu, X., Williams, T., et al. (2025). "Learning to Regulate: A New Event-Level Dataset of Capital Control Measures." arXiv preprint arXiv:2505.23025.
Bypassing Capital Interventions: Carry Trades via Commodity Futures Market
G. Sun. (2024). "Bypassing Capital Interventions: Carry Trades via Commodity Futures Market." 2024 Southern Economics Association (SEA) 94th Annual Meeting.
Carry Trade and the Theoretical Framework of “Impossible Trinity” Theory: An Empirical Analysis Based on TVP-SV-VAR
郭桂霞,and 孙歌悦."人民币套息交易与“三元悖论”理论框架——基于TVP-VAR模型的实证研究." 金融论坛 27.11(2022):10-20. doi:10.16529/j.cnki.11-4613/f.2022.11.003.
Impact of the Opening of Shanghai Free Trade Area on the Port Economy in Hong Kong
G. Sun. Impact of the Opening of Shanghai Free Trade Area on the Port Economy in Hong Kong China, Circulation Economy, 2017
Talks and Conferences
Crypto Shadow Banking: Stablecoins, Crypto Assets and Capital Controls Permalink
Job Market Paper at 2025,
Stablecoins: A Revolutionary Payment Technology with Financial Risks Permalink
NBER Working Paper No. 34475 at National Bureau of Economic Research,
An LLM-based Survey of Stablecoin Podcasts Permalink
Working Paper at SSRN,
Decentralized Expectations and the AI Bubble
Working Paper (in progress) at 2025,
Learning to Regulate: A New Event-Level Dataset of Capital Control Measures Permalink
Working Paper at arXiv:2505.23025,
Bypassing Capital Interventions: Carry Trades via Commodity Futures Market
Talk at 2024 Southern Economics Association (SEA) 94th Annual Meeting,
RMB Carry Trade and the Theoretical Framework of the Impossible Trinity
Journal Article at Finance Forum,
Impact of the Shanghai Free Trade Area on Hong Kong’s Port Economy
Journal Article at China Circulation Economy,
Teaching
Certifications and Memberships
- Student Member, Center for Economic Research (AI Economics program), GWU — 2025
- Certificate of Achievement, AI Agents Fundamentals — 2025
- JPMorgan Chase & Co. Quantitative Research — 2024
- Coursera / deeplearning.ai Deep Learning Specialization — 2024
- Certification of Supervised Machine Learning Course — 2023
Honors and Awards
- Graduate Merit Fellowship, GWU — 2021–2026
- John Whitefield Kendrick Graduate Fellowship, GWU — 2022–2024
- International Exchange Student Scholarship, UIBE — 2020
- Graduate Merit Fellowship, JUFE — 2018
- Third Prize, Blue Bridge Cup National Software and Information Technology Competition — 2017
- Third Prize, National University Internet Finance Application Innovation Competition — 2016