Dr Yifei Cai

Dr Yifei Cai

Lecturer, Aviation

School of Electrical and Mechanical Engineering

College of Engineering and Information Technology

Eligible to supervise Masters and PhD (as Co-Supervisor) - email supervisor to discuss availability.

Available For Media Comment.

Dr. Yifei Cai serves as a lecturer specializing in aviation economics and finance, international relations and political shocks, time series econometrics, applied macroeconomics, and sustainability. I am actively seeking to supervise PhD students who share an interest in above fields. Several of my recent publications have been featured in prestigious academic journals, including Energy Economics, Scottish Journal of Political Economy, Economics Letters, Transport Policy, Economics Letters, Annals of Operations Research, Technological Forecasting and Social Change, Journal of Environmental Management, Empirical Economics, Finance Research Letters, International Review of Economics and Finance, Applied Economics, and more. 
Recent news updates:
1. I’m pleased to share that my research titled “Political Relations and Trade: New Evidence from Australia, China and the United States” has been awarded the 2024 Adam Smith Best Paper Award by the Scottish Economic Society. This work is a collaboration with Professor Jamel Saadaoui (Université Paris VIII) and Professor Yanrui Wu (University of Western Australia). You may find the paper here: https://onlinelibrary.wiley.com/doi/10.1111/sjpe.12367.
2. I'm delighted to share that my solo-authored paper has been published in Economics Letters (ABDC: A). You can access the publication here: https://www.sciencedirect.com/science/article/pii/S016517652500120X. 

Updates on research grants / funding:

1. Australia-China Political Risks and Indo-Pacific Geopolitical Spillovers: Measurement and Macroeconomic Responses, Discovery Early Career Researcher Award (DECRA), 2025, Amount: $ 517,593. Proposal submitted, awaiting the result.

Updates on 2024-2025 publications:

1. My recent paper titled "US-China Tensions, Global Supply Chains Pressure, and Global Economy" has been accepted by Economics Letters (ABDC: A), solo paper, please refer the following link: https://doi.org/10.1016/j.econlet.2025.112283.

2. My recent paper titled "Financial Conditions and Sino-US Tensions: A Granger Causality Analysis of Diverging Financial Condition Indicators" has been published by Finance Research Letters (Q1), please refer the following link: https://doi.org/10.1016/j.frl.2025.107199.

3. My recent paper titled "Oil Price Shocks and Airlines Stock Return and Volatility – A GFEVD Analysis" has been accepted by Economics of Transportation (Q2), with Yahua Zhang and Anming Zhang, please refer the following link: https://doi.org/10.1016/j.ecotra.2025.100396. 

4. My recent paper titled "Assessing the Influence of Unplanned Oil Supply Outages on Airline Stock Connectedness" has been accepted by Energy Economics (Q1), please refer the following link: https://doi.org/10.1016/j.eneco.2024.108145.

5. My recent paper titled "Cryptocurrency meets US trade policy uncertainty in the Trump era: A quantile Granger causality test" has been accepted by Finance Research Letters (Q1), please refer the following link: https://doi.org/10.1016/j.frl.2025.107999.

6. My recent paper titled "The causal dynamics between geopolitical risks, climate risks, and Global ESG Equity & Green Bond Balanced Index" has been accepted by Finance Research Letters (Q1), please refer the following link: https://doi.org/10.1016/j.frl.2025.107775.

7. My recent paper titled "Time‐Varying Interactions Between US–China Political Relation, Flight Frequency, and Inbound Tourism" has been accepted by Economics & Politics (Q1), please refer the following link: https://doi.org/10.1111/ecpo.12347.

8. My recent paper titled "Geopolitical risks and airlines stock return–implications to the financial stability of European airlines" has been accepted by Transport Policy (Q1), please refer the following link: https://doi.org/10.1016/j.tranpol.2025.05.001.

Updates on revision request:

1. US Partisan Conflict, Sino-US Political Relation News and Oil Market Dynamics, with Jamel Saadaoui and Gazi Salah Uddin, re-submit to Energy Economics.

2. Geopolitical risks and Airlines Stock Return – Implications to the Financial Stability of European Airlines, with Shane Zhang and Xiaowen Fu, re-submit to Transport Policy.

3. Evaluating the Impacts of Joint Shocks of Climate Risks, Global Supply Chains, Global Real Economic Activity and Geopolitical Risks on Commodity Price, with Jialin Zhang, Yahua Zhang, Xiaowen Fu, and Lei Xu, re-submit to World Economy. 

4. The Role of Oil Price Uncertainty Shocks in US Personal Consumption Expenditure, with Marco Chikeung Lau and Nicolas Apergis, re-submit to Humanities and Social Sciences Communications.

5. Evaluating the Effects of Sino-US Political Relations Shocks on Commodity Prices, with Dimitrios Bakas, submit to International Review of Economics and Finance.

Updates on recent submissions:

1. Political Relations Shock and Macroeconomic Impacts in the European Union: China versus Other Permanent Members of the United Nations Security Council, with Shane Zhang, Yanrui Wu and Fredj Jawadi, submit to Scottish Journal of Political Economy.

2. The Contribution of Political Shocks to Total Spillovers in Semiconductor Industry, with Yahua Zhang, Xiaowen Fu, Jialin Yang, submit to China Economic Review. 

3. Western vs. Eastern Media: U.S.-China Political Shocks and Output in the Global Economy, solo paper, submit to Journal of Comparative Economics.

4. Prices and the Transmission of Australia-China Political Relation Shocks to Private Consumption Expenditure, solo paper, submit to Economic Record.

5. Does Improving Political Relations cause Housing Market Fever? Evidence from Australia and China, with Jamel Saadaoui.

6. Do Political Tensions Weaken US State Economy? Evidence from Novel Datasets and Granger Causality Test at Quantiles, with Dan Qiao, Sajid Anwer, and Tsangyao Chang, submit to Journal of International Trade & Economic Development.

7. FUNCI Immigrants Inflows and the Australian Housing Market Fever: Who Contributes the Most? A Short Communication, with Yijuan Shen, submit to Cities.

Year Citation
2025 Cai, Y., Zhang, Y., & Xu, Y. (2025). Assessing the influence of unplanned oil supply outages on airline stock connectedness. ENERGY ECONOMICS, 141(108145), 12 pages.
DOI Scopus1 WoS1
2025 Cai, Y., Zhang, Y., & Zhang, A. (2025). Oil price shocks and airlines stock return and volatility - A GFEVD analysis. Economics of Transportation, 41(100396), 1-12.
DOI Scopus6
2025 Cai, Y., Fu, X., & Zhang, Y. (2025). Geopolitical risks and airlines stock return - Implications to the financial stability of European airlines. Transport Policy, 170, 51-57.
DOI Scopus1
2025 Xu, S., Cai, Y., Zhang, Y., & Wang, C. (2025). Time-varying interactions between US-China political relation, flight frequency, and inbound tourism. Economics & Politics, online(3), 1-12.
DOI Scopus1
2025 Cai, Y., Shen, Y., & Uddin, G. S. (2025). Financial conditions and Sino-US tensions: a granger causality analysis of diverging financial condition indicators. Finance Research Letters, 79(107199), 1-6.
DOI Scopus2
2025 Cai, Y. (2025). US-China tensions, global supply chains pressure, and global economy. Economics Letters, 250(112283), 1-6.
DOI
2025 Cai, Y., & Saadaoui, J. (2025). US-China tensions, US partisan conflict, and global oil prices: scapegoating?. Applied Economics Letters, online, 1-10.
DOI
2025 Shen, Y., Cui, X., Zhu, Y., & Cai, Y. (2025). The causal dynamics between geopolitical risks, climate risks, and Global ESG Equity & Green Bond Balanced Index. Finance Research Letters, 85(107775), 1-8.
DOI Scopus2
2025 Yi, X., Shen, Y., & Cai, Y. (2025). Cryptocurrency meets U.S. trade policy uncertainty in the Trump era: a quantile Granger causality test. Finance Research Letters, 85(107999), 1-9.
DOI
2025 Cai, Y., Saadaoui, J., & Uddin, G. S. (2025). US partisan conflict, Sino-US political relation news, and oil market dynamics☆,☆☆. Energy Economics, 149(108820), 1-17.
DOI
2025 Li, Z., Shen, Y., & Cai, Y. (2025). Global supply chain pressure and shipping stocks: some causal evidence. Oeconomia Copernicana, 16(1), 190-203.
2024 Cai, Y., Wang, M. C., & Chang, T. (2024). Sino-Japan political relation and bilateral trade-a cross-quantilogram approach. Applied Economics Letters, online(17), 1-9.
DOI
2024 Cai, Y., Zhang, Y., Wu, Y., & Chang, T. (2024). Airline stock market performance and political relations: a cross-quantilogram analysis of Chinese and US carriers. Transport Policy, 155, 124-149.
DOI Scopus6
2024 Cai, Y., Zhang, Y., & Chang, T. (2024). Dependence structure between energy uncertainty index and airlines stocks returns and volatility: a short communication. Transport Economics and Management, 2, 302-309.
DOI Scopus1
2024 Cai, Y., Li, X., & Zhang, Y. (2024). Oil market responses to Sino-European political relation shock: insights after China's world trade organization accession. Economic Modelling, 141(106907), 1-13.
DOI Scopus3
2024 Xu, S., Shen, R., Zhang, Y., & Cai, Y. (2024). Fostering regional innovation efficiency through pilot free trade zones: evidence from China. Economic Analysis and Policy, 81, 356-367.
DOI Scopus16
2024 Saadaoui, J., Lau, C. K. M., & Cai, Y. (2024). Testing fiscal sustainability in OECD countries: new evidence from the past centuries. Applied Economics Letters, 31(7), 676-682.
DOI
2024 Cai, Y., Chang, H. W., Chang, T., Țăran, A. M., & Pirtea, M. (2024). Time-varying causal impacts of the continental US weather risks on food price. Applied Economics Letters, 31(14), 1298-1304.
DOI
2023 Cai, Y., Chang, H. W., Xiang, F., & Chang, T. (2023). Can precious metals hedge the risks of Sino-US political relation?-Evidence from Toda-Yamamoto causality test in quantiles. Finance Research Letters, 58(104327), 1-7.
DOI
2023 Cai, Y., & Chang, T. (2023). On the convergence of metals price-a series of Fourier DF unit root tests. Applied Economics Letters, 30(17), 2450-2454.
DOI
2023 Cai, Y., Chang, H. W., & Chang, T. (2023). Evaluating time-varying granger causality between US-China political relation changes and China stock market. Finance Research Letters, 55(103918), 1-6.
DOI
2023 Soliman, A. M., Lau, C. K., Cai, Y., Sarker, P. K., & Dastgir, S. (2023). Asymmetric effects of energy inflation, agri-inflation and CPI on agricultural output: evidence from NARDL and SVAR models for the UK. Energy Economics, 126(106920), 1-13.
DOI
2023 Liu, X., Wojewodzki, M., Cai, Y., & Sharma, S. (2023). The dynamic relationships between carbon prices and policy uncertainties. Technological Forecasting and Social Change, 188(122325), 1-11.
DOI
2023 Schneider, N., & Cai, Y. (2023). Quantile integration order of decarbonized energy series using a Fourier function in the deterministic trend. Energy and Climate Change, 4(100105), 1-17.
DOI
2023 Cai, Y., Saadaoui, J., & Wu, Y. (2023). Political relations and trade: new evidence from Australia, China, and the United States. Scottish Journal of Political Economy, 71(3), 253-275.
DOI Scopus8
2023 Zhang, D., Chen, X. H., Lau, C. K. M., & Cai, Y. (2023). The causal relationship between green finance and geopolitical risk: Implications for environmental management. Journal of Environmental Management, 327(116949), 1-25.
DOI
2023 Lau, C. K., Cai, Y., & Gozgor, G. (2023). How do weather risks in Canada and the United States affect global commodity prices? Implications for the decarbonisation process. Annals of Operations Research, online, 1-17.
DOI
2023 Churchill, S. A., Cai, Y., Erdiaw Kwasie, M. O., & Pan, L. (2023). Financial development and tourism: a century of evidence from Germany. Applied Economics, 55(3), 305-318.
DOI
2022 Cai, Y., & Saadaoui, J. (2022). Fourier DF unit root test for R&D intensity of G7 countries. Applied Economics, 54(42), 4900-4914.
DOI
2022 Cai, Y., Mignon, V., & Saadaoui, J. (2022). Not all political relation shocks are alike: assessing the impacts of US-China tensions on the oil market. Energy Economics, 114(106199), 1-10.
DOI
2022 Cai, Y., & Omay, T. (2022). Using double frequency in fourier dickey-fuller unit root test. Computational Economics, 59(2), 445-470.
DOI
2022 Cai, Y., Zhang, D., Chang, T., & Lee, C. C. (2022). Macroeconomic outcomes of OPEC and non-OPEC oil supply shocks in the euro area. Energy Economics, 109(105975), 1-16.
DOI
2021 Cai, Y., & Menegaki, A. (2021). FDI, growth and trade partisan conflict in the US: TVP-BVAR approach. Empirical Economics, 60(3), 1335-1362.
DOI
2021 Cai, Y., & Wu, Y. (2021). Time-varying interactions between geopolitical risks and renewable energy consumption. International Review of Economics and Finance, 74, 116-137.
DOI
2021 Dong, H., Cai, Y., & Shi, X. (2021). Does globalisation promote economic output in Sub-Saharan Africa? Evidence from bootstrap ARDL model. Journal of Asian and African Studies, 56(8), 1795-1818.
DOI
2021 Cai, Y., & Wu, Y. (2021). Understanding gas pricing mechanisms: implications for the Asian market. Australasian Journal of Environmental Management, 28(4), 373-390.
DOI
2019 Jiang, Y., Cai, Y., Peng, Y. T., & Chang, T. (2019). Testing hysteresis in unemployment in G7 vountries using quantile unit root test with both sharp shifts and smooth breaks. Social Indicators Research, 142(3), 1211-1229.
DOI
2019 Cai, Y., & Wu, Y. (2019). Time-varied causality between US partisan conflict shock and crude oil return. Energy Economics, 84(104512), 1-9.
DOI
2019 Cai, Y., & Menegaki, A. N. (2019). Convergence of clean energy consumption-panel unit root test with sharp and smooth breaks. Environmental Science and Pollution Research, 26(18), 18790-18803.
DOI
2019 Cai, Y., & Menegaki, A. N. (2019). Fourier quantile unit root test for the integrational properties of clean energy consumption in emerging economies. Energy Economics, 78, 324-334.
DOI
2019 Cai, Y., & Magazzino, C. (2019). Are shocks to natural gas consumption transitory or permanent? A more powerful panel unit root test on the G7 countries. Natural Resources Forum: a united nations sustainable development journal, 43(2), 111-120.
DOI
2019 Cai, Y., & Wu, Y. (2019). On the convergence of per capita carbon dioxide emission: a panel unit root test with sharp and smooth breaks. Environmental Science and Pollution Research, 26(36), 36658-36679.
DOI
2018 Cai, Y., Sam, C. Y., & Chang, T. (2018). Nexus between clean energy consumption, economic growth and CO2 emissions. Journal of Cleaner Production, 182, 1001-1011.
DOI
2018 Cai, Y. (2018). Predictive power of us monetary policy uncertainty shock on stock returns in Australia and New Zealand. Australian Economic Papers, 57(4), 470-488.
DOI
2018 Cai, Y., Chang, T., & Inglesi Lotz, R. (2018). Asymmetric persistence in convergence for carbon dioxide emissions based on quantile unit root test with Fourier function. Energy, 161, 470-481.
DOI

  • Growing sustainable aviation fuel industries in combatting climate crises: opportunities for Australia and China, National Foundation for Australia-China Relations, 30/04/2024 - 06/04/2026

Courses I teach

  • AERO 2059 Aviation Economics (2025)
  • AERO 3013 Aviation Project 1 (2025)
  • AERO 2059 Aviation Economics (2024)
  • AERO 3013 Aviation Project 1 (2024)

Date Role Research Topic Program Degree Type Student Load Student Name
2024 Co-Supervisor - Doctor of Philosophy Doctorate Full Time Miss Zahra Jaffary

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