Working Papers

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412011: The Effect of Capital Flow Management Measures in Five Asian Economies on the Foreign Exchange Market

Matthew S. Yiu

402011: Information Flow between Sovereign CDS and Dollar-Yen Currency Option Markets in the Sovereign Debt Crisis of 2009-2011

Cho-Hoi Hui and Tom Fong

392011: Exchange Rates and the Margins of Trade: Evidence from Chinese Exporters

Heiwai Tang and Yifan Zhang

382011: The Great Retrenchment: International Capital Flows During the Global Financial Crisis

Gian Maria Milesi-Ferretti and Cédric Tille

382009: The Financial Crisis and Sizable International Reserves Depletion: From 'Fear of Floating' to the 'Fear of Losing International Reserves'?

Joshua Aizenman and Yi Sun

372011: Love Thy Neighbor: Income Distribution and Housing Preferences

Tin Cheuk Leung and Kwok Ping Tsang

372009: Feast and Famine: Explaining Big Swings in the Hong Kong Economy between 1981 and 2007

Chak Hung J. Cheng and Michael K. Salemi

362011: Exchange Rate Dynamics Under Alternative Optimal Interest Rate Rules

Mahir Binici and Yin-Wong Cheung

362009: Cross-border Mergers and Acquisitions (M&As) in Developing Asia: The Role of Financial Variables

Rabin Hattari and Ramkishen S. Rajan

352011: Preference Relativity, Ambiguity and Social Welfare Evaluation

Zhijun Zhao

352009: Initial Day Return and Underpricing Cost in Advance Payment Initial Public Offerings

Joseph K. W. Fung and Sanry Y. S. Che

342011: The Cross-Section of Country News, Decoupling Expectations, and Global Business Cycles

Mathias Hoffmann and Wei Liao

342009: Discriminatory Power and Predictions of Defaults of Structural Credit Risk Models

T. C. Wong, C. H. Hui and C. F. Lo

332011: Explaining Share Price Disparity with Parameter Uncertainty: Evidence from Chinese A- and H-Shares

Tsz-Kin Chung, Ka-Fai Li and Cho-Hoi Hui

332009: The Global Crisis: Fatal Decisions - Four Case Studies in Financial Regulation

Leo F. Goodstadt

322012: Investment and Asset Growth of Asian Firms: Evidence for Financial Resilience in the Recent Financial Crisis

Alessandra Guariglia and Paul Mizen

322011: Geopolitics, Global Patterns of Oil Trade, and China¡¦s Oil Security Quest

Sergey Mityakov, Heiwai Tang and Kevin K. Tsui

322009: The Global Crisis: Why Regulators Resist Reforms

Leo F. Goodstadt

312012: What are the Challenges and Problems Facing China's Outward Portfolio Investment: Evidence from the Qualified Domestic Institutional Investor Scheme

Aidan Yao and Honglin Wang

312011: Give Credit where Credit is Due: Tracing Value Added in Global Production Chains

Robert Koopman, William Powers, Zhi Wang and Shang-Jin Wei

312010: Why are Saving Rates so High in China?

Dennis Tao Yang, Junsen Zhang and Shaojie Zhou

312009: Currency Internationalisation: Analytical and Policy Issues

Hans Genberg

302012: The Evolution of Endogenous Business Cycles

Roger E. A. Farmer

302011: Sectoral Labor Adjustment and Monetary Policy in a Small Open Economy

Kang Shi

302010: A Target-Zone Model with Two Types of Assets

Yue Ma, Shu-ki Tsang, Matthew S. Yiu and Wai-Yip Alex Ho

302009: Market Structure, Welfare, and Banking Reform in China

Chun-Yu Ho

292012: Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk

Marti G. Subrahmanyam, Dragon Yongjun Tang and Sarah Qian Wang

292011: Equity Prices and Equity Flows: Testing Theory of the Information-Efficiency Tradeoff

Assaf Razin and Anuk Serechetapongse

292010: What Does the Yield Curve Tell Us about Exchange Rate Predictability?

Yu-chin Chen and Kwok Ping Tsang

292009: Rational Cost Inefficiency in Chinese Banks

Kent Gerard Matthews, Zhiguo Xiao and Xu Zhang

282012: A Quasi-Bounded Target Zone Model - Theory and Application to Hong Kong Dollar

C. F. Lo, C. H. Hui, S. W. Chu and T. Fong

282011: Anchoring and Loss Aversion in the Housing Market: Implications on Price Dynamics

Tin Cheuk Leung and Kwok Ping Tsang

282010: Self-Fulfilling Risk Panics

Philippe Bacchetta, Cédric Tille and Eric van Wincoop

282009: Evaluating Exchange Rate Management An Application to Korea

David Parsley and Helen Popper

272012: The Effect of Commodity Price Shocks on Underlying Inflation: The Role of Central Bank Credibility

Jonathan Scott Davis

272011: The Real Exchange Rate, Real Interest Rates, and the Risk Premium

Charles Engel

272010: Home Bias in Currency Forecasts

Yu-chin Chen, Kwok Ping Tsang and Wen-Jen Tsay

272009: On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals

Philippe Bacchetta and Eric van Wincoop

262012: Factor Market Distortions across Time, Space and Sectors in China

Loren Brandt, Trevor Tombe and Xiaodong Zhu

262011: The Implementation of Monetary Policy in China: The Interbank Market and Bank Lending

Hongyi Chen, Qianying Chen and Stefan Gerlach

262010: Liquidity Crunch in Late 2008: High-Frequency Differentials between Forward-Implied Funding Costs and Money Market Rates

Matthew S. Yiu, Joseph K. W. Fung, Lu Jin and Wai-Yip Alex Ho

262009: Lessons for China from Financial Liberalization in Scandinavia

Hongyi Chen, Lars Birger Jonung and Olaf Unteroberdoerster

252012: Factor Intensity, Product Switching, and Productivity: Evidence from Chinese Exporters

Yue Ma, Heiwai Tang and Yifan Zhang

252011: Inflation Targeting and Inflation Persistence in Asia-Pacific

Stefan Gerlach and Peter Tillmann

252010: The Risk of Sudden Depreciation of the Euro in the Sovereign Debt Crisis of 2009-2010

Cho-Hoi Hui and Tsz-Kin Chung

252009: Bank Productivity in China 1997-2007: An Exercise in Measurement

Kent Gerard Matthews and Nina Zhang

252008: Navigating the Trilemma: Capital Flows and Monetary Policy in China

Reuven Glick and Michael Mercier Hutchison

242012: Determinants and Dynamics of Price Disparity in Onshore and Offshore Renminbi Forward Exchange Rate Markets

Ka-Fai Li, Cho-Hoi Hui and Tsz-Kin Chung

242011: Can Securitization Work? Economic, Structural and Policy Considerations

Timothy J. Riddiough

242010: Measuring Renminbi Misalignment: Where Do We Stand?

Yin-Wong Cheung, Menzie Chinn and Eiji Fujii