Working Papers

from Hong Kong Institute for Monetary Research
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272009: On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals

Philippe Bacchetta and Eric van Wincoop

262009: Lessons for China from Financial Liberalization in Scandinavia

Hongyi Chen, Lars Jonung and Olaf Unteroberdoerster

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 Hutchison

242009: Bank Competition and International Financial Integration:Evidence Using a New Index

Gurnain Kaur Pasricha

242008: Elasticity Optimism

Jean M. Imbs and Isabelle Mˆmjean

242007: Deregulation, Competition and Consumer Welfare in Banking Market: Evidence from Hong Kong

Chun-Yu Ho

242004: Why Dones't Asia have the biger bond markets

Barry Eichengreen and Pipat Luengnaruemitchai

242003: Wage-Price Dynamics, the Labour Market and Deflation in Hong Kong

Weshah Razzak

232009: Structural Change and Counterfactual Inflation-Targeting in Hong Kong

Paul D. McNelis

232008: International Macroeconomic Fluctuations: A New Open Economy Macroeconomics Interpretation

Soyoung Kim and Jaewoo Lee

232007: Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy as an Equilibrium Outcome of Globalization

Alon Binyamini and Assaf Razin

232004: Momentum Trading, Mean Reveral and Overration in Chinese Stock Market

Yangru Wu

232003: China: A Stabilizing or Deflationary Influence in East Asia? THe Problem of Conflict Virtue

Ronald McKinnon and Gunther Schnabl

232002: Credibility and Flexibility with Monetary Policy Committees

Ilian Mihov and Anne Sibert

222009: The Empirical Relation between Credit Quality, Recovery, and Correlation

Daniel Rosch and Harald Scheule

222008: Double Signals or Single Signal? An Investigation of Insider Trading Around Share Repurchases

Michael Firth, T. Y. Leung and Oliver Meng Rui

222007: Explosive Behavior in the 1990s Nasdaq: When Did Exuberance Escalate Asset Values?

Peter C. B. Phillips, Yangru Wu and Jun Yu

222005: Do Investors Really Value Corporate Governance? Evidence from the Hong Kong Market

Yan-leung Cheung, J. Thomas Connelly, Piman Limpaphayom and Lynda Zhou

222004: Exchange Rate Regimes, Specialization and Trave Volume

Michael B. Devereux and Graham M Voss

222003: Bank Lending and Property Prices: Some International Evidence

Boris Hofmann

222002: Price Setting and Exhange Rate Pass-Through

Michael B. Devereux and James Yetman

212009: A Multiple-Horizon Search for the Role of Trade and Financial Factors in Bilateral Real Exchange Rate Volatility

Yin-Wong Cheung and Kon S. Lai

212008: Does the DiPasquale-Wheaton Model Explain the House Price Dynamics in China Cities?

Kenneth K. Chow, Matthew S. Yiu, Charles Ka Yui Leung and Dickson C. Tam

212007: Volatility in International Financial Market Issuance: The Role of the Financial Center

Marco Cipriani and Graciela Laura Kaminsky

212005: The Information Content of Option Implied Volatility Surrounding the 1997 Hong Kong Stock Market Crash

Joseph K.W. Fung

212004: Deflationary Dynamics in Hong Kong: Evidence from Linear and Neural Network Regime Switching Models

Paul McNelis and Carrie K.C. Chan

212003: Growth and Convergence in a Two-region Moddel: The Hypothetical Case of Korean Unification

Michael Funke and Holger Strulik

212002: Endogenous Exchange Rate Pass-Through When Nominal Prices are Set in Advance

Michael B. Devereux, Charles Engel and Peter E. Storgaard

202009: Strict and Flexible Inflation Forecast Targets: An Empirical Investigation

Glenn Otto and Graham M Voss

202008: Return, Trading Volume, and Market Depth in Currency Futures Markets

Ai-ru (Meg) Cheng and Yin-Wong Cheung

202007: Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia

Alice Y. Ouyang, Ramkishen S. Rajan and Tom Willett

202005: Output Gaps and Inflation in Mainland China

Stefan Gerlach and Wensheng Peng

202004: Exchange Rate Policy and Endogenous Price Flexibility

Michael B. Devereux

202003: Central Bank Governance: Common Elements or Different Models?

Viv B. Hall

202002: Signaling versus Commitment Strengthening: Exchange Rate Insurance against Currency Attacks

Y. Stephen Chiu

192009: Revisiting the Shocking Aspects of Asian Monetary Unification

Hans Genberg and Pierre Siklos

192008: What Future for the Hong Kong Dollar Corporate Bond Market?

Tony Latter

192007: Long-run and Cyclic Movements in the Unemployment Rate in Hong Kong: A Dynamic, General Equilibrium Approach

Michael K. Salemi

192006: Does the Chinese Interest Rate Follow the US Interest Rate?

Yin-Wong Cheung, Dickson Tam and Matthew S. Yiu

192005: Cross-Country Relative Price Volatility: Effects of Market Structure

Yin-Wong Cheung and Eiji Fujii

192004: Application of a Modified TAR Model to CIP Deviations in Asian Data

Elena Tchernykh Branson

192003: Asia's Debt Capital Markets: Appraisal and Agenda for Policy Reform

Paul Lejot, Douglas Arner, Qiao Liu, Mylene Chan and Mshall Mays

192002: Inflation Targeting in China?

Shu-ki Tsang

182009: Renminbi as an International Currency: Potential and Policy Considerations

Hongyi Chen, Wensheng Peng and Chang Shu

182008: Determinants of Emerging Market Spreads: Domestic, Global Factors, and Volatility

Pierre Siklos

182007: Aspects, Models and Measures for Assessing the Competitiveness of International Financial Services in a Particular Location

George M. von Furstenberg

182006: The Illusion of Precision and the Role of the Renminbi in Regional Integration

Yin-Wong Cheung, Menzie Chinn and Eiji Fujii

182005: Macroeconomic Volatility, Debt Dynamics, and Sovereign Interest Rate Spreads

Hans Genberg and Astrit Sulstarova

182004: Inflation Inertia- THe Role of Multiple, Interacting Pricing Rigidities

Michael Kumhof