Effects of Capital Flow on the Equity and Housing Markets in Hong Kong
Kenneth K. Chow () and
Matthew S. Yiu ()
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Kenneth K. Chow: Hong Kong Monetary Authority
Matthew S. Yiu: Hong Kong Institute for Monetary Research
No GRU_2017_012, GRU Working Paper Series from City University of Hong Kong, Department of Economics and Finance, Global Research Unit
The revival of strong capital flows to emerging economies following the Global Financial Crisis in 2008-09 has rekindled the debate on effects of excessive capital inflows. We study the effects of official and illicit capital flows on Hong Kong, which is a small and open economy with minimal restrictions on cross-border fund movements. It is found that the official and illicit capital flow measures display a low level of comovement and exhibit differential effects on Hong Kong’s equity and residential housing markets. The results highlight the complexity of managing capital flows, and the relevance of sector-specific capital management policies.
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Published in Pacific Economic Review, Volume 22, Issue 3, August 2017, Pages 332-349
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Journal Article: Effects of capital flow on the equity and housing markets in Hong Kong (2017)
Working Paper: Effects of Capital Flow on the Equity and Housing Markets in Hong Kong (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:cth:wpaper:gru_2017_012
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