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Effects of Capital Flow on the Equity and Housing Markets in Hong Kong

Yin-Wong Cheung, Kenneth K. Chow () and Matthew S. Yiu ()
Additional contact information
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

Abstract: 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.

New Economics Papers: this item is included in nep-ure
Date: 2017-06-28
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Published in Pacific Economic Review, Volume 22, Issue 3, August 2017, Pages 332-349

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https://www.cb.cityu.edu.hk/ef/doc/GRU/WPS/GRU%232 ... ung%20Chow%20Yiu.pdf (application/pdf)

Related works:
Journal Article: Effects of capital flow on the equity and housing markets in Hong Kong (2017) Downloads
Working Paper: Effects of Capital Flow on the Equity and Housing Markets in Hong Kong (2017) Downloads
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