A Framework for Monitoring Capital Flows in Hong Kong

Dong He, Frank Leung () and Philip Ng
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Philip Ng: Research Department, Hong Kong Monetary Authority

No 916, Working Papers from Hong Kong Monetary Authority

Abstract: In this paper we attempt to delineate conceptual issues relating to the definition of capital flows, and introduce a framework that organises survey data and accounting information at different time horizons to form a judgment on the nature and scale of fund flows in Hong Kong. Given the complexity of international financial transactions in Hong Kong, cross-border capital flows may not correspond closely to fund flows into and out of the Hong Kong dollar. A comprehensive view on the scale and nature of capital flows in Hong Kong requires the joint analysis of both monetary and Balance of Payments statistics, in addition to information gathered through market intelligence. We then apply the monitoring framework to analyse four episodes of large fund flows between 2003 and mid-2009.

Keywords: Capital flows; Fund flows; Hong Kong; Balance of Payments; External claims and liabilities of banks; Monetary Survey (search for similar items in EconPapers)
JEL-codes: F21 F32 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2009-09
New Economics Papers: this item is included in nep-acc and nep-opm
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:hkg:wpaper:0916

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