Working Papers

From Hong Kong Institute for Monetary Research
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252013: A Theory of the Competitive Saving Motive

Qingyuan Du and Shang-Jin Wei

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 Matthews and Nina Zhang

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

Reuven Glick and Michael Hutchison

242014: Network Effects in Currency Internationalisation: Insights from BIS Triennial Surveys and Implications for the Renminbi

Dong He and Xiangrong Yu

242013: Rental Rates under Housing Price Uncertainty: A Real Options Approach

Honglin Wang, Fan Yu and Yinggang Zhou

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

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

Gurnain Pasricha

242008: Elasticity Optimism

Jean 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

232014: Financial Crisis, Unconventional Monetary Policy and International Spillovers

Qianying Chen, Andrew Filardo, Dong He and Feng Zhu

232013: Chinese Political and Economic Governance System and the Imbalance between Consumption and Investment

Julan Du, Hongsheng Fang and Xiangrong Jin

232012: Hong Kong Inflation Dynamics: Trend and Cycle Relationships with the U.S. and China

Pym Manopimoke

232011: Enter the Dragon: Interactions between Chinese, US and Asia-Pacific Equity Markets, 1995-2010

Richard Burdekin and Pierre Siklos

232010: Housing Investment: What Makes It so Volatile? Theory and Evidence from OECD Countries

Quoc Hung Nguyen

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

Paul 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

222015: Fundamentals and the Volatility of Real Estate Prices in China: A Sequential Modelling Strategy

Yongheng Deng, Eric Girardin and Roselyne Joyeux

222014: Chinese Shadow Banking: Bank-Centric Misperceptions

Tri Vi Dang, Honglin Wang and Aidan Yao

222013: Asset Allocation and Monetary Policy: Evidence from the Eurozone

Harald Hau and Sandy Lai

222012: What Makes the VIX Tick?

Warren Bailey, Lin Zheng and Yinggang Zhou

222011: Concocting Marketable Cocos

George von Furstenberg

222010: Domestic Institutions and the Bypass Effect of Financial Globalization

Jiandong Ju and Shang-Jin Wei

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 Rui

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

Peter 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 Devereux and Graham Voss

222003: Bank Lending and Property Prices: Some International Evidence

Boris Hofmann

222002: Price Setting and Exhange Rate Pass-Through

Michael Devereux and James Yetman

212015: Term-Structure Modelling at the Zero Lower Bound: Implications for Estimating the Term Premium

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

212014: Implications of Liquidity Management of Global Banks for Host Countries - Evidence from Foreign Bank Branches in Hong Kong

Eric Wong, Andrew Tsang and Steven Kong

212013: Robust Control, Informational Frictions, and International Consumption Correlations

Yulei Luo, Jun Nie and Eric Young

212012: Exchange Rates as Exchange Rate Common Factors

Ryan Greenaway-McGrevy, Nelson Mark, Donggyu Sul and Jyh-Lin Wu

212011: Dual-Track Interest Rates and the Conduct of Monetary Policy in China

Dong He and Honglin Wang

212010: Accumulation of Reserves and Keeping Up with the Joneses: The Case of LATAM Economies

Yin-Wong Cheung and Rajeswari Sengupta

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 Leung and Dickson C. Tam

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

Marco Cipriani and Graciela Kaminsky

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

Joseph K.W. Fung