Working Papers

From Hong Kong Institute for Monetary Research
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142009: China's Current Account and Exchange Rate

Yin-Wong Cheung, Menzie Chinn and Eiji Fujii

142008: Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets

Paul Mizen and Serafeim Tsoukas

142007: Is Sterilized Intervention Effective? New International Evidence

Pierre Siklos and Diana N. Weymark

142006: Well-Being in the Small and in the Large

Andrew Rose

142005: Equity Valuation in Mainland China and Hong Kong: The Chinese A-H Share Premium

Zhijun Zhao, Yue Ma and Yuhui Liu

142004: Aggregate Supply and Potential Output

Assaf Razin

142003: Ownership Concentation and Executive COmpenation in Closely Held Firms: Evidence from Hong Kong

Yan-Leung Cheung, Aris Stouraitis and Anita Wong

142002: Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?

Ramkishen Rajan, Rahul Sen and Reza Siregar

142001: Interpreting the Term Structure of Interbank Rates in Hong Kong

Stefan Gerlach

132016: A New Approach to the Estimation of Equilibrium Real Exchange Rates among East-Asian Economies

Kelvin Ho, Eric Wong and Edward Tan

132015: How Might Sovereign Bond Yields in Asia Pacific React to US Monetary Normalisation under Turbulent Market Conditions?

Tom Fong, Ceara Hui and Alfred Wong

132014: Interactions between CNY and CNH Money and Forward Exchange Markets

David Leung and John Fu

132013: Gauging the Safehavenness of Currencies

Alfred Wong and Tom Fong

132012: The RMB Debate: Empirical Analysis on the Effects of Exchange Rate Shocks in China and Japan

Soyoung Kim and Yoonbai Kim

132011: China's Outward Direct Investment in Africa

Yin-Wong Cheung, Jakob de Haan, Xingwang Qian and Shu Yu

132010: Leverage Constraints and the International Transmission of Shocks

Michael Devereux and James Yetman

132009: A Factor Analysis of Trade Integration: The Case of Asian and Oceanic Economies

Yin-Wong Cheung, Matthew S. Yiu and Kenneth K. Chow

132008: Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios

Yin-Wong Cheung and Clement Yuk-pang Wong

132007: Hoarding of International Reserves: Mrs Machlup¡¦s Wardrobe and the Joneses

Yin-Wong Cheung and Xingwang Qian

132006: Order Imbalance and the Pricing of Index Futures

Joseph K.W. Fung

132005: Crisis and Challenge: The Changing Role of the Hongkong & Shanghai Bank, 1950-2000

Leo F. Goodstadt

132004: Making Markets: Reforms to Strengthen Asia's Debt Capital Markets

Paul Lejot, Douglas Arner and Qiao Liu

132003: Deflation, Credit and Asset Prices

Charles Goodhart and Boris Hofmann

132002: Operating Performance of Banks among Asian Economies: An Internaitonal and Time Series Comparison

Simon Kwan

132001: Inflation Targeting in Emerging Market and Transition Economies: Lessons after a Decade

Jeffery D. Amato and Stefan Gerlach

122016: Pricing Corporate Bonds With Interest Rates Following Double Square-root Process

Kelvin Ho, Eric Wong and Edward Tan

122015: Monetary Policy Transmission in China: A DSGE Model with Parallel Shadow Banking and Interest Rate Control

Michael Funke, Petar Mihaylovski and Haibin Zhu

122014: Sovereign Credit Ratings, Transparency and International Portfolio Flows

Amar Gande and David Parsley

122013: A Model of Chinese Capital Account Liberalisation

Dong He and Paul Luk

122012: How Important are Foreign Ownership Linkages for International Stock Returns?

Söhnke Bartram, John Griffin and David Ng

122011: Channels of Interprovincial Risk Sharing in China

Julan Du, Qing He and Oliver Rui

122010: Do Derivative Markets Contain Useful Information for Signaling "Hot Money" Flows?

Joseph K. W. Fung, Robert I. Webb and Wing Chan

122009: A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?

Menzie Chinn and Shang-Jin Wei

122008: Environmental Factors Affecting Hong Kong Banking: A Post-Asian Financial Crisis Efficiency Analysis

Maximilian Hall, Karligash Kenjegalieva and Richard Simper

122007: International Capital Flows

Cédric Tille and Eric van Wincoop

122006: The Operation of the Moratorium on New Bank Licenses on the Hong Kong banking system 1965-81

Catherine Schenk

122005: Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?

Yin-Wong Cheung, Menzie Chinn and Antonio Garcia-Pascual

122004: The Suitability of A Greater China Currency Union

Yin-Wong Cheung and Jude Yuen

122003: Bank Lending and Property Prices in Hong Kong

Stefan Gerlach and Wensheng Peng

122002: The X-Efficiency of Commercial Banks in Hong Kong

Simon Kwan

122001: International Risk-Sharing and the Exchange Rate: Re-evaluating the Case for Flexible Exchange Rates

Michael Devereux

112016: Pricing Corporate Bonds With Interest Rates Following Double Square-root Process

Chi-Fai Lo and Cho-Hoi Hui

112015: Measuring the On-Going Changes in China's Capital Flow Management: A De Jure and a Hybrid Index Data Set

Jinzhao Chen and Xingwang Qian

112014: How Strong are the Linkages between Real Estate and Other Sectors in China?

Wenlang Zhang, Gaofeng Han and Steven Chan

112013: Balanced-Budget Rules and Aggregate Instability: The Role of Consumption Taxes in a Monetary Economy

Jianpo Xue and Chong Yip

112012: Trilemma Policy Convergence Patterns and Output Volatility

Joshua Aizenman and Hiro Ito

112011: Do Short Selling Restrictions Destabilize Stock Markets? Lessons from Taiwan

Martin T. Bohl, Badye Essid and Pierre Siklos

112010: What Drives China's Current Account?

Mathias Hoffmann

112009: Volatility Dependence across Asia-Pacific Onshore and Offshore Currency Forwards Markets

Roberta Colavecchio and Michael Funke

112008: Trends and Drivers of Bilateral FDI Flows in Developing Asia

Rabin Hattari and Ramkishen Rajan