Working Papers

From Hong Kong Institute for Monetary Research
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112007: The Overvaluation of Renminbi Undervaluation

Yin-Wong Cheung, Menzie Chinn and Eiji Fujii

112006: A Portfolio Theory of International Capital Flows

Michael Devereux and Makoto Saito

112005: Corporate Finance Under Low Interest Rates: Evidence from Hong Kong

Paul Mizen and Cihan Yalcin

112004: On the Relationship between Pass-Through and Sticky Nominal Prices

Charles Engel

112003: The East Asian Dollar Standard, Fear of Floating, and Original Sin

Ronald McKinnon and Gunther Schnabl

112002: Stock Market Integration, Return Forecastability and Implications for Market Efficiency: A Panel Study

Ronald Balvers and Yangru Wu

112001: Pricing in International Markets: A 'Small Country' Benchmark

David Parsley

112000: Hong Kong Output Dynamics: An Empirical Analysis

Yin-Wong Cheung

102016: The Renminbi Central Parity: An Empirical Investigation

Yin-Wong Cheung, Cho-Hoi Hui and Andrew Tsang

102015: Corporate Leverage in China: Why has It Increased Fast in Recent Years and Where do the Risks Lie?

Wenlang Zhang, Gaofeng Han, Brian Ng and Steven Chan

102014: One Currency, Two Markets: The Renminbi's Growing Influence in Asia-Pacific

Chang Shu, Dong He and Xiaoqiang Cheng

102013: Asset Price Bubbles and Monetary Policy

Abdullah Yavas

102012: Deja vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857

Timothy J. Riddiough and Howard E. Thompson

102011: Risk Management and Managerial Efficiency in Chinese Banks: A Network DEA Framework

Kent Matthews

102010: Vertical Trade and China's Export Dynamics

Wei Liao, Kang Shi and Zhiwei Zhang

102009: Disconnect and Information Content of International Capital Flows: Evidence and Theory

Cédric Tille and Eric van Wincoop

102008: Input Substitution, Export Pricing, and Exchange Rate Policy

Kang Shi and Juanyi Xu

102007: China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients

Alice Ouyang, Ramkishen Rajan and Thomas D. Willett

102006: Predictability in Financial Markets: What Do Survey Expectations Tell Us?

Philippe Bacchetta, Elmar Mertens and Eric van Wincoop

102005: US Monetary Policy Announcements and the Term Structure of Interest Rate Differentials: Evidence from Hong Kong and Singapore

Assaf Razin and Prakash Loungani

102004: Fiscal Crisis Resolution: Taxation versus Inflation

Michael Kumhof

102003: Dissecting the PPP Puzzle: The Unconventional Roles of Nominal Exchange Rate and Price Adjustments

Yin-Wong Cheung, Kon S. Lai and Michael Bergman

102002: The Fed and the New Economy

Laurence Ball and Robert R. Tchaidze

102001: Exchange Rate Pass-Through in a Small Open Economy: Panel Evidence from Hong Kong

David Parsley

102000: Impact of Deposit Rate Deregulation in Hong Kong on the Market Value of Commercial Banks

Simon Kwan

092016: The Impact of US Monetary Policy and Other External Shocks on the Hong Kong Economy: A Factor-augmented VAR Approach

Hongyi Chen and Andrew Tsang

092015: Anti-Comparative Advantage: A Puzzle in U.S.-China Bilateral Trade

Jiandong Ju, Ziru Wei and Hong Ma

092014: Optimal Exchange Rate Policy in a Growing Semi-Open Economy

Philippe Bacchetta, Kenza Benhima and Yannick Kalantzis

092013: The Great Recession: A Self-Fulfilling Global Panic

Philippe Bacchetta and Eric van Wincoop

092012: How would Capital Account Liberalisation Affect China's Capital Flows and the Renminbi Real Exchange Rates?

Dong He, Lillian Cheung, Wenlang Zhang and Tommy Wu

092011: How Different are FDI and FPI Flows?: Does Distance Alter the Composition of Capital Flows?

Rabin Hattari and Ramkishen Rajan

092010: The Role of Human Capital in Imperfectly Informed International Financial Markets

Isaac Ehrlich and Jong Shin

092009: Real Exchange Rate, Productivity and Labor Market Rigidities

Yu Sheng and Xinpeng Xu

092008: Stability Tests for Heterogeneous Panel Data

Felix Chan, Tommaso Mancini-Griffoli and Laurent Pauwels

092007: Nominal Exchange Rate Flexibility and Real Exchange Rate Adjustment: New Evidence from Dual Exchange Rates in Developing Countries

Yin-Wong Cheung and Kon S. Lai

092006: The Origins of Anti-Competitive Regulation: Was Hong Kong 'over-banked' in the 1960s?

Catherine Schenk

092005: US Monetary Policy Announcements and the Term Structure of Interest Rate Differentials: Evidence from Hong Kong and Singapore

Giorgio Valente

092004: Tunneling, Propping and Expropriation Evidence from Connected arty Transactions in Hong Kong

Yan-leung Cheung, Raghavendra Rau and Aris Stouraitis

092003: An Analysis of Hong Kong Export Performance

Yin-Wong Cheung

092002: The Full Convertibility of Renminbi: Sequencing and Influence

Shucheng Liu, Zhijun Zhao, Yue Ma, Matthew S. Yiu, Yak-yeow Kueh and Shu-ki Tsang

092001: Taxation of Financial Intermediation Activities in Hong Kong

Jack Mintz and Stephen R. Richardson

092000: Mundell Revisited: A simple approach to the Costs and Benefits of a Single Currency Area

Stephen Ching and Michael Devereux

082016: Measuring Spillovers between the US and Emerging Markets

Tom Pak Wing FongAuthor-Workplace-Name: Research Department, Hong Kong Monetary Authority, Ka Fai LiAuthor-Workplace-Name: Research Department, Hong Kong Monetary Authority and Angela Kin Wan Sze

082015: The International Transmission of U.S. Monetary Policy: New Evidence from Trade Data

Shu Lin and Haichun Ye

082014: Invoicing Currency in International Trade: An Empirical Investigation and Some Implications for the Renminbi

Edwin Lai and Xiangrong Yu

082013: The Coming Wave

G. Karolyi, David Ng and Eswar Prasad

082012: Productivity Growth of the Non-Tradable Sectors in China

Dong He, Wenlang Zhang, Gaofeng Han and Tommy Wu

082011: Renminbi Going Global

Xiaoli Chen and Yin-Wong Cheung

082010: Micro, Macro, and Strategic Forces in International Trade Invoicing

Linda Goldberg and Cédric Tille

082009: A Portfolio Model of Capital Flows to Emerging Markets

Michael Devereux and Alan Sutherland