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From Hong Kong Institute for Monetary Research
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082008: FX Arbitrage and Market Liquidity: Statistical Significance and Economic Value Downloads
Wai-Ming Fong, Giorgio Valente and Joseph K.W. Fung
082007: An Open Economy Model of the Credit Channel Applied to Four Asian Economies Downloads
Spiros Bougheas, Paul Mizen and Cihan Yalcin
082006: Dangerous Business Models: Bankers, Bureaucrats & Hong Kong¡¦s Economic Transformation, 1948-86 Downloads
Leo F. Goodstadt
082005: Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy Downloads
Michael Devereux and Charles Engel
082004: Good Housekeeping? Reputation, Fixed Exchange Rates, and the 'Original Sin' Problem Downloads
Prasanna Gai and Kang Yong Tan
082003: The Global Implications of Regional Exchange Rate Regimes Downloads
Harris Dellas and George Tavlas
082002: Banking Deregulation and Macroeconomic Impact in China: A Theoretical Analysis and Implications of WTO Accession to the Mainland and Hong Kong Downloads
Zhijun Zhao, Yue Ma, Yak-yeow Kueh and Shu-ki Tsang
082001: Growth and the Real Exchange Rate - Evidence from Eleven Countries Downloads
Mark Crosby and Glenn Otto
082000: Risk Sharing and the Theory of Optimal Currency Areas: A Re-examination of Mundell 1973 Downloads
Stephen Ching and Michael Devereux
072016: Exchange Rate Dynamics and US Dollar-denominated Sovereign Bond Prices in Emerging Markets Downloads
Cho-Hoi Hui, Chi-Fai Lo and Po-Hon Chau
072015: What Measures Chinese Monetary Policy? Downloads
Rongrong Sun
072014: What Makes Systemic Risk Systemic? Contagion and Spillovers in the International Sovereign Debt Market Downloads
Elena Kalotychou, Eli Remolona and Eliza Wu
072013: How have Labour Market Developments Affected Labour Costs in China? Downloads
Wenlang Zhang and Gaofeng Han
072012: Mega-Banks' Self-Insurance with Cocos: A Work in Progress Downloads
George von Furstenberg
072011: The Effects of Public Listing on the Performance of Banks in China Downloads
Bin Liu
072010: Gravity in International Finance Downloads
Yohei Okawa and Eric van Wincoop
072009: Speculative Attacks: A Laboratory Study in Continuous Time Downloads
Yin-Wong Cheung and Daniel Friedman
072008: Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences Downloads
Yin-Wong Cheung and Hiro Ito
072007: Order Imbalance and the Dynamics of Index and Futures Prices Downloads
Joseph K.W. Fung and Philip Yu
072006: An Empirical Model of Daily Highs and Lows Downloads
Yin-Wong Cheung
072005: The Chinese Economies in Global Context: The Integration Process and Its Determinants Downloads
Yin-Wong Cheung, Menzie Chinn and Eiji Fujii
072004: The Magic of the Exchange Rate: Optimal Escape from a Liquidity Trap in Small and Large OPen Economies Downloads
Lars Svensson
072003: Monetary Policy in Open Economies under Imperfect Information Downloads
Harris Dellas
072002: Does Insider Trading Raise Market Volatility? Downloads
Julan Du and Shang-Jin Wei
Mark Crosby and Glenn Otto
072000: Exchange Rates and Monetary Policy in Emerging Market Economies Downloads
Michael Devereux and Philip Lane
062017: The RMB Central Parity Formation Mechanism after August 2015: A Statistical Analysis Downloads
Yin-Wong Cheung, Cho-Hoi Hui and Andrew Tsang
062016: The Effectiveness of Monetary Policy in China: Evidence from a Qual VAR Downloads
Hongyi Chen, Kenneth ChowAuthor-Workplace-Name: Hong Kong Monetary Authority and Peter Tillmann
062015: Meta-Analysis of Chinese Business Cycle Correlation Downloads
Jarko Fidrmuc and Iikka Korhonen
062014: Switching Cost and Deposit Demand in China Downloads
Chun-Yu Ho
062013: Export Dynamics in Large Devaluations Downloads
George Alessandria, Sangeeta Pratap and Vivian Yue
062012: Sudden Spikes in Global Risk Downloads
Philippe Bacchetta and Eric van Wincoop
062011: Asian Business Cycle Synchronisation Downloads
Dong He and Wei Liao
062010: Capital Flight: China's Experience Downloads
Yin-Wong Cheung and Xingwang Qian
062009: Corruption and Cross-Border Investment in Emerging Markets: Firm-Level Evidence Downloads
Beata Javorcik and Shang-Jin Wei
062008: Too Much for Self-Insurance? Asian Foreign Reserves Downloads
Yuko Hashimoto
062007: Expectations and Exchange Rate Policy Downloads
Michael Devereux and Charles Engel
062006: Government without Statistics: Policy-making in Hong Kong 1925-85, with special reference to Economic and Financial Management Downloads
Leo F. Goodstadt
062005: External Shocks, Transmission Mechanisms and Deflation in Asia Downloads
Hans Genberg
062004: Swap Curve Dynamics in Hong Kong: An Interpretation Downloads
Salih Neftci
062003: News Spillovers in the Sovereign Debt Market Downloads
Amar Gande and David Parsley
062002: A Model to Analyze the Macroeconomic Interdependence of Hong Kong with China and the United States Downloads
Fuchun Jin
062001: Accounting for Real Exchange Rate Changes in East Asia Downloads
David Parsley
062000: The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates Downloads
Philip Lane and Gian Maria Milesi-Ferretti
052017: Financial Flexibility and Corporate Cash PolicyAbstract: Debt capacity creates financial flexibility and collateral-based debt capacity is the least sensitive to cash flow shocks. Using variation in real estate prices as exogenous shocks to corporate financing capacity, we investigate the causal effects of financial flexibility on firms¡¯ cash policies. We find strong evidence that increases in debt capacity lead to smaller corporate cash reserves and declines in the marginal value of cash holdings. We further find that the decrease in cash holdings is more pronounced in firms with higher hedging needs, greater investment opportunities, financial constraints, better corporate governance and lower local real estate price volatility Downloads
Tao Chen, Jarrad Harford and Chen Lin
052016: Competition and Bank Opacity Downloads
Liangliang Jiang, Ross Levine and Chen Lin
052015: The Domestic Segment of Global Supply Chains in China under State Capitalism Downloads
Heiwai Tang, Fei Wang and Zhi Wang
052014: Finding Stability in a Time of Crisis: Lessons of East Asia for Eastern Europe Downloads
Paul McNelis
052013: Multinational Banking and Financial Contagion: Evidence from Foreign Bank Subsidiaries Downloads
Bang Jeon, Maria Olivero and Ji Wu
052012: Financial Innovation: The Bright and the Dark Sides Downloads
Thorsten Beck, Tao Chen, Chen Lin and Frank Song
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