Working Papers

From Hong Kong Institute for Monetary Research
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082008: FX Arbitrage and Market Liquidity: Statistical Significance and Economic Value

Wai-Ming Fong, Giorgio Valente and Joseph K.W. Fung

082007: An Open Economy Model of the Credit Channel Applied to Four Asian Economies

Spiros Bougheas, Paul Mizen and Cihan Yalcin

082006: Dangerous Business Models: Bankers, Bureaucrats & Hong Kong¡¦s Economic Transformation, 1948-86

Leo F. Goodstadt

082005: Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy

Michael Devereux and Charles Engel

082004: Good Housekeeping? Reputation, Fixed Exchange Rates, and the 'Original Sin' Problem

Prasanna Gai and Kang Yong Tan

082003: The Global Implications of Regional Exchange Rate Regimes

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

Zhijun Zhao, Yue Ma, Yak-yeow Kueh and Shu-ki Tsang

082001: Growth and the Real Exchange Rate - Evidence from Eleven Countries

Mark Crosby and Glenn Otto

082000: Risk Sharing and the Theory of Optimal Currency Areas: A Re-examination of Mundell 1973

Stephen Ching and Michael Devereux

072016: Exchange Rate Dynamics and US Dollar-denominated Sovereign Bond Prices in Emerging Markets

Cho-Hoi Hui, Chi-Fai Lo and Po-Hon Chau

072015: What Measures Chinese Monetary Policy?

Rongrong Sun

072014: What Makes Systemic Risk Systemic? Contagion and Spillovers in the International Sovereign Debt Market

Elena Kalotychou, Eli Remolona and Eliza Wu

072013: How have Labour Market Developments Affected Labour Costs in China?

Wenlang Zhang and Gaofeng Han

072012: Mega-Banks' Self-Insurance with Cocos: A Work in Progress

George von Furstenberg

072011: The Effects of Public Listing on the Performance of Banks in China

Bin Liu

072010: Gravity in International Finance

Yohei Okawa and Eric van Wincoop

072009: Speculative Attacks: A Laboratory Study in Continuous Time

Yin-Wong Cheung and Daniel Friedman

072008: Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences

Yin-Wong Cheung and Hiro Ito

072007: Order Imbalance and the Dynamics of Index and Futures Prices

Joseph K.W. Fung and Philip Yu

072006: An Empirical Model of Daily Highs and Lows

Yin-Wong Cheung

072005: The Chinese Economies in Global Context: The Integration Process and Its Determinants

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

Lars Svensson

072003: Monetary Policy in Open Economies under Imperfect Information

Harris Dellas

072002: Does Insider Trading Raise Market Volatility?

Julan Du and Shang-Jin Wei

072001: PERSISTENCE OF OUTPUT FLUCTUATIONS UNDER ALTERNATIVE EXCHANGE RATE REGIMES

Mark Crosby and Glenn Otto

072000: Exchange Rates and Monetary Policy in Emerging Market Economies

Michael Devereux and Philip Lane

062017: The RMB Central Parity Formation Mechanism after August 2015: A Statistical Analysis

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

062016: The Effectiveness of Monetary Policy in China: Evidence from a Qual VAR

Hongyi Chen, Kenneth ChowAuthor-Workplace-Name: Hong Kong Monetary Authority and Peter Tillmann

062015: Meta-Analysis of Chinese Business Cycle Correlation

Jarko Fidrmuc and Iikka Korhonen

062014: Switching Cost and Deposit Demand in China

Chun-Yu Ho

062013: Export Dynamics in Large Devaluations

George Alessandria, Sangeeta Pratap and Vivian Yue

062012: Sudden Spikes in Global Risk

Philippe Bacchetta and Eric van Wincoop

062011: Asian Business Cycle Synchronisation

Dong He and Wei Liao

062010: Capital Flight: China's Experience

Yin-Wong Cheung and Xingwang Qian

062009: Corruption and Cross-Border Investment in Emerging Markets: Firm-Level Evidence

Beata Javorcik and Shang-Jin Wei

062008: Too Much for Self-Insurance? Asian Foreign Reserves

Yuko Hashimoto

062007: Expectations and Exchange Rate Policy

Michael Devereux and Charles Engel

062006: Government without Statistics: Policy-making in Hong Kong 1925-85, with special reference to Economic and Financial Management

Leo F. Goodstadt

062005: External Shocks, Transmission Mechanisms and Deflation in Asia

Hans Genberg

062004: Swap Curve Dynamics in Hong Kong: An Interpretation

Salih Neftci

062003: News Spillovers in the Sovereign Debt Market

Amar Gande and David Parsley

062002: A Model to Analyze the Macroeconomic Interdependence of Hong Kong with China and the United States

Fuchun Jin

062001: Accounting for Real Exchange Rate Changes in East Asia

David Parsley

062000: The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates

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

Tao Chen, Jarrad Harford and Chen Lin

052016: Competition and Bank Opacity

Liangliang Jiang, Ross Levine and Chen Lin

052015: The Domestic Segment of Global Supply Chains in China under State Capitalism

Heiwai Tang, Fei Wang and Zhi Wang

052014: Finding Stability in a Time of Crisis: Lessons of East Asia for Eastern Europe

Paul McNelis

052013: Multinational Banking and Financial Contagion: Evidence from Foreign Bank Subsidiaries

Bang Jeon, Maria Olivero and Ji Wu

052012: Financial Innovation: The Bright and the Dark Sides

Thorsten Beck, Tao Chen, Chen Lin and Frank Song