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We develop a simple theoretical model and then use bank data from seven Asian economies to investigate the effects on bank lending of different liquidity management tools used by central banks. We find that hiking reserve requirements to sterilise foreign exchange purchases will retard bank...
Persistent link: https://www.econbiz.de/10012980230
Driven largely by unique economic and political factors, Hong Kong SAR was a globalised economy long before the advent of global value chains in the 1990s. In particular, Hong Kong's role as a link between Mainland China and the rest of the world strengthened over time, as did its status as an...
Persistent link: https://www.econbiz.de/10012893181
The Hong Kong SAR has consistently pursued a prudent fiscal policy. Substantial fiscal reserves have insulated government funding from the volatility of financial market conditions, and have buffered the economy against shocks, particularly in the absence of a discretionary monetary policy....
Persistent link: https://www.econbiz.de/10013088112
This note reviews the recent experience of the Hong Kong Monetary Authority's foreign exchange market operations and illustrates why such operations are a passive and mechanical process under the currency board arrangement. This note also discusses whether Hong Kong is well prepared for capital...
Persistent link: https://www.econbiz.de/10012857993
As property market bubbles could have huge repercussions on financial and macroeconomic stability, flexible policies to lean against the wind are vital. Hong Kong SAR has long relied on macroprudential measures, particularly caps on loan-tovalue (LTV) ratios, to contain banking sector risks that...
Persistent link: https://www.econbiz.de/10012930025