This working paper was written by Paul D. McNelis (Fordham University).This paper assesses sources of contagion emanating from both within the Hong Kong banking sector as well as from external sources. For robustness, the paper uses alternative measures of contagion, one based on Forecast Error...

This working paper was written by Yin-wong Cheung (University of California).The article examines the Hong Kong export performance. A standard export demand formulation is used as the benchmark. Then, we investigate the effects of real exchange rate volatility, “third” country competition,...

This working paper was written by Yin-Wong Cheung (University of California, Santa Cruz and Jude Yuen (University of California, Santa Cruz).Standard economic models predict that the choice of an exchange rate regime has important implications for the interdependency of national monetary...

This working paper was written by Kalok Chan (Chinese University of Hong Kong Business School), F.Y. Eric Lam (Independent Researcher)*, Giorgio Valente (Hong Kong Institute for Monetary and Financial Research) and Siyuan Wu (Chinese University of Hong Kong Business School).Trading venues have...

This working paper was written by Shuang Jin (Hong Kong Monetary Authority).Using financial disclosure of listed firms in Hong Kong from 2003 to 2016, this paper investigates the investment response of Mainland firms to the low-for-long interest rate environment after the Global Financial Crisis...

This working paper was written by Simon H. Kwan (Federal Reserve Bank of San Francisco).This paper examines the impact of deposit rate deregulation on the market value of banks in Hong Kong. We do not find that the release of the Consumer Council’s Report “Are Hong Kong Depositors Fairly...

This paper presents estimates of exchange rate pass-through derived from a panel of very disaggregated import unit-values to Hong Kong. The estimation approach builds on that utilized by Knetter (1989, 1993) to study export pricing and pricing to market. The three-dimensional data set examined...

The complex nature of an overall banking group could potentially affect the riskiness of their affiliates through various channels, such as agency costs and diversification gains. This paper empirically investigates the effects of bank complexity of the global banks (in terms of their business...

This paper applies the single-index dynamic factor model developed by Stock and Watson (1991) to construct current-quarter estimates of economic activity in Hong Kong. The Hang Seng index, a residential property price index, retail sales and total exports are used as coincident indicators....

This paper studies the relation between the complexity of global banking organizations and their foreign banking operations (FBOs) in Hong Kong. Our empirical evidence indicates that the complexity of the parent company has significant effects on their Hong Kong branch's business model,...