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 examines financial linkages among Asia-Pacific stock markets and those between these markets and other global markets. By studying the mean and tail dependences of the 37 stock market indices, we find that while Asia-Pacific stock markets is mainly driven by shocks within the...

This working paper was written by Gabriel Wu (Hong Kong Monetary Authority), Joe Wong (Hong Kong Monetary Authority) and Tom Fong (Hong Kong Monetary Authority).The March-2020 episode has raised questions on whether the post-GFC reforms on the liquidity management of open-ended funds’ (OEFs)...