The present study investigates whether Hong Kong's volatile real estate market is consistent with a non-linear consumption-based-asset-pricing model. It finds that the asset-pricing model is not rejected for some types of properties. However, the differentials between the returns to residential...

In this paper we examine political economic issues of service trade liberalization of a developing country in the context of the Doha Round negotiations. We first discuss the various unique characteristics of the service industries. Then we incorporate these features in a Grossman-Helpman style...