This paper examines how the quantitative easing (QE) policy conducted by Japan, EU and the US raised Hong Kong's real estate prices through activities in carry trade and in Hong Kong's real estate investment trust (H-REIT) market. The empirical results demonstrated two new channels of impact....

This paper uses Hong Kong stock market's four sub-indices to examine the existence and causes of rational expectation bubbles. The unit root test is applied to the rational bubble hypothesis. Various causality test methods are used to examine the causality of bubble among the four sub-indices....