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 Hong Kong Institute for Monetary Research).Advanced statistical techniques are used to analyze Hong Kong output dynamics. Hong Kong, Japan and the U.S. are found to share some common long-term and...

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...

The report, after providing an overview of algorithmic trading (AT) and high-frequency trading (HFT) across international financial markets, discusses the results of research analysis and the findings of a survey focusing on Hong Kong’s equity market that have been conducted by HKIMR with the...

This report illustrates the state of the green bond markets in Hong Kong and globally, and sheds light on the benefits of green bonds to issuers and investors. The report also explores market participants’ views of the opportunities and prospects of the Hong Kong green bond market in a survey...

This report explores the current landscape of Fintech development in the Hong Kong banking industry and how banks view the future of Fintech development in the next 10 years. It highlights the results of an industry-wide survey commissioned by the Hong Kong Institute for Monetary and Financial...

In view of the COVID-19 pandemic and its disruptions on businesses and individuals, this report looks at the experience of the years 2020-2021 to understand how the financial services industry in Hong Kong has maintained operational resilience during different phases of the pandemic. With the...

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...

The report reviews market and policy factors that have accelerated the digitalisation of financial services in Hong Kong in the past few years. It then discusses the implications of digitalisation for financial inclusion and environmental sustainability, as well as the associated risks for...

This report reviews global financial institutions’ motivations and challenges associated with climate risk measurement, and presents the results of a survey and interviews commissioned by the HKIMR, highlighting the existing landscape and developments on this subject in Hong Kong’s financial...