This study investigates the impact of demographic changes on inflation in Hong Kong, Singapore and Mainland China using the structural VAR methodology. It shows an increase in the youth population is inflationary, while an increase in the aging population is disinflationary. By affecting...

This study applies a two-sector model to examine the conditions under which the excess labour force can be reallocated from the tradable to the nontradable sector during structural transformation. We find that to maintain employment stability, output in the nontradable sector should be...

This paper studies banks' loan pricing behaviour in mainland China from 2003-2013 by applying panel regressions to firm-level loan data and estimated default likelihood for listed companies. We find that, with the progress of market-oriented financial reforms, banks generally require...

The rapid rise in the price of housing in Mainland China in the past decade raised concerns over the potential risks to the economy, leading to the implementation of a policy that placed a limit on housing purchases in many cities in 2010 and 2011. This paper, by using the...

This study compares the sources of growth in East Asia with the rest of the world, using a methodology that allows one to decompose total factor productivity (TFP) growth into technical efficiency changes (catching up) and technological progress. It applies a varying coefficients frontier...

Sources of growth in East Asia have been a controversial subject in the literature. This necessitates more empirical studies to see whether there is more convergence to a particular view of the sources of growth. This study provides a comprehensive examination of sources of growth that allows...

This paper compares Chinese firms’ IPO performance both in the short- and the long-run on domestic and overseas markets and investigates what factors determine the IPO destinations of Chinese firms. We find the contribution of alpha to short-run returns is larger in China’s domestic market,...

We construct a daily liquidity index of China’s government bond market using transaction data from the national interbank market over the past twenty years. The index is a composite of popular price-based and quantity-based metrics of liquidity. The composite indexes, obtained by averaging...

This study investigates the impact of demographic changes on inflation in Hong Kong, Singapore and Mainland China using the structural VAR methodology. It shows an increase in the youth population is inflationary, while an increase in the aging population is disinflationary. Furthermore,...

We construct a daily liquidity index of China’s government bond market using transaction data from the national interbank market over the past twenty years. The index is a composite of popular price-based and quantity-based metrics of liquidity. The composite indexes, obtained by averaging...