Mole, David: Introduction. Wong, Teresa Y. C.: Going up-market. An industrial policy for Hong Kong in the 1990s. Tang Shu-hung: Reforming Hong Kong's fiscal system. Huang Guobo: The linked exchange rate and macroeconomic policy. Ho Lok Sang: Labour market in a changing political economy. Shui,...

Lok Sang Ho argues that the bailout plan merely buys time. Other policies to stop the hemorrhage stemming from the housing market and to restore interest in home-buying in the short term are necessary.

Lok Sang Ho of Lingnan University takes issue with Edward Glaeser and Joseph Gyourko for their free-market views of housing, and argues that a price floor could be cheaper than you might think.

We argue that shocks to a housing market are transmitted through the hierarchy of quality tiers within a housing market. The result is the prediction of waves of house price changes accompanied by changes in transaction volume. Our study is related to existing models of spatial ripple effects...

The prevalent practice of public participation in housing is taken as indicating a 'revealed public preference' for better housing for the poor. Assuming that sufficient external benefit exists to justify public housing, this paper attempts to derive analytically the best public housing...