This applied research paper was written by Kai Li (Peking University HSBC Business School) and Tingyu Yu (The Hong Kong University of Science and Technology, Southern University of Science and Technology). We construct various measures of firm-level climate risk exposure by utilising two natural...

This report studies the current status of cross-boundary payments and settlements within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and provides an overview of the recent development of Hong Kong’s financial market infrastructure and business opportunities in the GBA. The report also...

This applied research paper is written by Chang Ma (Fudan University), Alessandro Rebucci (Johns Hopkins University) and Sili Zhou (University of Macau).Even without complete financial liberalization, China can exert an influence on global equity markets through its pivotal role in world markets...

This applied research paper is written by Yinghua Fan (City University of Hong Kong), Guanhao Feng (City University of Hong Kong) and Dashan Huang (Singapore Management University).This paper exploits a unique scheme of the China Stock Connect for daily-level and stock-level holdings of...

This applied research paper is written by Brian Viard (Cheung Kong GSB) and Gang Zhang (Cheung Kong GSB).We examine the effects of financial deregulation in a developing economy on the ESG performance of publicly listed firms. Increased foreign ownership of Chinese firms under the Shanghai and...

This applied research paper is written by Shaojun Zhang (The Ohio State University).The carbon premium refers to the excess return associated with brown firms and is the focus of several recent influential studies. This paper finds negative excess return associated with carbon intensities, but...

This working paper is written by J. Scott Davis (Federal Reserve Bank of Dallas), Michael B. Devereux (University of British Columbia) and Changhua Yu (Peking University).We model sudden stops in a small open economy as rare discrete events precipitated by increases in the world risk-free rate....

This working paper is written by Desislava Andreeva (European Central Bank), Andra Coman (European Central Bank), Mary Everett (Central Bank of Ireland), Maren Froemel (Bank of England), Kelvin Ho (Hong Kong Monetary Authority), Simon Lloyd (Bank of England), Baptiste Meunier (European Central...

This working paper is written by Shifu Jiang (Hong Kong Monetary Authority).We estimate the domestic and international transmission of four types of US monetary policy, namely the current fed funds rate, Odyssean and Delphic forward guidance, and large-scale asset purchases. A credit channel is...

This working paper is written by Ip-Wing Yu (Hong Kong Monetary Authority) and Angela Sze (Hong Kong Monetary Authority).Offshore bond issues by non-financial corporations in Emerging Asia have increased considerably since the Global Financial Crisis and warrant close monitoring as they become a...