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...

This working paper is written by Victor Leung (Hong Kong Monetary Authority), Wilson Wan (Hong Kong Monetary Authority) and Joe Wong (Hong Kong Monetary Authority).This study explores the “dark side” of the current development of corporate green bond markets. We document that greenwashing is...

This working paper is written by Jing Liu (Hong Kong and Shanghai Banking Corporation), Ilhyock Shim (Bank for International Settlements) and Yanfeng Zheng (Hong Kong University of Science and Technology).Blockchain, a type of distributed ledger technology, has become a buzzword in the past...

This working paper is written by Gaofeng Han (Hong Kong Institute for Monetary and Financial Research) and Alfred Wong (Hong Kong Institute for Monetary and Financial Research).This paper studies the relationship between carbon emissions, energy consumption and economic activity in Hong Kong. We...

This working paper is written by Joseph Fung (Hong Kong Metropolitan University) and Eric Lam (Independent Consultant).This paper examines the volatility-return relationship of a market index that incorporates the ESG ratings of the constituent stocks. The study examines the return performance...

This working paper is written by Eric Wong (Hong Kong Monetary Authority), Kelvin Ho (Hong Kong Monetary Authority), Andrew Wong (Hong Kong Monetary Authority) and Vincent Lo (Hong Kong Monetary Authority).While banks in Hong Kong in general have strong capital and liquidity positions by...