This working paper is written by Vincent Yao (Georgia State University).Using automobile credit data, we study individual lenders' responses to monetary policy shocks and how they are a ected by local market power. We nd that all lenders, except new FinTech rms, respond to an increase in the...

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 working paper is written by Paul Mizen (University of Nottingham; Bank of England; Centre for Economic Policy Research), Frank Packer (Bank for International Settlements), Eli Remolona (Asia School of Business) and Serafeim Tsoukas (University of Glasgow - Adam Smith Business School).In this...

This working paper is written by Pasquale Della Corte (Imperial College London) and Aleksejs Krecetovs (Imperial College London).We empirically study the relationship between currency excess returns and current account uncertainty, measured as forecast dispersion. We find that investment...

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...

This working paper is written by Peter Hordahl (Bank for International Settlements) and Giorgio Valente (Hong Kong Institute for Monetary and Financial Research).We study the relationship between international bond flows and exchange rate returns for a panel of emerging market economies (EMEs)....

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...