Open-bid Applied Research Programme

The Hong Kong Institute for Monetary and Financial Research (HKIMR) is the research arm of the Academy of Finance (AoF) and affiliate of the Hong Kong Monetary Authority (HKMA).

The Open-bid Applied Research Programme of the HKIMR aims to publish high-quality research studies that explore topics relevant to the financial services industry and regulators in Hong Kong. To achieve this goal, we invite researchers to submit research proposals that address topics within one (or more) of the following themes:

1.  Artificial Intelligence (AI) in financial services. Research proposals on the following topics are especially encouraged: benefits and risks of the adoption of generative AI in financial services; the impact of AI on sustainable finance developments; ethical and regulatory implications arising from the use of AI in financial services; generative AI in financial services and its impact on the macroeconomy

2. Developments in regional and international financial connectivity and cooperation. Research proposals on the following topics are especially encouraged: the implications of financial cooperation and connectivity of Hong Kong with Mainland China, ASEAN and the Middle East; implications of geo-economic fragmentation for regional and global value chains and financial connectivity; regional adaptation of financial services; regional and global impact of the opening up of the Mainland’s financial markets and developments in the internationalisation of RMB; credit and market financing for innovation in Hong Kong and the region; long-term drivers for macroeconomic development in Hong Kong and the region

3. Long-term asset market developments: the supply of safe assets and long-term asset management. Research proposals on the following topics are especially encouraged: the effects of demographic trends, investors’ financial literacy and behavioural factors on the demand for long-term assets; emerging trends in long-term asset and wealth management markets (e.g., impact investing and Fintech); global supply of safe assets and its implications for financial markets in Hong Kong and the region

4. Developments in the microstructure of financial markets in Hong Kong and the region. Research proposals on the following topics are especially encouraged: market liquidity dynamics, market participation and regulatory initiatives; green transition developments and their impact on market quality and asset market’s resilience; trends of financial market liquidity; implications of Web3.0 developments for the microstructure of financial markets; the impact of AI on security trading, asset allocation along with its regulatory implications; macroeconomic implications of changes in the institutional structure of financial markets

Successful applicants will receive a honorarium, taking into account the seniority and the qualification of the researcher, and reimbursement of travel and accommodation expenses in Hong Kong for a short visit to the Institute. The studies will have to be completed within 6 months from a mutually agreed commencement date.

We will only consider research projects that are novel and not completed/close to completion (i.e. projects for which a working paper has been already circulated and/or presented at conferences/seminars). Note that submissions are not grant applications; therefore, requests for research support, data purchase and multi-year research work will not be entertained.

Although it is desirable for the submitted research proposals to have a focus on Hong Kong and the region, international studies with implications and applications of the research for Hong Kong and the region may also be considered.

The deadline for the submission of applications is 19 January 2024. The results of the selection process will be notified to successful applicants tentatively by May 2024. For submissions and further enquiries, please contact [email protected]. 

Hong Kong Institute for Monetary and Financial Research

Submission Guidelines

In order to facilitate the evaluation of proposals submitted to the HKIMR Open-bid Applied Research Programme, we suggest that applications should

• be submitted in MS Word format or in PDF to the Institute by email to [email protected].
• be accompanied by the researcher’s CV.
• specify the theme and topic of interest for the study.
• include the following sections in the proposal:

1.Motivation and objectives
2.Research issues and themes to be addressed
3.Methodology and relationship with existing studies
4.Data requirements and sources (and any other required resources, such as specialised software)
5.Any practical implications and applications of the study for Hong Kong and the region
6.Deliverables and time frame for the study (availability of the researcher)
7.List of references to other relevant work by the researcher or others