2006

News & Updates
News & Updates
About HKIMR
About HKIMR
Monetary Research Programmes
Monetary Research Programmes
Applied Research Programmes
Applied Research Programmes
Publications and Research
Publications and Research
Conferences / Workshops
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- Previous Conferences / Workshops
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Conferences / Workshops
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Seminars

18/12/2006 - 19/12/2006

Bond Market Developments in a Comparative Perspective: Asia, Europe, Latin America

HKIMR, BIS, and CEPR

Bond Market Developments in a Comparative Perspective: Asia, Europe, Latin America

18 December 2006 (Monday) - 19 December 2006 (Tuesday)

18 December 2006, Monday

8:30 - 9:00

Registration and Coffee

9:00 - 9:15

Welcoming Remarks

Session 1. Overview

Session chair: Barry Eichengreen, University of California

09:15 - 10:15

Bond Market Development: How much Progress have Emerging Markets Made?
Author: Ricardo Leal and Andre Carvalhal-da-Silva, Coppead Business School
Discussants: Hans Genberg, Hong Kong Monetary Authority
Alicia Garcia-Herrero, Bank for International Settlements

10:15 - 10:45

Coffee Break

10:45 - 11:45

What Do We Know About Foreign Investment in Local Bond Markets?
Authors: Frank Warnock, University of Virginia and John Burger, Loyola College
Discussant: Michael Devereux, University of British Columbia
Matias Braun, Universidad Adolfo Ibanez (tbc)

11:45 - 12:45

Market Discipline, Financial Integration and Fiscal Rules: What Drives Spreads in the Euro Area Government Bond Market?
Author: Simone Manganelli, European Central Bank
Discussant: Frank Packer, Bank for International Settlements
Assaf Razin, Tel Aviv University

12:45 - 14:00

Lunch

Session 2. Making Markets Liquid

Session chair: Eli Remolona, Bank for International Settlements

14:00 - 15:00

Transparency and Liquidity in European Bond Markets
Author: Richard Portes, London Business School
Discussant: David Cook, Hong Kong University of Science & Technology

15:00 - 15:30

Coffee Break

15:30 - 16:30

Why are Latin American Bond Markets Not More Liquid?
Authors: Sara Castallenos, Bank of Mexico and Lorenza Martinez, ITAM
Discussant: Alejandra Marinovic, Central Bank of Chile

16:30 - 17:30

Liquidity Conditions in the Malaysian Corporate Bond Market
Authors: Mohd Fairuz Hj Ahmad, Bank Negara Malaysia and Philip Wooldridge, Bank for International Settlements
Discussant: Giorgio Valente, Chinese University of Hong Kong (tbc)

19 December 2006, Tuesday

Session 3. Securitization/Derivatives Markets

Session chair: tbc

08:30 - 09:15

Morning coffee

09:15 - 10:15

Securitization in East Asia and Latin American Compared
Author: Jacob Gyntelberg, Eli Remolona and Camilo Tovar, Bank for International Settlements
Discussant: Joseph Fung, Hong Kong Baptist University (tbc)

10:15 - 10:45

Coffee Break

10:45 - 11:45

Korean Experience with the Futures Market
Author: Yeong-Ho Woo, Korea Exchange
Discussant: Simone Manganelli, European Central Bank (tbc)

11:45 - 12:45

Derivatives Markets in Asia
Author: Olivier Fratzscher, World Bank
Discussant: Cho-hoi Hui, Hong Kong Monetary Authority
Philip Wooldridge, Bank for International Settlements

12:45 - 14:00

Lunch

Session 4. Policy Initiatives

Session chair: Hans Genberg, Hong Kong Monetary Authority

14:00 - 16:30

Capital Market Development in Latin America: The Role of Policy
Authors: Matias Braun and Ignacio Briones, Universidad Adolfo Ibanez

Experience with Asian Bond Fund 2
Author: Carmen Chu, Hong Kong Monetary Authority

Bond Marked Developments in China
Author: Haizhou Huang, Barclays Capital

Discussants:
Barry Eichengreen, Univesrity of California
Guonan Ma, Bank for International Settlements
Richard Portes, London Business School

16:30

Conference Ends

25/09/2006 - 26/09/2006

The Fourth HKIMR Conference on the Mainland Economy "Urbanisation and the Mainland Economy"

Hong Kong Institute for Monetary Research (HKIMR)

The Fourth HKIMR Conference on the Mainland Economy "Urbanisation and the Mainland Economy"

25 September 2006 (Monday) - 26 September 2006 (Tuesday)

25 September 2006, Monday

08:30 - 09:00

Coffee reception and Registration

09:00 - 09:10

Opening Remarks

Peter PANG, Deputy Chief Executive of the Hong Kong Monetary Authority

Session Chair

PENG Wensheng, Hong Kong Monetary Authority

09:10 - 10:15

The Present and Future of Urbanisation in China: A Study Based on International Comparison (in English)
Author: LI Daokui, Tsinghua University
Discussant: LI Hongyi, Chinese University of Hong Kong

con_paper_0_341_1-li-daokui-paper1_new_.pdf

10:15 - 10:35

Coffee Break

10:35 - 11:40

Urbanisation in China: Experiences and Issues (in Chinese)
Author: LI Shantong, Development Research Centre of the State Council
Discussant: Charles LEUNG, City University of Hong Kong

con_paper_0_343_2-li-shantong-paper.pdf

11:40 - 12:45

Urbanisation, Economic Restructuring, and Stable Growth: Some Policy Considerations (in Chinese)
Author: ZHANG Ping, Chinese Academy of Social Sciences
Discussant: SHU Chang, Hong Kong Monetary Authority

con_paper_0_344_3-zhang-ping-paper.pdf

12:45 - 14:15

Lunch

Session Chair

TSANG Shu-ki, Hong Kong Baptist University

14:15 - 15:20

Urbanisation and Consumption Growth: Some Empirical Evidence (in English)
Author: HA Jiming, China International Capital Corporation (HK) Ltd.
Discussant: WEI Xiangdong, Lingnan University

con_paper_0_349_4-jiming-ha-paper.pdf

15:20 - 15:40

Coffee Break

15:40 - 16:45

Sustained Agricultural Growth and Economic Structural Change: Some Reflections on Farmland Consolidation Programmes in Taiwan and Mainland China (in English)
Author: LIU Minquan, Beijing University
Discussant: Frank SONG, University of Hong Kong

con_paper_0_350_5-liu-minquan-paper.pdf

16:45 - 17:50

How Efficient Have Been China's Investments in Fixed Assets? (in English)
Author: HE Dong, ZHANG Wenlang, Jimmy SHEK, Hong Kong Monetary Authority
Discussant: BAI Chong-En, Tsinghua University

con_paper_0_352_6-he-dong-paper-070131-.pdf

26 September 2006, Tuesday

08:30 - 09:10

Morning coffee

Session Chair

Matthew YIU, Hong Kong Institute for Monetary Research

09:10 - 10:15

From Segregation to Integration: the Political Economy of Growth in Urban and Rural Areas (in Chinese)
Author: CHEN Zhao, Fudan University
Discussant: XIAO Geng, University of Hong Kong

con_paper_0_358_7-chen-zhao-paper.pdf

10:15 - 10:35

Coffee Break

10:35 - 11:40

City Size Distribution and its Implication for Development Strategy: the Chinese Case (in English)
Author: ZHANG Tao, People's Bank of China
Discussant: CHEN Hongyi, Hong Kong Monetary Authority

con_paper_0_359_8-zhang-tao-abstract.pdf

11:40 - 12:45

Technological Progress and Urbanisation Process (in English)
Author: XIE Danyang, Hong Kong University of Science and Technology
Discussant: LIU Ligang, Hong Kong Monetary Authority

con_paper_0_361_9-xie-danyang-paper.pdf

12:45

Lunch

**End of Conference**

08/08/2006

Fourth HKIMR Summer Workshop

Hong Kong Institute for Monetary Research (HKIMR)

Fourth HKIMR Summer Workshop

08 August 2006 (Tuesday)

9:30 - 9:00 a.m.

Registration and Welcoming coffee

9:00 - 9:05 a.m.

Welcoming Remarks

Hans GENBERG, Hong Kong Institute for Monetary Research

9:05 - 9:50 a.m.

"Expectations and Exchange Rate Policy"
Speaker: Charles ENGEL, University of Wisconsin
Discussant: Hans GENBERG, Hong Kong Institute for Monetary Research

con_paper_0_331_charles-engel.pdf

9:50 - 10:35 a.m.

"International Financial Integration: Global, Market, and Regional Factors"
Speaker: Graciela KAMINSKY, George Washington University
Discussant: Isabel YAN, City University of Hong Kong

con_paper_0_332_graciela-kaminsky.pdf

10:35 - 10:45 a.m.

Coffee Break

10:45 - 11:30 a.m.

"Inflation, Disinflation, and Deflation in China: Identifying the Shocks Driving Inflation"
Speaker: Pierre SIKLOS, Wilfrid Laurier University
Discussant: Shu-ki TSANG, Hong Kong Baptist University

con_paper_0_334_pierre-siklos.pdf

11:30 a.m. - 12:15 p.m.

"Consumption Smoothing in Mainland China and Hong Kong"
Speaker: Yue MA, Lingnan University, Hong Kong
Discussant : Dong HE, Hong Kong Monetary Authority

con_paper_0_335_yue-ma.pdf

12:15 - 1:00 p.m.

"Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses"
Speaker: Yin-Wong CHEUNG, University of California, Santa Cruz
Discussant : Eli REMOLONA, Bank for International Settlements

con_paper_0_336_yin-wong-cheung.pdf

13/07/2006 - 14/07/2006

Conference on "International Financial Markets and the Macroeconomy"

Hong Kong Institute for Monetary Research (HKIMR)

Conference on "International Financial Markets and the Macroeconomy"

13 July 2006 (Thursday) - 14 July 2006 (Friday)

Thursday, July 13

8:15 a.m. - 8:50 a.m.

Registration and coffee

8:50 a.m. - 9:00 a.m.

Welcome and Opening Remarks (HKMA/HKIMR)

Session 1 - International investments

Chair: Matthew Yiu, Hong Kong Institute for Monetary Research

9:00 a.m. - 9:45 a.m.

International Asset Allocation under Regime Switching, Skew and Kurtosis Preferences
Authors: Guidolin, M., Federal Reserve Bank of St. Louis
Timmermann, A., UC San Diego
Discussant: Engel, C., University of Wisconsin, Madison

9:45 a.m. - 10:30 a.m.

Valuing Foreign Exchange Rate Options with a Mean-Reverting Process
Authors: Hui, C., Hong Kong Monetary Authority
Lo, C-F., Chinese University of Hong Kong
Yeung, V., Hong Kong Monetary Authority
Fung, L., Hong Kong Monetary Authority
Discussant: Sin, C-Y., Hong Kong Baptist University

10:30 a.m. - 10:45 a.m.

Coffee Break

Session 2 - International financial markets and price determination

Chair: Menzie Chinn, University of Wisconsin, Madison

10:45 a.m. - 11:30 a.m.

Price Discovery in Currency Markets
Authors: Osler, C., Brandeis University
Mende, A., University of Hannover
Menkhoff, L., University of Hannover
Discussant: Cheung, Y-W., UC Santa Cruz

11:30 a.m. - 12:15 p.m.

Persistence, Performance and Prices in Foreign Exchange Markets
Author: Ramadorai, T., University of Oxford
Discussant: Osler, C., Brandeis University

12:15 p.m. - 1:00 p.m.

The US Treasury market in August 1998: Untangling the effects of Hong Kong and Russia with high frequency data
Authors: Dungey, M., University of Cambridge
Goodhart, C., London School of Economics
Tambakis, D., University of Cambridge
Discussant: Remolona, E., Bank for International Settlements

1:00 p.m. - 2:00 p.m.

Lunch

Session 3 - International bond markets

Chair: Giorgio Valente, Chinese University of Hong Kong

2:00 p.m. - 2:45 p.m.

The pricing of sovereign risks and the macroeconomy
Author: Remolona, E., Bank for International Settlements
Wu, E., University of New South Wales
Discussant: Guidolin, M., Federal Reserve Bank of St Louis

2:45 p.m. - 3:30 p.m.

Modelling Sovereign Bond Yield Curves of US, Japan and Germany
Authors: Tam, C-S., Hong Kong Monetary Authority
Yu, I-W., Hong Kong Monetary Authority
Discussant: Ma, Y., Lingnan University, Hong Kong

3:30 p.m. - 4:15 p.m.

The Term Structure of Credit Spreads in Project Finance
Authors: Sorge, M., World Bank
Gadanecz, B., Bank for International Settlements
Discussant: Meredith, G., International Monetary Fund

4:15 p.m. - 4:30 p.m.

Tea

Session 4 - Keynote Lecture

4:30 p.m. - 6:00 p.m.

Portfolio Choice in a Monetary Open-Economy DSGE Model
Authors: Engel, C., University of Wisconsin, Madison
Matsumoto, A., International Monetary Fund

6:00 p.m.

Conference adjourns

7:00 p.m.

Conference dinner

Friday, July 14

8:30 a.m. - 9:00 a.m.

Coffee

Session 5 - Exchange rates, monetary policy and the business cycle

Chair: Paul McNelis, Fordham University

9:00 a.m. - 9:45 a.m.

Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
Author: Mark, N., University of Notre Dame
Discussant: Genberg, H., Hong Kong Institute for Monetary Research

9:45 a.m. - 10:30 a.m.

Risk Management and Systemic Risk
Author: Eatwell, J., University of Cambridge
Discussant: Ho, C., Bank for International Settlements

10:30 a.m. - 11:15 a.m.

Markups and the Euro
Author: Cook, D., Hong Kong University of Science and Technology
Discussant: McNelis, P, Fordham University

11:15 a.m. - 11:30 a.m.

Coffee

Session 6 - Empirical exchange rate dynamics

Chair: Yin-Wong Cheung, UC Santa Cruz

11:30 a.m. - 12:15 p.m.

Conventional and Unconventional Approaches to Exchange Rate Modeling and Assessment
Authors: Chinn, M., University of Wisconsin, Madison
Alquist, R., University of Michigan
Discussant: Mark, N., University of Notre Dame

12:15 p.m. - 1:00 p.m.

Real Exchange Rates and Productivity: Evidence from Asia
Author: Yan, I. K-M., City University of Hong Kong
Kakkar, V., City University of Hong Kong
Discussant: Chinn, M., University of Wisconsin, Madison

1:00 p.m. - 2:00 p.m.

Lunch

Session 7 - International financial markets and China

Chair: Wensheng Peng, Hong Kong Monetary Authority

2:00 p.m. - 2:45 p.m.

Does the Chinese Interest Rate Follow the US Interest Rate?
Author: Cheung, Y-W., UC Santa Cruz
Yiu, M., Hong Kong Institute for Monetary Research
Tam, D., Hong Kong Institute for Monetary Research
Discussant: Dungey, M., University of Cambridge

2:45 p.m. - 3:30 p.m.

Incomplete Financial Market and the Sequence of International Trade Liberalization
Author: Ma, Y., Lingnan University, Hong Kong
Discussant: Du, J., Chinese University of Hong Kong

3:30 p.m. - 4:15 p.m.

FDI Location Choice in China: The Role of Agglomeration Economies and Government Institutions
Author: Du, J., Chinese University of Hong Kong
Lu, Y., University of Hong Kong
Tao, Z., University of Hong Kong
Discussant: Sorge, M., World Bank

4:30 p.m.

Conference ends

11/04/2006 - 12/04/2006

Workshop on "Building and Solving Macroeconometric Models using WinSolve"

Hong Kong Institute for Monetary Research (HKIMR)

Workshop on "Building and Solving Macroeconometric Models using WinSolve"

11 April 2006 (Tuesday) - 12 April 2006 (Wednesday)

11 April, Tuesday

9:00 - 9:30

Registration and Welcoming Coffee

9:30 - 9:35

Opening Remarks,

Hans Genberg, Director, Hong Kong Institute for Monetary Research

9:35 - 10:45

Introduction to WinSolve
This first session will cover the basics: building a model, the WinSolve modelling language, adjustments and how to use them, data files, running log files of commands.

con_paper_0_271_hktut1.pdf

10:45 - 11:00

Coffee Break

11:00 - 12:30

Introductory hands-on session

12:30 - 14:00

Lunch

14:00 - 15:15

Simulation and forecasting in WinSolve
Setting up simulations, shocking equations, target-instrument solutions. Forecasting issues: the ragged edge, projecting exogenous variables, the role of judgment.

con_paper_0_276_hktut2.pdf

15:15 - 15:30

Coffee Break

15:30 - 16:30

Hands-on session on simulation and forecasting

16:30 - 17:45

Seminar on "Offshore Financial Centers: Parasites or Symbionts?"
Andrew Rose, University of California, Berkeley

con_paper_0_279_rose-paper060411.pdf

17:45 - 18:00

Break

18:00 - 22:00

Workshop dinner

12 April, Wednesday

9:00 - 9:30

Morning Coffee

9:30 - 10:45

Stochastic simulation and optimal control in WinSolve
Computing model moments by simulation and producing fan charts. Control exercises: optimal control, imposing smooth instrument paths, estimating optimal simple rules.

con_paper_0_284_hktut3.pdf

10:45 - 11:00

Coffee Break

11:00 - 12:30

Hands-on session on stochastic simulation and optimal control

12:30 - 14:00

Lunch

14:00 - 15:30

Solving DSGE models
Rational expectations, approximation methods, linearisation and log-linearisation. Solving for the deterministic steady state. Alternative solution methods. Terminal conditions and how to use them.