• 2016: Financial market review on infrastructure finance in Hong Kong and policy implications for the Belt-and-Road Initiative
• 2010 - 2011: Exchange Rate Dynamics and Interest Rate Policy Rules
• 2009: China’s Capital Flight
• 2008: The Empirics of China’s Outward Director Investment
• 2005: Accumulating Large Amount of Foreign Exchange Reserves and the Policy Implications

• The RMB Central Parity Formation Mechanism: August 2015 to December 2016
• Effects of Capital Flow on the Equity and Housing Markets in Hong Kong
• Offshore Renminbi Trading: Findings from the 2013 Triennial Central Bank Survey
• The Renminbi Central Parity: An Empirical Investigation
• The Nexus of Official and Illicit Capital Flows – The Case of Hong Kong
• China’s Capital Controls – Through the Prism of Covered Interest Differentials
• Exchange Rate Dynamics Under Alternative Optimal Interest Rate Rules
• China’s Outward Direct Investment in Africa
• Renminbi Going Global
• Measuring Renminbi Misalignment: Where Do We Stand?
• Accumulation of Reserves and Keeping Up with the Joneses: The Case of LATAM Economies
• Renminbising China’s Foreign Assets
• Capital Flight: China’s Experience
• A Multiple-Horizon Search for the Role of Trade and Financial Factors in Bilateral Real Exchange Rate Volatility
• The Empirics of China’s Outward Direct Investment
• China’s Current Account and Exchange Rate
• A Factor Analysis of Trade Integration: The Case of Asian and Oceanic Economies
• Speculative Attacks: A Laboratory Study in Continuous Time
• A High-Low Model of Daily Stock Price Ranges
• Return, Trading Volume, and Market Depth in Currency Futures Markets
• Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios
• Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences
• Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses
• The Overvaluation of Renminbi Undervaluation
• Nominal Exchange Rate Flexibility and Real Exchange Rate Adjustment: New Evidence from Dual Exchange Rates in Developing Countries
• Does the Chinese Interest Rate Follow the US Interest Rate?
• The Illusion of Precision and the Role of the Renminbi in Regional Integration
• An Empirical Model of Daily Highs and Lows
• A Reappraisal of the Border Effect on Relative Price Volatility
• Cross-Country Relative Price Volatility: Effects of Market Structure
• An Output Perspective on a Northeast Asia Currency Union
• Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?
• The Chinese Economies in Global Context: The Integration Process and Its Determinants
• Exchange Rates and Markov Switching Dynamics
• The Suitability of A Greater China Currency Union
• Testing for Output Convergence: A Re-Examination
• China, Hong Kong, and Taiwan: A Quantitative Assessment of Real and Financial Integration
• Dissecting the PPP Puzzle: The Unconventional Roles of Nominal Exchange Rate and Price Adjustments
• An Analysis of Hong Kong Export Performance
• East Asian Equity Markets, Financial Crises, and the Japanese Currency
• Effects of US Inflation on Hong Kong and Singapore
• Hong Kong Output Dynamics: An Empirical Analysis

After graduating from the University of Pennsylvania in 1990, Dr Cheung joined the University of California in Santa Cruz. His areas of research include econometrics, applied econometrics, exchange rate dynamics, asset pricing, and output fluctuation. Dr Cheung has published over 60 refereed articles in more than 30 professional journals including Econometric Theory, Game and Economic Behaviour, Journal of Business & Economics Statistics, Journal of Econometrics, Journal of International Economics, and Journal of Finance. He also co-authored a book on financial options (in Chinese). He has served on the editorial boards of three journals and is a research fellow of the CESifo research network. Dr Cheung has had visiting appointments in academic and research institutions in Australia, Hong Kong and Germany. He has presented his research at academic institutions and conferences in the United States, Canada, Germany, Spain, Hong Kong, Taiwan, Australia and New Zealand.

• 2010: Private Capital Flows and Emerging Asia Since the 1990s: With Particular Focus on Bilateral Equity Holdings
• 2008: Trends, Drivers and Implications of Cross-Border M&A in Developing Asia
• 2007: Intra-Developing Asia FDI Flows
• 2006: Reserve Build-up and Monetary Sterilization in Developing Asia since the 1990s
• 2001: Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?

• How Different are FDI and FPI Flows?: Does Distance Alter the Composition of Capital Flows?
• Cross-border Mergers and Acquisitions (M&As) in Developing Asia: The Role of Financial Variables
• Trends and Drivers of Bilateral FDI Flows in Developing Asia
• Managing the Monetary Consequences of Reserve Accumulation in Emerging Asia
• China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients
• Hong Kong, Singapore and the East Asian Crisis: How Important were Trade Spillovers?

Ramkishen S. RAJAN is Professor of International Economic Policy at the School of Public Policy, George Mason University (GMU). Prior to that he was on the faculty of the School of Economics, University of Adelaide for five years, where he remains a Visiting Associate Professor. He is also currently an Associate Faculty at the Center for Global Studies, George Mason University and an Adjunct Fellow at RIS (Delhi based think tank). He has held one year visiting positions at the LKY School of Public Policy, National University of Singapore and at the Department of Economics, Claremont McKenna College in California and shorter visiting positions at the Hong Kong Institute of Monetary Research, National University of Singapore, the Institute of Southeast Asian Studies and Institute of Policy Studies in Singapore and other institutes in Asia.

Professor Rajan specializes in International Economic Policy with particular reference to the developing Asia-Pacific region. He holds Economics degrees from the National University of Singapore (B.Soc. Sci., Hons), Michigan (M.A.) and Claremont (M.A., PhD). Specific topics of interest include international capital flows and trade in Asia, exchange rate regimes and reserve policies in Asia, and Asian economic regionalism (monetary, financial and trade). He has published numerous journal articles and book chapters, 12 books (5 authored/co-authored) and a number of policy briefs, op-eds and book reviews on various aspects of international economics. He is on the Editorial Board of various academic journals including Development Policy Review, North American Journal of Economics and Finance, International Journal of Business, Management and Economics and e-social science Journal. Professor Rajan has been a consultant with the Asian Development Bank, the World Bank, the UN-ESCAP, Development Bank of Singapore and other places.

• 2010: New Model Calibration and Simulation of the Currency Board Arrangements in Hong Kong

• A Target-Zone Model with Two Types of Assets
• Inflation Targeting in China?
• Optimum Currency Area for Mainland China and Hong Kong? Empirical Tests
• From 'One Country, Two Systems' to Monetary Integration?
• The Full Convertibility of Renminbi: Sequencing and Influence
• Banking Deregulation and Macroeconomic Impact in China: A Theoretical Analysis and Implications of WTO Accession to the Mainland and Hong Kong

Born and raised in Hong Kong, Tsang Shu-ki holds a BA in Philosophy and Political Science from the University of Hong Kong, an MBA from the Chinese University of Hong Kong, and MA (Econ) and PhD degrees from the University of Manchester. Before joining the academia in the mid-1980s, he spent time as a credit analyst, a gold dealer, a treasury assistant and a bank economist.

His recent research interests cover currency board economics, monetary integration, and macro-econometric modelling of China and Hong Kong.

In the area of public service, Tsang is a member of the Economic Advisory Committee and the Energy Advisory Committee of the Hong Kong SAR Government. He serves as a director of the Exchange Fund Investment Limited (EFIL), a member of the Exchange Fund Advisory Committee Sub-Committee on Currency Board Operations, and an advisor to the Hong Kong Institute for Monetary Research. He is also a member of the Consumer Council and the chairperson of its Competition Policy Committee.

• 2014: Transport Infrastructure and the Real Exchange Rate with Application to Asia
• 2011 - 2013: Are Some Forms of Capital Flows Riskier Than Others? Lessons from the 2008-2009 Global Financial Crisis
• 2009 - 2010: How Sustainable Is China’s High Savings Rate?
• 2008 - 2009: Does Leapfrogging in Export Sophistication Raise Economic Growth? Evidence from China and Other Countries

• Roads and the Real Exchange Rate
• A Theory of the Competitive Saving Motive
• The Chinese Corporate Savings Puzzle: A Firm-Level Cross-Country Perspective
• Give Credit where Credit is Due: Tracing Value Added in Global Production Chains
• Domestic Institutions and the Bypass Effect of Financial Globalization
• The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis
• The Value of Making Commitments Externally: Evidence from WTO Accessions
• A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?
• Corruption and Cross-Border Investment in Emerging Markets: Firm-Level Evidence
• Does Insider Trading Raise Market Volatility?
• Offshore Investment Funds: Monsters in Emerging Markets?

Shang-Jin Wei has been appointed as the New Century Chair in International Economics and Senior Fellow by the Brookings Institution since July 1, 2000. Before that, he had been on the faculty of Harvard University for eight years, first as an assistant professor of public policy and then an associate professor of public policy at the Kennedy School of Government. He is concurrently a research fellow at the National Bureau of Economic Research (Cambridge, USA), Centre for Economic Policy Research (London, UK), and Harvard University's Center for International Development.

An expert in international finance, open-economy macroeconomics, international trade and investment, and reform strategies in transition economies, he has published scholarly articles in top academic journals, including Quarterly Journal of Economics, Review of Economics and Statistics, American Economic Review, European Economic Review, Journal of International Economics, Journal of Development Economics, Brookings Papers on Economic Activity, and Canadian Journal Economics. He has published two books, and contributed many chapters in other books.

Many of his research outcomes have useful policy implications and have been reported in eleven different newspapers and magazines, including most recently the Financial Times (November 17, 2000; May 30, 2000; and June 23, 1997), Economist magazine (September 9, 2000; January 16, 1999; and August 2, 1997), Time magazine (June 22, 1998), Business Week (January 12, 1998, and December 1997), and Hong Kong Economic Daily (October 18, 2000). His anti-corruption reform proposal, "Special Governance Zones," (with others) received a First-prize People's Choice Award at the second international Innovation Marketplace competition sponsored by the World Bank on February 8-9, 2000.

• 2010: Domestic Demand and Wealth Distribution: Some Considerations on Restructuring Microfoundation of Macroeconomics
• 2004: The Difference of Equity Valuation in Hong Kong and Mainland China Stock Markets and Chinese A-H Stock Premium

• Preference Relativity, Ambiguity and Social Welfare Evaluation
• Equity Valuation in Mainland China and Hong Kong: The Chinese A-H Share Premium
• The Full Convertibility of Renminbi: Sequencing and Influence
• Banking Deregulation and Macroeconomic Impact in China: A Theoretical Analysis and Implications of WTO Accession to the Mainland and Hong Kong

Dr Zhao gained his B.Sc. in Mathematics from Shandong Normal University and M.Sc. in the field of Probability and Statistics from the Graduate School of Wuhan University. As a lecturer and associate Professor of Shandong University, he had taught Mathematics and Statistics for many years. After his PhD studies in the Graduate School of Chinese Academy of Social Sciences (CASS), focusing on Economic Growth Theory and Financial Developments, he embarked on a two-year postdoctoral research into macroeconomic theory and China's macro-policy analysis. He has published research papers in both Statistics and Economics, some with policy relevancy. As a research fellow at the Institute of Economics, CASS, his current interests are macroeconomic modelling, banking and exchange rate system reforms in China, as well as their implications for the Hong Kong economy.

• 2009: International Financial Propagation
• 2007: Financial Portfolio for Emerging Market Economies: A DSGE Approach
• 2005: Financial Market Structure in Open Economy Macro Models
• 2004: Determinants of Optimal Exchange Rate Policy

• A New Dilemma: Capital Controls and Monetary Policy in Sudden-Stop Economies
• Leverage Constraints and the International Transmission of Shocks
• A Portfolio Model of Capital Flows to Emerging Markets
• Solving for Country Portfolios in Open Economy Macro Models
• Expectations and Exchange Rate Policy
• Currency Appreciation and Current Account Adjustment
• A Portfolio Theory of International Capital Flows
• Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
• Exchange Rate Regimes, Specialization and Trade Volume
• Exchange Rate Policy and Endogenous Price Flexibility
• Transfer Problem Dynamics: Macroeconomics of the Franco-Prussian War Indemnity
• Price Setting and Exchange Rate Pass-through: Theory and Evidence
• Endogenous Exchange Rate Pass-Through when Nominal Prices are Set in Advance
• Financial Constraints and Exchange Rate Flexibility in Emerging Market Economies
• International Risk-Sharing and the Exchange Rate: Re-evaluating the Case for Flexible Exchange Rates
• Mundell Revisited: A Simple Approach to the Costs and Benefits of a Single Currency Area
• Risk Sharing and the Theory of Optimal Currency Areas: A Re-examination of Mundell 1973
• Exchange Rates and Monetary Policy in Emerging Market Economies
• Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibility

• 2015: Fiscal Policy Shocks and Real Exchange Rates
• 2009: International Portfolio Holdings: Source and Host Country Influences on Home Bias
• 2002: News Spillovers in the Sovereign Debt Market
• 2001: Foreign Exchange Exposure and Exchange Rate Arrangements in East Asia
• 2000: Accounting for Real Exchange Rate Changes in East Asia

• Return Comovement
• Sovereign Credit Ratings, Transparency and International Portfolio Flows
• Evaluating Exchange Rate Management An Application to Korea
• News Spillovers in the Sovereign Debt Market
• Foreign Exchange Exposure and Exchange Rate Arrangements in East Asia
• Pricing in International Markets: A 'Small Country' Benchmark
• Exchange Rate Pass -Through in a Small Open Economy: Panel Evidence from Hong Kong
• Accounting for Real Exchange Rate Changes in East Asia

Prior to his doctoral studies, Professor Parsley worked in consulting and for the Federal Reserve Bank of San Francisco. His research interests are in the fields of international finance and macroeconomics. He has concentrated on the macroeconomics of exchange rates, prices and the relationship between the two. His current research is directed in two main areas: (1) purchasing power parity (PPP) and whether convergence toward purchasing power parity is impacted by the monetary regime, and (2) the economic and time-series characteristics of international market segmentation. Professor Parsley teaches courses in macroeconomics, international trade and commercial policy, international economics, and international business at Vanderbilt University where is an Associate Professor at the Owen Graduate School.

• 2006: Testing and Dating Stock Market Bubbles: Evidence and Implication

• Explosive Behavior and the Nasdaq Bubble in the 1990s: When Did Irrational Exuberance Escalate Asset Values?
• Optimal Transaction Filters under Transitory Trading Opportunities: Theory and Empirical Illustration
• Momentum Trading, Mean Reversal and Overreaction in Chinese Stock Market
• Stock Market Integration, Return Forecastability and Implications for Market Efficiency: A Panel Study

Yangru Wu obtained his PhD in Economics from the Ohio State University in 1993. He was Assistant Professor of Economics at the Chinese University of Hong Kong from 1993-1995, and Assistant Professor of Economics at West Virginia University from 1995-1997. Since 1997, he has been Associate Professor of Finance at the Faculty of Management, Rutgers University.

His research covers a range of topics in international finance and applied macroeconomics, including foreign exchange risks, international equity market integration, welfare costs of inflation, asset price volatility and bubbles, and investment strategies. He has published research articles in numerous scholastic journals, including Journal of Finance, Economic Journal, Journal of Monetary Economics, Journal of Banking and Finance, Journal of Money Credit & Banking, Journal of Public Economics, Biometrika, Journal of Economic Dynamics & Control, Journal of International Money & Finance, and Journal of Applied Econometrics. He teaches courses in Finance at Rutgers at various levels and has been actively involved in several international executive MBA training programs.

• 2004: Inflation Dynamics in Asia

• Currency Internationalisation: Analytical and Policy Issues
• Revisiting the Shocking Aspects of Asian Monetary Unification
• Currency Appreciation and Current Account Adjustment
• Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?
• Macroeconomic Volatility, Debt Dynamics, and Sovereign Interest Rate Spreads
• External Shocks, Transmission Mechanisms and Deflation in Asia
• Foreign versus domestic factors as source of macroeconomic fluctuations in Hong Kong
• Inflation in Hong Kong, SAR - In Search of a Transmission Mechanism
• Monetary Policy in East Asia (and Elsewhere): Does Targeting Inflation Require 'Inflation Targeting'?
• Inflation Targeting - The Holy Grail of Monetary Policy?

Dr Genberg is Professor of International Economics at the Graduate Institute of International Studies in Geneva, Switzerland. Since January 1999 he has also been Head of Executive Education at FAME (Financial Asset Management and Engineering) international centre in Geneva.

A Swedish national, Dr Genberg received his Studentexamen (High School Diploma) in Sweden before pursuing university studies in the United States and obtaining a BA degree in Mathematics from Macalester College as well as MA and PhD degrees in Economics from the University of Chicago. In 1974 he was appointed Charge de Cours at the Graduate Institute of International Studies where he was subsequently promoted to full Professor in 1979.

Dr Genberg has taught as a visiting professor at the Graduate School of Business of the University of Chicago, and at the Ecole des HEC at the University of Lausanne. He has also held visiting appointments at the International Monetary Fund and the World Bank and carried out consulting assignments for international organisations as well as national governments.

His teaching and research deals primarily with international finance, monetary and macroeconomics.

In August 2010 Mr. Genberg joined the Independent Evaluation Office of the International Monetary Fund as an Assistant Director. Before joining the IMF he was a Visiting Advisor for one year at the Representative office for Asia and the Pacific of the Bank for International Settlements after having been Executive Director, Research at the Hong Kong Monetary Authority and Director of the Hong Kong Institute for Monetary Research since February 2005. Before joining the HKMA he was Professor of international economics at the Graduate Institute of International Studies in Geneva, Switzerland. He was also Head of Executive Education at FAME (The International Center for Financial Asset Management and Engineering) in Geneva. A Swedish national, Mr. Genberg holds a Ph.D. degree in Economics from the University of Chicago.

Mr. Genberg has written widely on issues dealing with international finance, monetary economics and macroeconomics. His publications include Asset Prices and Central Bank Policy and Official Reserves and Currency Management in Asia: Myth, reality and the Future as well as articles in major professional journals such as Econometrica, the Journal of Monetary Economics, the Journal of International Economics.

• 2018: Complexity of global banks and their foreign operation in Hong Kong
• 2013 - 2014: Liquidity Management of Foreign Banks in Hong Kong
• 2003 - 2004: Is There a Lending Channel Monetary Policy Transmission in Hong Kong

• The International Transmission of Shocks: Foreign Bank Branches in Hong Kong during Crises
• Operating Performance of Banks among Asian Economies: An International and Time Series Comparison
• The X-Efficiency of Commercial Banks in Hong Kong
• Impact of Deposit Rate Deregulation in Hong Kong on the Market Value of Commercial Banks

Dr. Simon Kwan is Senior Advisor at the Federal Reserve Bank of San Francisco. He is responsible for evaluating financial stability risks, both locally and nationally, with a focus on identifying and monitoring areas of emerging systemic risk in the financial system and serving as a source of expertise for policy makers as well as bank examiners and supervisors.

Kwan has a wealth of expertise on issues pertaining to financial stability, macroprudential supervision, credit market conditions and risk, and bank regulation, expertise gained from years of experience within the Federal Reserve System, at the Sveriges Riksbank (the central bank of Sweden), and in academia.

Prior to joining the Cleveland Fed, Kwan was Head of Research and Modelling in the Financial Stability Department at the Sveriges Riksbank in Stockholm, Sweden from 2015 to 2016. Kwan started his central banking career by joining the Federal Reserve Bank of San Francisco as an economist in 1995, and he worked his way up the ranks to Vice President, Head of Financial Research, and, Senior Research Advisor.

• 2002 - 2003: Macroeconomic Interdependence among Hong Kong, Mainland China and the US: Capital Flow, Property and Stock Market, and Outward Processing

• A Model to Analyze the Macroeconomic Interdependence of Hong Kong with China and the United States

Fuchun Jin obtained his BSc (1984) in Mathematics from the University of Science and Technology of China (Hefei), and his MA (1987) as well as PhD (1993) in Economics from Ohio State University in the US. He was assistant professor of Economics at Colgate University in the US from 1993 to 1999. He joined the faculty of Peking University in 1999 and is currently associate professor of economics at the China Center for Economic Research at the Peking University. Dr Jin had been a visiting professor to the department of general economics and CentER of Tilburg University in the Netherlands in 1999. His research interests are macroeconomics and international monetary economics.

• 2002: Liquidity traps and money-financed fiscal expansions

• The Fed and the New Economy

Laurence Ball is Professor of Economics at Johns Hopkins University, where he was appointed in 1994. He previously taught at Princeton and New York Universities, and received his PhD from MIT in 1986. Professor Ball has been a Houblon-Norman Fellow at the Bank of England, a Professorial Fellow in Monetary Economics at the Reserve Bank of New Zealand and Victoria University, and a Visiting Scholar at a number of other central banks. His primary research interests are inflation and monetary policy.

• 2002: Explaining Output Correlations in Asia

• Business Cycle Correlations in Asia-Pacific
• Growth and the Real Exchange Rate - Evidence from Eleven Countries
• Persistence of Output Fluctuations under Alternative Exchange Rate Regimes
• Exchange Rate Volatility and Macroeconomic Performance in Hong Kong

Dr Mark Crosby gained his PhD at Queen's University in 1994 with a specialisation in Monetary Economics and Public Finance and is currently Senior Lecturer at University of Melbourne. From 1993 Dr. Crosby lectured at The University of New South Wales, including graduate-level courses in Macroeconomics and Theory and Monetary Economics at the undergraduate level. He was appointed to a lecturer position at the University of Melbourne in February 1998 and promoted to a senior lecturer position in January 2000.

• Signaling versus Commitment Strengthening: Exchange Rate Insurance against Currency Attacks

Y. Stephen Chiu obtained his PhD in Economics from the Pennsylvania State University in 1995. He was an Assistant Professor at the Faculty of Business Administration at the Chinese University of Hong Kong during 1995-1999, and has been an Associate Professor since 1999. Dr Chiu teaches courses in micro and macroeconomics, industrial organization and game theory at the undergraduate, MBA and MSc levels, and has run a Diploma Programme for Small and Medium Enterprises Management as a director (during 1997-2000) at the Chinese University.

Dr Chiu is a microeconomic theorist whose research interests cover various issues in firm and contract theory, financial economics, and political economy. He is currently working on projects on the microeconomic foundations of currency crisis and bank runs, market competition and optimal asset ownership, and the foundations of firm theory. He has published research articles in scholastic journals such as the American Economic Review, Economics Letters, International Journal of Game Theory, Pacific Economic Review, and Review of International Economics. His latest publication entitled "The Role of (Non)transparency in a Currency Crisis Model" (jointly with Kenneth S. Chan) is forthcoming in the European Economic Review.

• The Full Convertibility of Renminbi: Sequencing and Influence
• Banking Deregulation and Macroeconomic Impact in China: A Theoretical Analysis and Implications of WTO Accession to the Mainland and Hong Kong

Dr Liu is currently a Professor at the Institute of Economics, Chinese Academy of Social Sciences, and also Chief Editor of The Economic Research Journal. His main research files are economic cyclical fluctuations, macroeconomic modelling and policy analysis. His published books include: China's Economic Cyclical Fluctuations, Beijing, Chinese Economic Press 1989; New Phase in China's Economic Cyclical Fluctuations, Shanghai Yuandong Press 1996; Prosperity and Stability, Beijing, Social Sciences Documentation Publishing House 2000.

• Strict and Flexible Inflation Forecast Targets: An Empirical Investigation
• Growth and the Real Exchange Rate - Evidence from Eleven Countries
• Persistence of Output Fluctuations under Alternative Exchange Rate Regimes

Dr Glenn Otto obtained his PhD from Queen's University in Canada in 1993. He is currently an Associate Professor at the University of New South Wales. He has taught undergraduate and graduate courses on macroeconomics, international monetary economics, economic growth and econometrics. Dr Otto's research interests are in the areas of macroeconomics and applied econometrics. His most recent work focused on the application of VAR models.