• 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: Currency Misalignments and Trade Imbalances
• 2006: Expectations and Exchange-Rate Policy Real Exchange Rate Movements
• 2003: On the Relationship between Pass-through and Sticky Nominal Prices

• The Real Exchange Rate, Real Interest Rates, and the Risk Premium
• Expectations and Exchange Rate Policy
• Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
• On the Relationship between Pass-through and Sticky Nominal Prices
• Endogenous Exchange Rate Pass-Through when Nominal Prices are Set in Advance
• Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibility

• 2010: Financial Sector Deregulation, Credit Crunches and the Stock Market: New Evidence
• 2007: Institutional Weakness and Asset Price Volatility
• 2006: Foreign Direct Investment vs Foreign Portfolio Investment
• 2005: Growth Effects of the Exchange Rate Regime and the Capital-Account Openness in A Crises-Prone World Market: A Nuanced View
• 2003: Aggregate Supply and Potential Output
• 2002: FDI Contribution to Capital Flows and Investment in Capacity

• Equity Prices and Equity Flows: Testing Theory of the Information-Efficiency Tradeoff
• Composition of International Capital Flows: A Survey
• Credit Crunch, Creditor Protection, and Asset Prices
• Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy as an Equilibrium Outcome of Globalization
• Productivity and Taxes as Drivers of FDI
• Globalization and Disinflation: The Efficiency Channel
• Evaluation of Exchange-Rate, Capital-Market, and Dollarization Regimes in the Presence of Sudden Stops
• Which Countries Export FDI, and How Much?
• Aggregate Supply and Potential Output
• FDI Contribution to Capital Flows and Investment in Capacity

• 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

• 2016: China’s Monetary Transmission Mechanism: Time for the Taylor Rule?
• 2015: Quantitative Easing and Tapering Near and Far: Quantifying the Effects on Emerging Markets
• 2012: Finding Stability in a Time of Crisis: Lessons of East Asia for Eastern Europe following Sudden-Stops in External Credit
• 2009: A Bayesian Macroeconomic Analysis of Hong Kong: Price Stickiness, Financial Frictions and Sources of Volatility
• 2004: The Risks of Renminbi Revaluation and Hong Kong Financial Market Adjustment
• 2003: Deflation Dynamics in Hong Kong

• Policy Rules in Times of Prolonged Crisis: Quantitative Easing Abroad and Fiscal Adjustment at Home
• Monetary Rules and Policy Targets under Managed Exchange Rates and Capital Controls: The Case of China
• Finding Stability in a Time of Crisis: Lessons of East Asia for Eastern Europe
• Structural Change and Counterfactual Inflation-Targeting in Hong Kong
• Renminbi Revaluation, Euro Appreciation and Chinese Markets: What Can We Learn From Data?
• Deflationary Dynamics in Hong Kong: Evidence from Linear and Neural Network Regime Switching Models
• A Comparison of US and Hong Kong Cap-Floor Volatility Dynamics

Paul D. McNelis holds the Robert Bendheim Chair in Economic and Financial Policy in the Department of Finance, Graduate School of Business Administration, Fordham University. His office is located at 1790 Broadway, Room 1322. He arrived at Fordham in Fall, 2005.

McNelis was previously a Professor of Economics at Georgetown, joining the faculty in 1977 as an Assistant Professor. His Ph. D. is from Johns Hopkins University in Baltimore and his undergraduate degree is from Boston College. He was born in Hazleton, Pa., where his father was Executive Director of the United Mine Workers Health and Welfare Fund, and his mother worked for the Pennsylvania State Department of Employment Security. After completing his theological studies McNelis was ordained as a Catholic priest for the Maryland Province of the Society of Jesus on June 4, 1977 .

At Georgetown McNelis regularly taught courses in the fields of International Finance, Macro, and Monetary Economics. McNelis also worked as the faculty liaison of the Georgetown M.A.-Economics collaborative program (Instituto Latinoamericano de Doctrina y Estudios Sociales, ILADES ) since its 1987 inception in Santiago,Chile. ILADES is now part of the newly formed Universidad Alberto Hurtado in Santiago.

McNelis has worked with various international development organizations in Washington as well as central banks throughout the world, such as the Central Bank of Ireland, the Reserve Bank of Australia, the Reserve Bank of New Zealand, the Bank of Indonesia, the Hong Kong Monetary Authority, the Bank of Japan, the Central Bank of the Philippines, and Bank Bangladesh.

McNelis was also a visiting professor at Trinity College, Dublin in 1986-87, the first Philips visiting professor at the Vargas Foundation in Sao Paulo, Brazil during the 1994-95 academic year, and the Gasson Professor of Economics at Boston College during the 2001-02 academic year. He has taught in multiple languages, offering short courses on Neural Networks and Finance in Portuguese in Sao Paulo and Brasilia, Brazil, and in Spanish in Barcelona, Leon, and Santiago, Chile.

His writings are in the field of Computational Macroeconomics, concentrating on problems of adjustment and financial liberalization in Latin America and Asia. His current research is on applications of neural networks and genetic algorithms for predicting exchange rate and asset-price instabilities, for assessing the effects of alternative monetary aggregates on inflation and interest rates in the short run, for evaluating credit risks in emerging markets, and solving real business cycle models.

Neural Networks in Finance: Gaining Predictive Edge in the Market, (Elsevier Academic Press) was published in Jan. 2005, and another book, Computational Macroeconomics for the Open Economy (MIT Press), appeared in Oct. 2008 The latter is a collaborative venture with Professor Guay C. Lim of the Melbourne Institute of Applied Economic and Society Research, University of Melbourne, Australia.

• 2008: Is There an Unsatisfied Need for a Corporate Bond Market in Hong Kong?
• 2006: Rules versus discretion: how Hong Kong matches up against purist currency board principles

• What Future for the Hong Kong Dollar Corporate Bond Market?
• Rules Versus Discretion in Managing the Hong Kong Dollar, 1983-2006
• Hong Kong's Exchange Rate Regimes in the Twentieth Century: The Story of Three Regime Changes

• Asian Monetary Union - Where Do We Go from Here?

Tony Latter joined the School of Economics and Finance as Visiting Professor in February 2003, following his retirement from the Hong Kong Monetary Authority where he had for the previous four years been Deputy Chief Executive, responsible in particular for monetary policy and operations, economic research, payment systems, debt markets and currency.

He has also held executive directorships of the HK Mortgage Corporation, HK Note Printing Ltd, HK Interbank Clearing Ltd and the HK Institute for Monetary Research.

He was previously Deputy Secretary of Monetary Affairs in the HK Government, 1982-85, when he was responsible for re-establishing the currency board system at 7.80.

He spent most of the rest of his career at the Bank of England, covering a wide range of duties in both research and operational areas. He also had a spell at the Bank for International Settlements, and during the 1990s he conducted a number of technical assistance assignments, mostly on behalf of the International Monetary Fund, to developing countries and countries of the former Soviet Union - including a period of residence in Ukraine.

He has a masters degree in economics from Cambridge University and has written widely on central banking and related topics, and on economic policy in Hong Kong. His current research interests include the capital requirements of central banks, the policy response to deflation, and the monetary history of Hong Kong.

• 2016: Exploring the Diffusion and Dynamics of Producer Prices Across Asian Countries
• 2015: Chinese Monetary Policy in a DSGE Model with Parallel Shadow Banking
• 2011: What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics
• 2007: Modelling the Volatility Transmission between Renminbi and Asia Pacific US Dollar Futures
• 2005: Inflation Dynamics in Mainland China
• 2003: Growth and Convergence in a Two-region Model: The Hypothetical Case of Korean Unification

• Mapping China’s Time-Varying House Price Landscape
• To Guide or not to Guide? Quantitative Monetary Policy Tools and Macroeconomic Dynamics in China
• The Diffusion and Dynamics of Producer Prices, Deflationary Pressure Across Asian Countries, and the Role of China
• Monetary Policy Transmission in China: A DSGE Model with Parallel Shadow Banking and Interest Rate Control
• What Drives Urban Consumption in Mainland China? The Role of Property Price Dynamics
• Volatility Dependence across Asia-Pacific Onshore and Offshore Currency Forwards Markets
• Inflation in Mainland China - Modelling a Roller Coaster Ride
• Growth and Convergence in a Two-region Model: The Hypothetical Case of Korean Unification

• 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.

• 2005: The Risks of Reminbi Revaluation and Hong Kong Financial Market Adjustment

• Renminbi Revaluation, Euro Appreciation and Chinese Markets: What Can We Learn From Data?
• Swap Curve Dynamics in Hong Kong: An Interpretation
• A Comparison of US and Hong Kong Cap-Floor Volatility Dynamics

Salih Neftci teaches courses on financial economics at the Graduate Faculty, and is involved in several research groups at the Center for Economic Policy. He is currently at the Graduate School of City University of New York and also has teaching assignments at HEC, Lausanne University. Professor Neftci is the Head of FAME Certificate program and is a visiting professor at eh ISMA Centre, Reading University. He is a leading faculty in courses directed towards advanced market professionals.

Salih Neftci's current research interests include numerical methods in financial asset pricing and the applications of the theory of extremes to risk management. He has also been involved in the actual functioning of financial markets as a consultant.

• 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.

• 2003: Asia's Debt Markets: Appraisal and Policy Recommendations

• Making Markets: Reforms to Strengthen Asia's Debt Capital Markets
• Asia's Debt Capital Markets: Appraisal and Agenda for Policy Reform

• 2003: Threshold Autoregression Model Estimation and Crises in South-east and East Asia

• Application of a Modified TAR Model to CIP deviations in Asian Data

• 2003: Exchange Rate and Monetary Arrangements in South-east and East Asia

• Monetary and Exchange Rate Policy Coordination in ASEAN+1

The author of Macroeconomic Theory and Policy and of numerous articles in professional journals, his primary fields of interest are international economics and economic development. He has served on the senior staff of the Council of Economic Advisers, as deputy director of OECD Project Interfutures, and as a consultant at the International Monetary Fund and the World Bank, and has taught as visiting professor at several European universities. Ph.D. Massachusetts Institute of Technology.

• 2002 - 2003: The relationship between consumption, wealth and credit in Hong Kong

• The Relationship between Consumption, Income and Wealth in Hong Kong

Joanne Cutler completed a BSc (LSE, London) in 1987 and an MSc (Birkbeck College, London) in 1994. She is currently on a career break from the Bank of England where she worked as a research adviser in the Monetary Policy Unit. Recent publications include modelling UK labour market participation; estimating UK core inflation; and prospects for the UK housing market.

• 2003: Capital Markets, Financial Fragility & the Choice of Exchange Rate Regime

• Good Housekeeping? Reputation, Fixed Exchange Rates, and the 'Original Sin' Problem

• 2003: Successful Central Banking: Common Elements or Different Models?

• Central Bank Governance: Common Elements or Different Models?

Viv Hall has held the Macarthy Chair of Economics at Victoria University of Wellington since July 1989.

Prior to that, he was Associate Professor in the Department of Economics at the University of Sydney. He has been a Visiting Research Scholar at Yale and Stanford Universities, the University of California San Diego, Purdue University, the University of Western Ontario, the Universities of Manchester and Birmingham, the Research School of Social Sciences at the Australian National University, the New Zealand Treasury and the Reserve Bank of New Zealand. He has also been a Consultant to the OECD, and to a range of private and public sector organisations in different countries.

Viv's research and teaching interests span macroeconomic theory, modelling and policy, with particular focus on monetary policy, fiscal policy and inflation. His current research involves: New Zealand's current account deficit; implications for New Zealand's monetary policy, of an Australasian Monetary Union or a common currency with the U.S.; Regional business cycles in New Zealand; and Successful Central Banking: Common Elements or Different Models?

He was a Director of the Reserve Bank of New Zealand from March 1992 till February 2002, is a member of the independent Advisory Panel for the New Zealand Treasury's Macroeconomic Forecasts, and has been a Member of the Board of Trustees of the New Zealand Institute of Economic Research since October 1991.

• 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.

• 2003: Inflation Inertia and Nominal Rigidities

• Inflation Inertia - The Role of Multiple, Interacting Pricing Rigidities
• Fiscal Crisis Resolution: Taxation versus Inflation

• 2003: Understanding Wage-Price Dynamics in Hong Kong

• Wage-Price Dynamics, the Labour Market and Deflation in Hong Kong

• 2013: Can Liquidity Creation Predict Distressed Banks?
• 2002 - 2003: Prediction of Bank Failures Using Macro and Micro Data

• Performance Analysis of Liquidity Indicators as Early Warning Signals