• 2011: Bank Regulation, Supervision and Bank’s Risk Takings: Evidence from Financial Crisis
• 2010: New Model Calibration and Simulation of the Currency Board Arrangements in Hong Kong
• 2004: The Difference of Equity Valuation in Hong Kong and Mainland China Stock Markets and Chinese A-H Stock Premium

• Factor Intensity, Product Switching, and Productivity: Evidence from Chinese Exporters
• Regulatory Arbitrage and International Bank Flows
• A Target-Zone Model with Two Types of Assets
• Equity Valuation in Mainland China and Hong Kong: The Chinese A-H Share Premium
• Balance of Payments Surplus and Renminbi Revaluation Pressure
• 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
• A Currency Board Model of Hong Kong

Yue Ma earned his BSc in Optimal Control Theory from Xiamen (Amoy) University in China; Certificate of Graduate from Sino-American Economic Training Centre sponsored by Ford Foundation at People's University of China; and PhD in Economics and Econometrics from Manchester University.

He is currently a Professor at City University of Hong Kong. He is also Concurrent Professor of University of International Business and Economics (UIBE), Beijing, and Research Fellow of Macroeconomic Research Centre, Xiamen University, China.

He specializes in international macroeconometric modelling, forecasting and policy analysis. His research interests include economic modelling of exchange rate and banking as well as international policy coordinations, with particular reference to mainland China and Hong Kong economies.

He has been working for Princeton University, Oxford University, National Institute of Economics & Statistics (INSEE in Paris), Hong Kong Baptist University, European University Institute (Italy), Stirling University (UK), London Business School, Manchester University and Strathclyde University (UK)under various research projects.

He is a member of the editorial board of the Scottish Journal of Political Economy and the Journal of Chinese Economic and Business Studies

• 2010: Correlation Risk and Foreign Exchange Returns
• 2008: The Duality of Liquidity
• 2005 - 2006: The Microstructure of Interbank Liquidity and the Dynamics of Hong Kong Money Market Rates
• 2004: US Federal Funds Rate and Hong Kong Interest Rates: Evidence from Futures Markets

• Carry Trades and the Performance of Currency Hedge Funds
• Market Liquidity and Funding Liquidity: An Empirical Investigation
• FX Arbitrage and Market Liquidity: Statistical Significance and Economic Value
• US Monetary Policy Announcements and the Term Structure of Interest Rate Differentials: Evidence from Hong Kong and Singapore

Giorgio Valente is Professor in the Department of Economics and Finance, College of Business, City University of Hong Kong. He is also currently Professor of Finance at Essex Business School, University of Essex, UK (External Appointment). Previously, he held full-time positions at the University of Warwick, the Chinese University of Hong Kong and the University of Essex. He also held visiting research positions at various universities including, among others, the University of Cambridge, Toulouse University and National Taiwan University. His research focuses on issues in international finance and global investments, FX and fixed income market microstructure with particular interest in FX determination and forecasting and the behavior of international interest rates and security prices. He served as co-Editor of Applied Financial Economics and Applied Financial Economics Letters between 2005 and 2007 and he is currently on the Editorial Board of the Pacific Economic Review. Over the years Professor Valente has been visiting and consulting for several institutions including the US Federal Reserve, the Hong Kong Monetary Authority and the Bank for International Settlements. Since 2007 he serves as member of the Council of Advisers for the Hong Kong Institute for Monetary Research of the Hong Kong Monetary Authority. His biography is included in Marquis Who’s Who in the World, Who’s Who in America and Who’s Who in Asia and his profile has been included in the REPEC list of Top 200 World Young Economists (with less than 10 years from their PhD).

• 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

• 2019: The Dynamics of HKD Interest Rate and Spot HKD/USD Exchange Rate under the Linked Exchange Rate System
• 2009: The Impact of Monetary Policy Change on Carry Trade and Liquidity in the Foreign Exchange Markets
• 2008: Do Derivative Market Contain Useful Information for Forecasting the Timing and Magnitude of "Hot Money" Flows?
• 2005 - 2006: The Microstructure of Inter-bank Liquidity and the Dynamics of Hong Kong Money Market Rates
• 2004: Developments around Asian Financial Crisis, using Prices and Volumes of Index Derivatives in Hong Kong

• Liquidity Crunch in Late 2008: High-Frequency Differentials between Forward-Implied Funding Costs and Money Market Rates
• Do Derivative Markets Contain Useful Information for Signaling “Hot Money” Flows?
• Initial Day Return and Underpricing Cost in Advance Payment Initial Public Offerings
• FX Arbitrage and Market Liquidity: Statistical Significance and Economic Value
• Order Imbalance and the Dynamics of Index and Futures Prices
• Expiration-Day Effects - An Asian Twist
• Order Imbalance and the Pricing of Index Futures
• The Information Content of Option Implied Volatility Surrounding the 1997 Hong Kong Stock Market Crash

• 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.

• 2009: Empirical Models of Inflation Targeting Rules
• 2004: Exchange Rate Regimes, Specialisation and Trade Volume

• Strict and Flexible Inflation Forecast Targets: An Empirical Investigation
• Exchange Rate Regimes, Specialization and Trade Volume

• 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.

• 2017: Monetary and Financial Spillovers to East Asia
• 2013: How Adoption and Diffusion of New Financial Instruments Influences the Development of Asian Financial Centres
• 2011: How did Asian Firms Manage to Invest and Grow during the Financial Crisis and the Global Downturn?
• 2008: Factors Determining the Willingness and Ability of Asian Firms to Access Financial Markets
• 2007: Credit Channel of Monetary Transmission in Asian Economies
• 2005: Corporate Finance under Low Interest Rates in Asia
• 2004: Effects of Interest Rate on the Financing of the Corporate Sector in Hong Kong

• Exploring Determinants of Firms’ Participation in the New Offshore Renminbi Debt Securities Market
• Investment and Asset Growth of Asian Firms: Evidence for Financial Resilience in the Recent Financial Crisis
• What Effect Has Bond Market Development in Emerging Asia Had on the Issuance of Corporate Bonds?
• Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets
• An Open Economy Model of the Credit Channel Applied to Four Asian Economies
• Corporate Finance Under Low Interest Rates: Evidence from Hong Kong

Professor Mizen has been a member of staff in the School of Economics at Nottingham since 1992. His research field is monetary and financial economics with an interest in the transmission mechanism of monetary policy and corporate finance. This covers research into the demand for monetary and credit aggregates, the financial behaviour of the corporate and household sectors of the UK economy, the relation between financial asset flows and real expenditure, corporate financing and the recent financial crisis. Currently Professor Mizen is investigating the effects of monetary policy on access to credit by firms and the consequences for households of increased borrowing and debt following the turmoil in financial markets. Professor Mizen has held research positions at the Federal Reserve (2008), European Central Bank (2003, 2004), the Bank of England (1997-2000), the International Monetary Fund (1995, 1996, 1999), and a number of universities. In 2002-03 he was Jean Monnet Fellow at the European University Institute, Florence. He is the co-author of Monetary Economics, Oxford University Press, with Mervyn K. Lewis, the Editor of the Festschrift for Professor C.A.E.Goodhart (Edward Elgar) and editor of Recent Developments in Monetary Policy (Edward Elgar) with K Alec Chrystal. Professor Mizen is Director of the Centre for Finance and Credit Markets (CFCM) and a Fellow of The Granger Centre for Time Series Econometrics.

• 2004: Managing Foreign Exchange Reserves in Asia and the Pacific: Choice of Currency and Instruments

• 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.

• 2004: Efficiency in Hong Kong Banking

• Environmental Factors Affecting Hong Kong Banking: A Post-Asian Financial Crisis Efficiency Analysis
• The Impact of Macroeconomic and Regulatory Factors on Bank Efficiency: A Non-Parametric Analysis of Hong Kong's Banking System

Max Hall graduated from Nottingham University in 1975 with a First Class Honours Degree in Economics. He was awarded a Ph.D. by the same University in 1978. He joined the Economics Department of Loughborough University as a Lecturer in August 1977 and is currently Professor of Banking and Financial Regulation. His research interests lie in the areas of banking regulation and supervision and current research activities embrace the design of deposit protection schemes, the reform of bank capital regulation of Islamic banks, an assessment of Basel II, empirical studies of bank efficiency in Japan and Hong Kong, analysis of the role to be played by market discipline in financial regulatory design and appraisal of recent banking reforms adopted in Japan. He has published nine books (one co-authored) in the areas of money, banking and financial regulation and has acted as Managing Editor for a further two books, including ‘The Regulation and Supervision of Banks’ (4 volumes) published by Edward Elgar in July 2001. In addition, he has contributed around 100 articles to academic and professional journals, including the Journal of Banking and Finance, the Journal of Business Finance and Accounting, and the Journal of Financial Services Research, plus chapters to a further 12 books.
On the consultancy front, he has carried out a number of projects for both public and private sector organisations, including the World Bank, the Asian Development Bank, the Inter-American Development Bank, Euro-Fiet, the British Council and IBM, and has contributed on the Top Management Programme run by the Cabinet Office. He has acted in an advisory capacity for the central banks of Barbados, Indonesia, Japan, Macau, Pakistan and the People’s Republic of China; and he has also delivered over 100 papers at conferences around the world, including ones organised by the Federal Reserve Bank of Chicago, the Bank of England, the United Nations, the European Commission, the People’s Bank of China, Bank Indonesia and the Nagoya Stock Exchange.

• 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.

• 2004: Efficiency in Hong Kong Banking

• Environmental Factors Affecting Hong Kong Banking: A Post-Asian Financial Crisis Efficiency Analysis
• The Impact of Macroeconomic and Regulatory Factors on Bank Efficiency: A Non-Parametric Analysis of Hong Kong's Banking System