• 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: 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

• 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).

• 2018: Evidence of a Global Capital Flows Cycle
• 2017: Understanding the Co-movement between Capital Inflows and Capital Outflows
• 2015: Slow Money: Implications for Capital Flows and Business Cycles
• 2012: On the Global Nature of the Great Recession
• 2010: Risk, Liquidity and Leverage in Macroeconomics
• 2009: Gravity in International Finance
• 2008: International Capital Flows under Dispersed Information
• 2006: A Model of External Adjustment
• 2005: Predictable Expectational Errors in Financial Markets

• Global Drivers of Gross and Net Capital Flows
• Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns
• The Great Recession: A Self-Fulfilling Global Panic
• Sudden Spikes in Global Risk
• Self-Fulfilling Risk Panics
• Gravity in International Finance
• On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals
• Disconnect and Information Content of International Capital Flows: Evidence and Theory
• International Capital Flows
• Predictability in Financial Markets: What Do Survey Expectations Tell Us?

• 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

• 2013: China’s Banking System: Future Reform Needs and Prospects
• 2011: The Case for ‘Hands On’ Financial Regulation in Hong Kong
• 2009: Hong Kong’s Transition to a Services-Based Economy
• 2007: Government and Banking in the Context of Overall Economic Policies in Hong Kong 1945-85
• 2005 - 2006: Historical Study of Hong Kong Banking Policy

• China’s Banking: How Reforms Lost Momentum
• The Local Government Crisis 2007-2014: When China’s Financial Management Faltered
• China’s LGFV Crisis 2011: The Conflict between Local Autonomy, National Interest and Financial Reforms
• China’s Financial Reforms: Why Dysfunctional Banking Survives
• The Global Crisis: Why Laisser-faire Hong Kong Prefers Regulation
• The Global Crisis: Fatal Decisions – Four Case Studies in Financial Regulation
• The Global Crisis: Why Regulators Resist Reforms
• A Fragile Prosperity: Government Policy and the Management of Hong Kong’s Economic and Social Development
• Painful Transitions: The Impact of Economic Growth and Government Policies on Hong Kong's 'Chinese' Banks, 1945-70
• Dangerous Business Models: Bankers, Bureaucrats & Hong Kong's Economic Transformation, 1948-86
• Government without Statistics: Policy-making in Hong Kong 1925-85, with special reference to Economic and Financial Management
• Crisis and Challenge: The Changing Role of the Hongkong & Shanghai Bank, 1950-2000

• 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.

• 2014: The Development of International Bank Regulation and Supervision in Hong Kong 1970-82
• 2008: The Hong Kong Exchange Fund and the Collapse of the Bretton Woods System 1967-75
• 2005: The Hong Kong Banking System: Competitiveness and Responsiveness to External Shocks

• The Evolution of the Hong Kong Currency Board During Global Exchange Rate Instability: Evidence from the Exchange Fund Advisory Committee 1967-1973
• The Operation of the Moratorium on New Bank Licenses on the Hong Kong banking system 1965-81
• The Origins of Anti-Competitive Regulation: Was Hong Kong 'over-banked' in the 1960s?

• 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: Ideas, Economic Growth and Why Some Countries are So Much Richer than Others

• The Weak Link Theory of Economic Development
• The Value of Information in Growth and Development

Charles I. Jones is Professor of Economics at the University of California, Berkeley, and a Research Associate of the National Bureau of Economic Research. He has been honoured as a National Fellow of the Hoover Institution, a John M. Olin Foundation Faculty Fellow, and an Alfred P. Sloan Foundation Research Fellow. His research has been supported by a series of grants from the National Science Foundation.

Professor Jones's main research contributions are to the study of long-run economic growth. In particular, he has examined theoretically and empirically the fundamental sources of growth in per capita income over time and the reasons underlying the enormous differences in standards of living across countries. In recent years, he has used his expertise in macroeconomic methods to study the economic causes behind the rise in health spending and longevity.

Professor Jones graduated from Harvard College in 1989 and received his Ph.D. from M.I.T. in 1993.

• 2006: Domestic and International Financial Links: A New Look at Bonds, Stocks, Money and Foreign Exchange Markets

• Volatility in International Financial Market Issuance: The Role of the Financial Center

Graciela L. Kaminsky is currently a professor of Economics and International Affairs at George Washington University. She received her Ph.D. from MIT and was assistant professor of economics at the University of California, San Diego and a staff economist at the Board of Governors of the Federal Reserve System before joining George Washington University. She has been a consultant and Visiting Scholar at the IMF, the World Bank, and the Inter-American Development Bank. She has also been a consultant to the Banco de Espana and the Korean Center for International Finance and visiting scholar to the Banco de Mexico and the Institute of International Economics, University of Stockholm. She was a visiting professor at the Department of Economics, Johns Hopkins University, Universidad de Los Andes (Bogota, Colombia), Universidad di Tella and Universidad San Andres, both in Buenos Aires, Argentina. She has published extensively on issues in open economy macroeconomics. In the last few years, her areas of research have been on financial crises, contagion, herding behavior, the effects of financial liberalization, and mutual-fund investment-strategies.

• 2005: Efficiency in Hong Kong Banking

• The Impact of Macroeconomic and Regulatory Factors on Bank Efficiency: A Non-Parametric Analysis of Hong Kong's Banking System

Leigh Drake is Professor in the Management of Risk and is a member of the Centre for Risk and Insurance Studies at Nottingham University Business School. His research interests include: analysis of efficiency and performance in financial institutions; mutuality; risk analysis, risk management and capital adequacy in financial institutions; modelling of financial institutions and markets, including banks, insurance companies and the housing and mortgage market; monetary economics and monetary policy.

He has published widely in journals such as: Review of Economics and Statistics; Economic Journal; Economica; Oxford Economic Papers; Economic Inquiry; Journal of Money, Credit and Banking; Journal of Banking and Finance, etc.

Leigh Drake has also acted as a consultant to the UK Home Office and Treasury, and to numerous banks and building societies.

• 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.

• 2005: Institutional Arrangements and International Trade: Evidence from Hong Kong

• State Visits and International Trade