• 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.

• 2017: China’s Yield Curve and Monetary policy
• 2012 - 2013: Speculation or Macro Fundamentals as a Source of Commodity Futures Price Volatility in China: A GARCH-MIDAS Approach
• 2010: Central Bank Communication and Financial Markets in China
• 2008 - 2009: Information Content of Order Flow and Cross-Market Flight Behaviour: Evidence from the Chinese Stock and Bond Markets

• Fundamentals and the Volatility of Real Estate Prices in China: A Sequential Modelling Strategy
• China’s Monetary Policy Communication: Money Markets not only Listen, They also Understand
• Information Content of Order Flow and Cross-market Portfolio Rebalancing: Evidence for the Chinese Stock, Treasury and Corporate Bond Markets

• 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.

• 2018: Does it Take a Convoy to get Inflation and Growth Back to Pre‐Crisis Levels?
• 2016: Boom-and-Bust Cycles in Emerging Markets: How Important is the Exchange Rate Channel?
• 2010: Institutional Frameworks, Regulatory Reforms, and Contagion Effects: Asian Stock Markets
• 2008: Revisiting the Shocking Aspects of Asian Monetary Union
• 2007: Fundamental Determinants of Emerging Market Bond Spread
• 2006: Exchange Rate Pressure in Asia: Application Based on a New Measure

• Boom-and-Bust Cycles in Emerging Markets: How Important is the Exchange Rate?
• Enter the Dragon: Interactions between Chinese, US and Asia-Pacific Equity Markets, 1995-2010
• Do Short Selling Restrictions Destabilize Stock Markets? Lessons from Taiwan
• Revisiting the Shocking Aspects of Asian Monetary Unification
• Determinants of Emerging Market Spreads: Domestic, Global Factors, and Volatility
• Is Sterilized Intervention Effective? New International Evidence

• 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?

• 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.

• 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: Modes of Foreign Bank Participation and Domestic Bank Efficiency: Evidence from China
• 2009: Switching Cost and the Deposit Demand in China
• 2008: The Efficiency of the Chinese Banking System

• Switching Cost and Deposit Demand in China
• Market Structure, Welfare, and Banking Reform in China
• Deregulation, Competition and Consumer Welfare in Banking Market: Evidence from Hong Kong

• 2008 - 2009: Management Performance, Cost Inefficiency and Overstaffing in Chinese Banking

• Risk Management and Managerial Efficiency in Chinese Banks: A Network DEA Framework
• Rational Cost Inefficiency in Chinese Banks
• Bank Productivity in China 1997-2007: An Exercise in Measurement

• 2012: Optimal Exchange Rate Policy in a Growing Semi-Open Economy
• 2008: Understanding the unstable relationship between exchange rates and macroeconomic fundamentals

• Optimal Exchange Rate Policy in a Growing Semi-Open Economy
• The Great Recession: A Self-Fulfilling Global Panic
• Sudden Spikes in Global Risk
• Self-Fulfilling Risk Panics
• On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals

• 2008: Lessons for China from Financial Liberalisation and Financial Crises in Scandinavia

• Lessons for China from Financial Liberalization in Scandinavia

• 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.

• 2008: Measuring the Effects of Monetary Policy in Small, East Asian Economies

• Evaluating Exchange Rate Management An Application to Korea
• Foreign Exchange Exposure and Exchange Rate Arrangements in East Asia

• 2008: Meta-analysis of the effect of currency union or The interplay between sovereign debt, trade and aid

• Well-Being in the Small and in the Large
• Do We Really Know that the WTO Increases Trade?
• One Reason Countries Pay Their Debts: Renegotiation and International Trade

Andrew K. Rose is the B.T. Rocca Jr. Professor of International Business in the Economic Analysis and Policy Group, Haas School of Business at the University of California, Berkeley. He is also a Research Associate of the National Bureau of Economic Research (based in Cambridge, MA), and a Research Fellow of the Centre for Economic Policy Research (based in London, England). He received his Ph.D. from the Massachusetts Institute of Technology, his M.Phil. from Nuffield College, University of Oxford, and his B.A. from Trinity College, University of Toronto.

Rose has published more than fifty papers in economics journals, including the American Economic Review, the Quarterly Journal of Economics, the Review of Economic Studies, and the Journal of Finance. His research addresses issues in international trade, finance, and macroeconomics. His teaching is in the areas of international macroeconomics and econometrics. He has organized more than twenty academic conferences.

Rose was the managing editor of The Journal of International Economics from 1995 through 2001, and has been the faculty director of the Clausen Center for International Business and Policy at Haas since 1994. He has visited a number of other universities, including Stockholm, Tel Aviv, INSEAD, London School of Economics, and the European University Institute. He has also been a visiting scholar at a number of international and domestic policy agencies, including: IMF, World Bank, US Federal Reserve, US Treasury, UK Treasury, Asian Development Bank, Bank of Israel, Reserve Bank of New Zealand, Bank of Canada, and the Hong Kong Monetary Authority.

• 2008: Testing the Causes of Hong Kong Unemployment: Estimation and Analysis of a Dynamic, General Equilibrium Model

• Feast and Famine: Explaining Big Swings in the Hong Kong Economy between 1981 and 2007
• Long-run and Cyclic Movements in the Unemployment Rate in Hong Kong: A Dynamic, General Equilibrium Approach

• 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?

• 2008: The Determinants of Bond Issuance in Asia

• A Taste for Dim Sum: Analysing the Financial Diffusion in the New Offshore Renminbi Debt Securities Market
• Firm Survival and Financial Development: Evidence from a Panel of Emerging Asian Economies
• What Effect Has Bond Market Development in Emerging Asia Had on the Issuance of Corporate Bonds?
• The Role of Bond Finance in Firms’ Survival During the Asian Crisis
• Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets

• 2008: Do Derivative Market Contain Useful Information for Forecasting the Timing and Magnitude of "Hot Money" Flows?

• Do Derivative Markets Contain Useful Information for Signaling “Hot Money” Flows?

• 2007 - 2008: Anatomy of Deflation

• Leverage Constraints and the International Transmission of Shocks
• Hong Kong Consumer Prices are Flexible
• Currency Unions, Trade Flows, and Capital Flows
• Price Setting and Exchange Rate Pass-through: Theory and Evidence

James Yetman is currently a Senior Economist at the Bank for International Settlements. He completed his undergraduate studies in Economics at the University of Canterbury followed by a Masters from the University of British Columbia and a Ph.D from Queen's University at Kingston, which he completed in 1998. He then worked in the Research Department of the Bank of Canada for three years, on a variety of research projects related to Monetary Policy credibility, learning, testing policy objectives, and the impact of sticky prices on the macroeconomy. He joined the School of Economics and Finance of The University of Hong Kong in August, 2001. Current research questions include investigating why exchange rate pass-through varies so much across different countries, why an economy may wish to enter a currency union, and when a price level target for monetary policy may be preferable to an inflation target.