The HKIMR invites applications for the Institute’s Thematic Research Programme. Compared with the Regular Research Programme, this programme allows for a more flexible form of research undertaking and may involve collaboration with the research staff at the Institute and/or the HKMA.

Applicants are invited to submit proposals of empirical and theoretical studies on the topics in the following thematic areas, with preference given to comparative studies which address critical policy issues and have significant global and regional implications:

Financial innovation
1) Technological innovation in financial services: Implications for social, economic and market development
2) Digital currencies: implications for payment systems, monetary transmission mechanism and financial stability
3) Machine Learning: implications for financial market developments and surveillance

Financial market developments and market microstructure
1) New markets for green and Environmental, Social & Governance (ESG)-related investments
2) Climate risk: measurement, management and financial stability implications
3) Recent developments in the microstructure of financial markets and their impact on market quality and financial stability
4) Implications of new trading strategies and financial innovations on capital flows

Emerging economies
1) Financial integration in the Asian region and its implications
2) US dollar fluctuations, USD funding stress and emerging economies boom-bust cycles
3) Foreign currency corporate credit risk in emerging economies
4) Capital flows and financial markets in emerging economies and implications for macroeconomic and financial stability
5) Credit dynamics, household debt and the real economy in emerging markets

Hong Kong
1) Economic and financial integration between Hong Kong and Mainland China and its implications
2) Currency Boards and exchange rate dynamics
3) The influence of the US and China on Hong Kong’s business and financial cycle

Monetary policy, central banking and the macroeconomy
1) Short and long-term economic effects of COVID-19 and policy responses
2) Financial stability implications of low-for-long interest rates
3) Monetary-fiscal interaction - implications for inflation risk and financial stability
4) Climate change and central banking
5) The effect of the aging population on advanced and emerging economies

China
1) Offshore RMB market development and onshore macro-financial stability
2) Implications of financial liberalization for China and Hong Kong
3) Monetary policy transmission in China
4) Credit risk and banking sector vulnerabilities in China
5) Fintech and small business finance in China

Applicants typically hold a PhD in economics or finance, with specialization in the priority areas of interest and a track record of publications in refereed scholarly journals. Good knowledge of the Asian region and experience in empirical and applied research are added advantages.

If you are interested and meet the specific requirements, please email a proposal of 3-5 pages together with your curriculum vita to Hong Kong Institute for Monetary and Financial Research ([email protected]). The Council of Advisers for Monetary Research reviews the proposals on a quarterly basis and deliberates on the submissions. Since the Council frequently requests clarifications of the submitted proposals, applicants should apply well in advance of their desired dates of visit.

The length of the visit ranges between one week and one month, prior to mutual agreement. Successful applicants will receive an attractive remuneration package, including travel and accommodation allowances.

Submission Guidelines