Compared with the Regular Research Programme, this programme allows for a more flexible form of research undertaking and may have the possibility of collaboration with the staff at the Institute and HKMA. The duration of the study, which includes a minimum one-week resident visit to the Institute, could be longer than one month if needed. 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:

Emerging economies
Theme 1) Financial integration in the Asian region and its implications
Theme 2) US dollar fluctuations and emerging economies boom-bust cycles
Theme 3) Foreign currency corporate credit risk in emerging economics
Theme 4) Capital flows and financial markets in emerging economies and implications for macroeconomic and financial stability
Theme 5) Vulnerabilities and resilience of emerging economies to capital outflows
Theme 6) The effect of the aging population on advanced and emerging economies
Theme 7) Credit dynamics, household debt and the real economy in emerging markets

Hong Kong
Theme 8) Economic and financial integration between Hong Kong and Mainland China and its implications
Theme 9) Currency Board and HKD exchange rate; c) the influence of the US and China on Hong Kong’s business cycle
Theme 10) Liquidity dynamics and transmission mechanisms in CNH market

Financial Innovation
Theme 11) Digital currencies - implications for payment systems and monetary transmission mechanism
Theme 12) Machine (Deep) learning - implications for financial market developments and surveillance

Macroeconomy, monetary policy and bond yields
Theme 13) Distributional consequences of monetary policy
Theme 14) Lessons from the implementation of unconventional monetary policy
Theme 15) Inflation expectations, monetary policy and bond yields in a context of policy normalization post-Quantitative Easing

Financial regulation
Theme 16) Evaluation of regulatory reforms after the Global Financial Crisis

China
Theme 17) Offshore market development and onshore macro-financial stability
Theme 18) Changing economic structure in China and implications for Hong Kong and the Asian region
Theme 19) Implications of financial liberalization for China and Hong Kong
Theme 20) Monetary policy transmission in China
Theme 21) Credit risk and banking sector vulnerabilities in China
Theme 22) Service sector development in China
Theme 23) Corporate de-leveraging in China
Theme 24) Cross-border capital flows in China
Theme 25) Estimation of sectoral productivity

Applicant’s qualifications are required to be the same as those of the Regular Research Fellowship Programme but with specialization in the priority topics stated above. 

Submission Guidelines