WP No.25 / 2008
Navigating the Trilemma: Capital Flows and Monetary Policy in China
(Published in the Journal of Asian Economics, 2009, 20(3): 205-224)
WP No.24 / 2008
Elasticity Optimism
by Jean IMBS (Research Fellow) and Isabelle Méjean
WP No.23 / 2008
International Macroeconomic Fluctuations: A New Open Economy Macroeconomics Interpretation
by Soyoung KIM (Research Fellow) and Jaewoo Lee
WP No.22 / 2008
Double Signals or Single Signal? An Investigation of Insider Trading Around Share Repurchases
by Michael Firth, T. Y. Leung and Oliver RUI (Research Fellow)
(Published in Journal of International Financial Markets, Institutions and Money Volume 20, Issue 4, October 2010, Pages 376-388)
WP No.21 / 2008
Does the DiPasquale-Wheaton Model Explain the House Price Dynamics in China Cities?
by Kenneth K. Chow, Matthew S. Yiu, Charles Ka Yui Leung and Dickson C. Tam
(Published in International Real Estate Review, 2011, Vol. 14 No. 1: 85 – 117. The new title is "House Market in Chinese Cities: Dynamic Modeling, In-Sampling Fitting and Out-of-Sample Forecasting")
WP No.20 / 2008
Return, Trading Volume, and Market Depth in Currency Futures Markets
by Ai-ru (Meg) Cheng and Yin-Wong CHEUNG (Research Fellow)
(Published in International Journal of Applied Economics, 2008, 5(2): 1-23)
WP No.19 / 2008
What Future for the Hong Kong Dollar Corporate Bond Market?
WP No.18 / 2008
Determinants of Emerging Market Spreads: Domestic, Global Factors, and Volatility
(Published in the Global Finance Journal, 2011, vol 22, issue 2, pg. 83-210)
WP No.17 / 2008
The Optimal Currency Basket with Input Currency and Output Currency
WP No.16 / 2008
Credit Crunch, Creditor Protection, and Asset Prices
WP No.15 / 2008
Credit Losses in Economic Downturns - Empirical Evidence for Hong Kong Mortgage Loans
by Daniel Rösch and Harald SCHEULE (Research Fellow)
WP No.14 / 2008
Evidence on the External Finance Premium from the US and Emerging Asian Corporate Bond Markets
(Published in Journal of Banking and Finance 36, 3048-3059, November 2012.)
WP No.13 / 2008
Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios
by Yin-Wong CHEUNG (Research Fellow) and Clement Yuk-pang Wong
(Published in the Economics: The Open-Access, Open-Assessment E-Journal, 2008, 2(15): 1-61)
WP No.12 / 2008
Environmental Factors Affecting Hong Kong Banking: A Post-Asian Financial Crisis Efficiency Analysis
WP No.11 / 2008
Trends and Drivers of Bilateral FDI Flows in Developing Asia
by Rabin Hattari and Ramkishen RAJAN (Research Fellow)
WP No.10 / 2008
Input Substitution, Export Pricing, and Exchange Rate Policy
WP No.09 / 2008
Stability Tests for Heterogeneous Panel Data
by Felix Chan, Tommaso Mancini-Griffoli, and Laurent PAUWELS (Research Fellow)
WP No.08 / 2008
FX Arbitrage and Market Liquidity: Statistical Significance and Economic Value
(Published in Journal of Banking & Finance, Volume 34, Issue 5, May 2010, Pages 1098-1107. The new title is "Covered Interest Arbitrage Profits: The Role of Liquidity and Credit Risk")
WP No.07 / 2008
Hoarding of International Reserves: A Comparison of the Asian and Latin American Experiences
(Published in Exchange Rate, Monetary and Financial Issues and Policies in Asia, 2008)
WP No.06 / 2008
Too Much for Self-Insurance? Asian Foreign Reserves
WP No.05 / 2008
Banking In China: Are New Tigers Supplanting the Mammoths?
(Published in Journal of Banking & Finance, Volume 33, Issue 1, January 2009, Pages 131-140. The new title is "Are New Tigers Supplanting Old Mammoths in China's Banking System? Evidence from a Sample of City Commercial Banks".)
WP No.04 / 2008
Assessing Credit Risk of Companies with Mean-Reverting Leverage Ratios
by Chi-fai LO (Research Fellow), T. C. Wong, C. H. Hui and M. X. Huang
(Published in The Journal of Risk Model Validation, Volume 6/Number 3, Fall 2012, page 27-49 with a new title "Does using time-varying target leverage ratios in structural credit risk models improve their accuracy?")
WP No.03 / 2008
Markets and Housing Finance
(Published in Journal of Housing Economics, 2008, 17: 239-251)
WP No.02 / 2008
Evaluating Foreign Exchange Market Intervention: Self-selection, Counterfactuals and Average Treatment Effects
(Published in Journal of International Money and Finance, Volume 29, Issue 3, April 2010, Pages: 570-584)
WP No.01 / 2008
The External Wealth of China: An Investigation from the International Balance Sheet Perspective
by Andrew Sheng and Allen Ng