WP No.32 / 2012
Investment and Asset Growth of Asian Firms: Evidence for Financial Resilience in the Recent Financial Crisis
by Alessandra Guariglia and Paul MIZEN (Research Fellow)
WP No.31 / 2012
What are the Challenges and Problems Facing China’s Outward Portfolio Investment: Evidence from the Qualified Domestic Institutional Investor Scheme
by Aidan Yao and Honglin Wang
WP No.30 / 2012
The Evolution of Endogenous Business Cycles
WP No.29 / 2012
Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk
by Marti G. Subrahmanyam, Dragon Yongjun TANG (Research Fellow) and Sarah Qian Wang
WP No.28 / 2012
A Quasi-Bounded Target Zone Model – Theory and Application to Hong Kong Dollar
by Chi-fai LO (Research Fellow), C. H. Hui, S. W. Chu and T. Fong
(Published in International Review of Economics and Finance, Vol. 37, (2015), pp. 1–17)
WP No.27 / 2012
The Effect of Commodity Price Shocks on Underlying Inflation: The Role of Central Bank Credibility
WP No.26 / 2012
Factor Market Distortions across Time, Space and Sectors in China
by Loren Brandt, Trevor Tombe and Xiaodong ZHU (Research Fellow)
(Published in Review of Economic Dynamics, Volume 16, Issue 1, January 2013, Pages 39-58)
WP No.25 / 2012
Factor Intensity, Product Switching, and Productivity: Evidence from Chinese Exporters
(Published in Journal of International Economics, Volume 92, Issue 2, March 2014, Pages 349-362)
WP No.24 / 2012
Determinants and Dynamics of Price Disparity in Onshore and Offshore Renminbi Forward Exchange Rate Markets
by Ka-Fai Li, Cho-Hoi Hui and Tsz-Kin Chung
WP No.23 / 2012
Hong Kong Inflation Dynamics: Trend and Cycle Relationships with the U.S. and China
(Published in "State-Space Models: Applications in Economics and Finance" Vol. 1, pp. 113-132, with a new title "Hong Kong Inflation Dynamics: Permanent and Transitory Relationships with the USA and China".)
WP No.22 / 2012
What Makes the VIX Tick?
by Warren Bailey, Lin Zheng and Yinggang ZHOU (Research Fellow)
WP No.21 / 2012
Exchange Rates as Exchange Rate Common Factors
by Ryan Greenaway-McGrevy, Nelson C. MARK (Research Fellow), Donggyu Sul and Jyh-Lin Wu
WP No.20 / 2012
The Chinese Corporate Savings Puzzle: A Firm-Level Cross-Country Perspective
by Tamim Bayoumi, Hui Tong and Shang-jin WEI (Research Fellow)
(Published in the book “Capitalizing China" edited by Joseph P. H. Fan and Randall Morck)
WP No.19 / 2012
Innovation, Diffusion, and Trade: Theory and Measurement
WP No.18 / 2012
Capital Inflows and Asset Prices: Evidence from Emerging Asia
WP No.17 / 2012
China’s Outward Direct Investment: Evidence from a New Micro Dataset
WP No.16 / 2012
Estimating Option-Implied Correlation between iTraxx Europe Financial and Corporate Sub-Indexes
by Cho-hoi Hui, Chi-fai Lo and Chun-sing Lau
(Published in Journal of Banking and Finance, Vol. 37, (2013), pp. 3694–3703, with a new title "Option-implied correlation between iTraxx Europe Financials and Non-Financials Indexes: A measure of spillover effect in European debt crisis")
WP No.15 / 2012
Regulatory Arbitrage and International Bank Flows
(Published in the Journal of Finance, Volume 67, Issue 5, October 2012, Pages: 1845–1895)
WP No.14 / 2012
Firm Survival and Financial Development: Evidence from a Panel of Emerging Asian Economies
WP No.13 / 2012
The RMB Debate: Empirical Analysis on the Effects of Exchange Rate Shocks in China and Japan
by Soyoung KIM (Research Fellow) and Yoonbai Kim
WP No.12 / 2012
How Important are Foreign Ownership Linkages for International Stock Returns?
by Söhnke M. Bartram, John Griffin and David NG (Research Fellow)
WP No.11 / 2012
Trilemma Policy Convergence Patterns and Output Volatility
WP No.10 / 2012
Déjà vu All Over Again: Agency, Uncertainty, Leverage and the Panic of 1857
by Timothy John RIDDIOUGH (Research Fellow) and Howard E. Thompson
WP No.09 / 2012
How would Capital Account Liberalisation Affect China’s Capital Flows and the Renminbi Real Exchange Rates?
by Dong He, Lillian Cheung, Wenlang Zhang and Tommy Wu
(Published in China & World Economy, 2012, Volume 20, Issue 6, pages 29–54. http://onlinelibrary.wiley.com/doi/10.1111/j.1749-124X.2012.12001.x/abstract)
WP No.08 / 2012
Productivity Growth of the Non-Tradable Sectors in China
by Dong He, Wenlang Zhang, Gaofeng Han and Tommy Wu
(Published in Review of Development Economics, Volume 18, Issue 4, pages 655–666, November 2014. The web appendix for the journal version of this paper can be accessed by the following link: https://uat.aof.org.hk/docs/default-source/hkimr/working-papers/online-appendix-hkimr.pdf)
WP No.07 / 2012
Mega-Banks’ Self-Insurance with Cocos: A Work in Progress
(Published in Global Credit Review, January 2012, Vol. 02, No. 01 : pp. 53-77)
WP No.06 / 2012
Sudden Spikes in Global Risk
WP No.05 / 2012
Financial Innovation: The Bright and the Dark Sides
WP No.04 / 2012
The Trade Comovement Puzzle and the Margins of International Trade
WP No.03 / 2012
China’s LGFV Crisis 2011: The Conflict between Local Autonomy, National Interest and Financial Reforms
WP No.02 / 2012
China’s Financial Reforms: Why Dysfunctional Banking Survives
WP No.01 / 2012
Detecting Bubbles in the Hong Kong Residential Property Market: An Explosive-Pattern Approach
by Matthew S. Yiu and Lu Jin
(Published in Journal of Asian Economics, Volume 28, October 2013, Pages 115-124, revised version with Prof. Jun Yu)