2017

WP No.29 / 2017	Monetary Rules and Policy Targets under Managed Exchange Rates and Capital Controls: The Case of China by Hongyi Chen and Paul McNELIS (Research Fellow) Full Text Summary (Revised version published in Economic Modelling, 2020, Vol. 91, Pages 759-768)
WP No.28 / 2017	Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns by Philippe BACCHETTA (Research Fellow) and Eric van WINCOOP (Research Fellow) Full Text Summary
WP No.27 / 2017	Expectations and Risk Premia at 8:30am: Deciphering the Responses of Bond Yields to Macroeconomic Announcements by Peter Hördahl, Eli M. Remolona and Giorgio Valente Full Text Summary (Published in Journal of Business and Economic Statistics, Volume 38, 2020, Issue 1)
WP No.26 / 2017	The International Transmission of Monetary Policy through Financial Centres: Evidence from the United Kingdom and Hong Kong by Robert Hills, Kelvin Ho, Rhiannon Sowerbutts, Dennis Reinhardt, Eric Wong and Gabriel Wu Full Text Summary (Published in Journal of International Money and Finance, Vol. 90, (2019), pp.76-98)
WP No.25 / 2017	Breakdown of Covered Interest Parity: Mystery or Myth? by Alfred Wong and Jiayue Zhang Full Text Summary
WP No.24 / 2017	The Consumption Response to Minimum Wages: Evidence from Chinese Households by Ernest Dautovic, Harald HAU and Yi HUANG Full Text Summary
WP No.23 / 2017	Tail risk spillover in Asia Pacific stock market by Tom Fong, Ka-Fai Li and Edmund Ho Full Text Summary
WP No.22 / 2017	Corporate Default Risk and Loan Pricing Behaviour in China by Hongyi Chen, Jianghui Chen and Gaofeng Han Full Text Summary (Published in International Finance Review, 2020, Volume 21, Pages 55–73)
WP No.21 / 2017	Exchange rate dynamics under a currency board when policy rates are zero by Cho-Hoi Hui, Ka-Fai Li and Chi-Fai Lo Full Text Summary
WP No.20 / 2017	Credit Default Swaps and Bank Regulatory Capital by Chenyu Shan, Dragon Yongjun TANG and Hong Yan Full Text Summary (Published in Review of Finance, Volume 25, Issue 1, February 2021)
WP No.19 / 2017	Why do firms issue bonds in the offshore market? Evidence from China by Qing Ba, Frank Song and Peng Zhou Full Text Summary
WP No.18 / 2017	Determinants of mutual fund flows to Hong Kong equities by Tom Fong, Angela Sze and Edmund Ho Full Text Summary (Published in Journal of International Financial Markets, Institutions & Money, Vol. 57. (2019), pp.231-247)
WP No.17 / 2017	US Monetary Policy Spillovers by Saroj Bhattarai (Research Fellow), Arpita Chatterjee and Woong Yong Park Full Text Summary (Published in Journal of Monetary Economics, Volume 114, October 2020, pages 71-89)
WP No.16 / 2017	Return Comovement by David C. PARSLEY (Research Fellow) and Helen Popper Full Text Summary (Published in Journal of Banking & Finance, Volume 112, March 2020, 105223)
WP No.15 / 2017	Boom-and-Bust Cycles in Emerging Markets: How Important is the Exchange Rate? by Pierre SIKLOS (Research Fellow) Full Text Summary (Published in Journal of Macroeconomics, Volume 56, June 2018, Pages 172-187)
WP No.14 / 2017	VaR and Stress Tests: The Impact of Fat-Tail Risk and Systemic Risk on Commercial Banks in Hong Kong and China by Jacky So (Research Fellow) and Tony U Full Text Summary
WP No.13 / 2017	Quantifying Financing Needs in the Belt and Road Countries and Industries by Hongyi Chen, Tianjiao Jiang and Chen LIN (Research Fellow) Full Text Summary (Published at Emerging Markets Finance and Trade, Volume 55, Issue 14)
WP No.12 / 2017	History, Culture and the Rise of Informal Finance in China by Jinyan Hu, Chicheng MA and Bo Zhang Full Text Summary
WP No.11 / 2017	Dynamics of Market Anomalies and Measurement Errors of Risk-free Interest Rates by Cho-Hoi Hui, Chi-fai LO (Research Fellow) and Chin-To Fung Full Text Summary
WP No.10 / 2017	Land Share, Mortgage Default, and Loan-to-Value Ratio as a Macro-Prudential Policy Tool by Lingxiao Li and Abdullah YAVAS (Research Fellow) Full Text Summary
WP No.09 / 2017	To Guide or not to Guide? Quantitative Monetary Policy Tools and Macroeconomic Dynamics in China by Hongyi Chen, Michael FUNKE (Research Fellow), Ivan Lozev and Andrew Tsang Full Text Summary (Published in International Journal of Central Banking , 2020, Volume 16(5), pages 49-94)
WP No.08 / 2017	Structural transformation and its implications for the Chinese economy by Gaofeng Han Full Text Summary (Published in Pacific Economic Review, Volume 25, Issue 3, August 2020, Pages 339-383)
WP No.07 / 2017	Term Premium Spillovers from the US to International Markets by Ka Fai Li, Tom Fong and Edmund Ho Full Text Summary
WP No.06 / 2017	The RMB Central Parity Formation Mechanism: August 2015 to December 2016 by Yin-Wong CHEUNG (Research Fellow), Cho-Hoi Hui and Andrew Tsang Full Text Summary (Published in Journal of International Money and Finance, Vol. 86, (2018), pp. 223-243. Previous title: The RMB Central Parity Formation Mechanism after August 2015: A Statistical Analysis)
WP No.05 / 2017	Financial Flexibility and Corporate Cash Policy by Tao Chen (Research Fellow), Jarrad Harford and Chen LIN (Research Fellow) Full Text Summary
WP No.04 / 2017	Exchange Rate Movements and Fundamentals: Impact of Oil Prices and China’s Growth by Shuo Cao and Hongyi Chen Full Text Summary
WP No.03 / 2017	Can Exchange Rate Dynamics in Krugman’s Target-zone Model be Directly Tested? by Cho-Hoi Hui, Chi-fai LO (Research Fellow) and Po-Hon Chau Full Text Summary
WP No.02 / 2017	Effects of Intermediate Input Tariff Reduction on Innovations in China by Qing Liu and Larry Dongxiao QIU (Research Fellow) Full Text Summary (Published in Journal of International Economics, Volume 103, November 2016, pages 166-183)
WP No.01 / 2017	Effects of Capital Flow on the Equity and Housing Markets in Hong Kong by Yin-Wong CHEUNG (Research Fellow), Kenneth K. Chow and Matthew S. Yiu Full Text Summary (Published in Pacific Economic Review, 2017, Volume 22(3), Pages 332-349.)