WP No. 22/2021
Payments on Digital Platforms: Resiliency, Interoperability, and Welfare
by Jonathan Chiu and Tsz-Nga Wong
WP No. 21/2021
The Design of a Central Counterparty
by John Kuong and Vincent Maurin
WP No. 20/2021
Market-Friendly Central Bankers and the Signal Value of Prices
by Prasanna Gai, Edmund Lou and Sherry X. Wu
WP No. 19/2021
The Rise of China’s Service Sector
by Chong-En Bai, Xilu Chen, Zheng (Michael) Song and Xin Wang
WP No. 18/2021
Excess Labor Supply, Structural Change and Real Exchange Rate
by Jiandong Ju, Justin Yifu Lin, Qing Liu and Kang Shi
WP No. 17/2021
Dissecting the Segmentation of China’s Repo Markets
by Xiaoqing Eleanor Xu
WP No. 16/2021
What Goes Around Comes Around: How Large Are Spillbacks From US Monetary Policy?
by Max Breitenlechner, Georgios Georgiadis and Ben Schumann
WP No. 15/2021
Global Trade Slowdown in the 2010s: Sign of Deglobalisation?
by Edmund Ho-Cheung Ho
WP No. 14/2021
Are Government Bond Yields Bounded or Quasi-bounded at the Zero? – Credibility of Central Banks' Commitments
by Cho-Hoi Hui, Chi-Fai Lo and Ho-Yan Ip
WP No. 13/2021
The Real Effects of Low-for-long Interest Rates on Mainland Firms Listed in Hong Kong
by Shuang Jin
WP No. 12/2021
A Model of Structural Transformation and Demographic Transition in China and Dynamics of World Interest Rate
by Gaofeng Han
WP No. 11/2021
Does cash redemption amplify the outflows of ETFs?
by  David Leung, Joe Wong and Tom Fong
WP No. 10/2021
Dynamics of Secured and Unsecured Debt over the Business Cycle
by Paul Luk and Tianxiao Zheng
(Published in Review of Economic Dynamics)
WP No. 09/2021
Do Countries Adjust the Carbon Intensity of Energy Towards Targets? – The Role of Financial Development on the Adjustment
by Cho-Hoi Hui and Andrew Wong
(Accepted by SN Business & Economics)
WP No. 08/2021
A Robust Textual Analysis of the Dynamics of Hong Kong Property Market
by Ken Wong, Max Kwong, Paul Luk and Michael Cheng
WP No. 07/2021
Assessing Trends and Risks of US Dollar Corporate Bonds in the EMEAP Region
by Angela Sze, Wilson Wan, Iris Tang and Ip-Wing Yu
WP No. 06/2021
Price Discovery in China’s Corporate and Treasury Yield Curves
by  Eric Girardin, Sandrine Lunven and Hongyi Chen
WP No. 05/2021
Central Bank Digital Currency: a Review and Some Macro-Financial Implications
by Hongyi Chen and Pierre L. Siklos
WP No. 04/2021
Uncertain Talking at Central Bank’s Press Conference: News or Noise?
by Nan Hu and Zexi Sun
WP No. 03/2021
Liquidity of China’s Government Bond Market: Measures and Driving Forces
by Gaofeng Han, Hui Miao and Yabin Wang
WP No. 02/2021
Could ETFs make stock markets more vulnerable to systemic liquidity shock? - Evidence from Emerging Asia
by Gabriel Wu
WP No. 01/2021
Complexity of Global Banks and the Implications for Bank Risk: Evidence from Foreign Banks in Hong Kong
by Kelvin Ho, Eric Wong and Edward Tan
(Published in Journal of Banking and Finance, December 2020, Article 106034)