WP No. 30/2021
Is the Cost of Corporate Debt Influenced by ESG Factors? Evidence from the EMEAP Region
by Angela Sze, Iris Tang, Winnie Li and Ip-Wing Yu
WP No. 29/2021
Big Techs vs Banks
by Leonardo Gambacorta, Fahad Khalil and Bruno M. Parigi
WP No. 28/2021
Stock Liquidity Shocks and Banks' Risk-Taking Behaviour
by Nan Hu
WP No. 27/2021
Rise of Bank Competition: Evidence from Banking Deregulation in China
by Haoyu Gao, Hong Ru, Robert Townsend and Xiaoguang Yang 
WP No. 26/2021
Effect of Climate-Related Risk on the Pricing of Bank Loans: Evidence from Syndicated Loan Markets in Asia Pacific
by Kelvin Ho and Andrew Wong
WP No. 25/2021
On the Geographical Dispersion of Euro Currency Trading: An Analysis of the First 20 Years and a Comparison to the RMB
by Frank Westermann
Accepted by Comparative Economic Studies
WP No. 24/2021
Is the Renminbi a Safe-Haven Currency? Evidence from Conditional Coskewness and Cokurtosis
by Xin Cheng, Hongyi Chen and Yinggang Zhou
(Published in Journal of International Money and Finance, Volume 113, January 2021, Article 102359)
WP No. 23/2021
Household Indebtedness and the Consumption Channel of Monetary Policy: Evidence from China
by Michael Funke, Xiang Li and Doudou Zhong
WP No. 22/2021
Payments on Digital Platforms: Resiliency, Interoperability, and Welfare
by Jonathan Chiu and Tsz-Nga Wong
(Accepted by the Journal of Economic Dynamics and Control)
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
(Published in Pacific-Basin Finance Journal, Volume 70, December 2021, 101645)
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, Volume 44, April 2022, Pages 284-314)
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
(Published in SN Business & Economics, Volume 1, September 2021, Article number: 136 (2021))
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
(Accepted by the Pacific Economic Review)
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
(Published in Journal of Financial Stability, Volume 60, June 2022, Article 100985)
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
(Forthcoming in Economic and Political Studies)
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)