2021

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 Full Text Summary
WP No. 29/2021	Big Techs vs Banks by Leonardo Gambacorta, Fahad Khalil and Bruno M. Parigi Full Text Summary
WP No. 28/2021	Stock Liquidity Shocks and Banks' Risk-Taking Behaviour by Nan Hu Full Text Summary
WP No. 27/2021	Rise of Bank Competition: Evidence from Banking Deregulation in China by Haoyu Gao, Hong Ru, Robert Townsend and Xiaoguang Yang Full Text Summary
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 Full Text Summary (Published in Emerging Markets Review, 11 November 2022, 100977)
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 Full Text Summary 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 Full Text Summary (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 Full Text Summary
WP No. 22/2021	Payments on Digital Platforms: Resiliency, Interoperability, and Welfare by Jonathan Chiu and Tsz-Nga Wong Full Text Summary (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 Full Text Summary
WP No. 20/2021	Market-Friendly Central Bankers and the Signal Value of Prices by Prasanna Gai, Edmund Lou and Sherry X. Wu Full Text Summary
WP No. 19/2021	The Rise of China’s Service Sector by Chong-En Bai, Xilu Chen, Zheng (Michael) Song and Xin Wang Full Text Summary
WP No. 18/2021	Excess Labor Supply, Structural Change and Real Exchange Rate by Jiandong Ju, Justin Yifu Lin, Qing Liu and Kang Shi Full Text Summary
WP No. 17/2021	Dissecting the Segmentation of China’s Repo Markets by Xiaoqing Eleanor Xu Full Text Summary (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 Full Text Summary (Published in Journal of Monetary Economics)
WP No. 15/2021	Global Trade Slowdown in the 2010s: Sign of Deglobalisation? by Edmund Ho-Cheung Ho Full Text Summary
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 Full Text Summary
WP No. 13/2021	The Real Effects of Low-for-long Interest Rates on Mainland Firms Listed in Hong Kong by Shuang Jin Full Text Summary
WP No. 12/2021	A Model of Structural Transformation and Demographic Transition in China and Dynamics of World Interest Rate by Gaofeng Han Full Text Summary
WP No. 11/2021	Does cash redemption amplify the outflows of ETFs? by David Leung, Joe Wong and Tom Fong Full Text Summary
WP No. 10/2021	Dynamics of Secured and Unsecured Debt over the Business Cycle by Paul Luk and Tianxiao Zheng Full Text Summary (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 Full Text Summary (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 Full Text Summary (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 Full Text Summary
WP No. 06/2021	Price Discovery in China’s Corporate and Treasury Yield Curves by Eric Girardin, Sandrine Lunven and Hongyi Chen Full Text Summary
WP No. 05/2021	Central Bank Digital Currency: a Review and Some Macro-Financial Implications by Hongyi Chen and Pierre L. Siklos Full Text Summary (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 Full Text Summary
WP No. 03/2021	Liquidity of China’s Government Bond Market: Measures and Driving Forces by Gaofeng Han, Hui Miao and Yabin Wang Full Text Summary (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 Full Text Summary
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 Full Text Summary (Published in Journal of Banking and Finance, December 2020, Article 106034)