Search Results
Journal Article
Banking system developments in the four Asian tigers
Journal Article
Monetary control without a central bank: the case of Hong Kong
Journal Article
Monetary lessons of Hong Kong
Journal Article
Post-1997 Hong Kong: a view from the financial markets
Working Paper
Impact of deposit rate deregulation in Hong Kong on the market value of commercial banks
This paper examines the effects of deposit rate deregulation in Hong Kong on the market value of banks. The release of the Consumer Council's Report in 1994 recommending interest rate deregulation is found to produce negative abnormal returns, while the announcement in 1995 terminating the deregulation program led to positive abnormal returns. Furthermore, news about resumption of interest rate deregulation in 1998 and the official announcement in 2000 to abolish the interest rate rules produced negative abnormal returns. The evidence suggests that Hong Kong banks earned rents from deposit ...
Journal Article
Why attack a currency board?
Journal Article
Do capital controls affect the response of investment to saving? evidence from the Pacific Basin
This paper examines the effect of capital controls on the response of investment to savings in Pacific Basin countries. A robust finding is that the size of the savings coefficient tends to be smaller (larger) in countries with relatively higher (lower) capital controls. Additionally, relaxation in capital controls for the most part had no discernible impact on the savings- investment relationship in individual country time-series regressions. At least a partial resolution to these puzzles is found in the government policy response: Countries with a relatively high saving-investment ...
Working Paper
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin
This paper estimates a linearized, stochastic version of Kiyotaki and Moore's (1997) credit cycle model, using land price data from Hong Kong, Japan, and Korea. It is shown that the welfare costs of borrowing constraints are positively related to the persistence of (de-trended) land price fluctuations. When the residual demand curve for land is inelastic and the steady state share of land held by the constrained sector is less than 30 percent, welfare costs are less than 1 percent of GDP in all countries. However, the costs of borrowing constraints rise quickly as the constrained sector ...
Conference Paper
Exchange rates and monetary policy in Singapore and Hong Kong