Search Results
Conference Paper
Exchange rates and monetary policy in Singapore and Hong Kong
Working Paper
The X-efficiency of commercial banks in Hong Kong
This paper uses the stochastic econometric cost frontier approach to investigate the cost efficiency of commercial banks in Hong Kong. On average, the X-efficiency of Hong Kong banks is found to be about 16 to 30 percent of observed total costs, which is comparable to the findings in the U.S. banking industry. X-efficiency is found to decline over time, indicating that banks in Hong Kong are now operating closer to the cost frontier than before. This is consistent with technological innovation that might have occurred in the Hong Kong banking industry. Furthermore, the average large bank in ...
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 ...
Journal Article
Monetary lessons of Hong Kong
Journal Article
Monetary control without a central bank: the case of Hong Kong
Journal Article
Why attack a currency board?
Journal Article
Cycle-resistant credit systems: learning from Hong Kong’s experience
Hong Kong?s home mortgage market has remained among the world?s most stable. Supervisory authorities point to the 70 percent loan-to-value policy.
Journal Article
Banking system developments in the four Asian tigers
Journal Article
Post-1997 Hong Kong: a view from the financial markets