Working Paper
The X-efficiency of commercial banks in Hong Kong
Kwan, Simon H. (2001)
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 Series , Paper 2002-14

Journal Article
Why attack a currency board?
Kasa, Kenneth (1999)
FRBSF Economic Letter

Working Paper
Borrowing constraints and asset market dynamics: evidence from the Pacific Basin
Kasa, Kenneth (1998)
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 ...
Pacific Basin Working Paper Series , Paper 98-04

Journal Article
Cycle-resistant credit systems: learning from Hong Kong’s experience
Tsai, Sophia; Guan, Ying; Gunther, Jeffery W. (2010)
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.
Economic Letter , Volume 5

Working Paper
Impact of deposit rate deregulation in Hong Kong on the market value of commercial banks
Kwan, Simon H. (2001)
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 ...
Working Paper Series , Paper 2001-11

Journal Article
Post-1997 Hong Kong: a view from the financial markets
Kasa, Kenneth (1996)
FRBSF Economic Letter

Journal Article
Growth and government policy: lessons from Hong Kong and Singapore
Kasa, Kenneth (1994)
FRBSF Economic Letter

Journal Article
Monetary control without a central bank: the case of Hong Kong
Moreno, Ramon (1986-04)
Economic Review , Issue Spr , Pages 17-37

Conference Paper
Exchange rates and monetary policy in Singapore and Hong Kong
Moreno, Ramon (1987)
Proceedings

Journal Article
Monetary lessons of Hong Kong
Moreno, Ramon (1990)
FRBSF Economic Letter