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Hong Kong Institute for Monetary Research
(15 results)-
White Papers
Real Exchange Rate, Productivity And Labor Market Rigidities
February 1, 2009, 12:00am PST
The authors extend the classic Balassa-Samuelson model to an environment with search unemployment. They show that the classic Balassa-Samuelson model with the assumption of full employment emerges...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
The Global Crisis: Fatal Decisions - Four Case Studies In Financial Regulation
November 1, 2009, 12:00am PDT
This paper uses four case studies to review the performance of the Anglo-American regulatory 'Culture'. In the decade before the global financial crisis, American and British officials were almost...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
The Financial Crisis And Sizable International Reserves Depletion: From 'Fear Of Floating' To The ~Fear Of Losing International Reserves~?
December 1, 2009, 12:00am PST
In this paper the authors study the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their International Reserves (IR). Overall, they find a mixed and...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
What Are The Sources Of Financing Of The Chinese Firms?
July 1, 2010, 12:00am PDT
It appears to be common knowledge that external financing in China is mostly limited to state-owned firms and is hard to obtain for smaller private firms. In this paper the authors take a closer...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Domestic Institutions And The Bypass Effect Of Financial Globalization
August 1, 2010, 12:00am PDT
This paper proposes a simple model to study how domestic institutions affect patterns of international capital flows. Inefficient financial system and poor corporate governance may be bypassed by...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Atarget-Zone Model With Two Types Of Assets
December 1, 2010, 12:00am PST
This paper extends the single-asset target-zone model pioneered by Krugman (1991) to include both bonds and equities. The new model provides a convenient framework for investigating a 'Puzzle'...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Asset Price And Monetary Policy - The Effect Of Expectation Formation
January 1, 2011, 12:00am PST
This paper is a theoretical study of the effects of monetary policy reacting to fluctuations in asset price, accounting for the expectation formation effect of policy regime shift in a DSGE model...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Asian Business Cycle Synchronisation
February 1, 2011, 12:00am PST
This paper develops a multi-level structural factor model to study international output co-movement and its underlying driving forces. The method combines a structural VAR with a multi-level...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Credit Crunch, Creditor Protection, And Asset Prices
August 1, 2008, 12:00am PDT
The authors test these predictions by using cross-country panel regressions of the stock market price level and volatility, in 40 countries, over the period from 1984 to 2004, at annual frequency....
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Assessing Credit Risk Of Companies With Mean-Reverting Leverage Ratios
February 1, 2008, 12:00am PST
Empirical findings and theoretical studies suggest that firms adjust towards time-varying target leverage ratios. This paper studies the performances of the default probabilities generated from...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
The External Wealth Of China: An Investigation From The International Balance Sheet Perspective
January 1, 2008, 12:00am PST
International financial integration has accelerated at an unprecedented pace in recent years. External holdings of financial assets and liabilities for both industrial and emerging countries have...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Painful Transitions: The Impact Of Economic Growth And Government Policies On Hong Kong's 'Chinese' Banks, 1945-70
November 1, 2006, 12:00am PST
Hong Kong's Chinese banks survived the loss in 1949 of their traditional role in serving the trade and currency needs of Mainland clients and the restrictions imposed on the local gold market. But...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
The Role Of Bond Finance In Firms' Survival During The Asian Crisis
February 1, 2010, 12:00am PST
In this paper, the authors assess the effects of bond financing on firms' survival during the 1997-98 Asian crisis. Using a novel database covering the period 1995 to 2007 for five Asian economies...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Evidence On The External Finance Premium From The US And Emerging Asian Corporate Bond Markets
July 1, 2008, 12:00am PDT
Empirical investigation of the external finance premium has been conducted on the margin between internal finance and bank borrowing or equities but little attention has been given to corporate...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
A New Keynesian Model For Analyzing Monetary Policy In Mainland China
November 29, 2007, 12:00am PST
This paper adopts a three-equation New Keynesian model to evaluate the appropriateness of China's monetary policy framework. The authors' simulation results show that a hybrid rule that relies on...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
A New Keynesian Model For Analyzing Monetary Policy In Mainland China
November 29, 2007, 12:00am PST
This paper adopts a three-equation New Keynesian model to evaluate the appropriateness of China's monetary policy framework. The authors' simulation results show that a hybrid rule that relies on...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Evidence On The External Finance Premium From The US And Emerging Asian Corporate Bond Markets
July 1, 2008, 12:00am PDT
Empirical investigation of the external finance premium has been conducted on the margin between internal finance and bank borrowing or equities but little attention has been given to corporate...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
The Role Of Bond Finance In Firms' Survival During The Asian Crisis
February 1, 2010, 12:00am PST
In this paper, the authors assess the effects of bond financing on firms' survival during the 1997-98 Asian crisis. Using a novel database covering the period 1995 to 2007 for five Asian economies...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Painful Transitions: The Impact Of Economic Growth And Government Policies On Hong Kong's 'Chinese' Banks, 1945-70
November 1, 2006, 12:00am PST
Hong Kong's Chinese banks survived the loss in 1949 of their traditional role in serving the trade and currency needs of Mainland clients and the restrictions imposed on the local gold market. But...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
The External Wealth Of China: An Investigation From The International Balance Sheet Perspective
January 1, 2008, 12:00am PST
International financial integration has accelerated at an unprecedented pace in recent years. External holdings of financial assets and liabilities for both industrial and emerging countries have...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Assessing Credit Risk Of Companies With Mean-Reverting Leverage Ratios
February 1, 2008, 12:00am PST
Empirical findings and theoretical studies suggest that firms adjust towards time-varying target leverage ratios. This paper studies the performances of the default probabilities generated from...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Credit Crunch, Creditor Protection, And Asset Prices
August 1, 2008, 12:00am PDT
The authors test these predictions by using cross-country panel regressions of the stock market price level and volatility, in 40 countries, over the period from 1984 to 2004, at annual frequency....
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Asian Business Cycle Synchronisation
February 1, 2011, 12:00am PST
This paper develops a multi-level structural factor model to study international output co-movement and its underlying driving forces. The method combines a structural VAR with a multi-level...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Asset Price And Monetary Policy - The Effect Of Expectation Formation
January 1, 2011, 12:00am PST
This paper is a theoretical study of the effects of monetary policy reacting to fluctuations in asset price, accounting for the expectation formation effect of policy regime shift in a DSGE model...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Atarget-Zone Model With Two Types Of Assets
December 1, 2010, 12:00am PST
This paper extends the single-asset target-zone model pioneered by Krugman (1991) to include both bonds and equities. The new model provides a convenient framework for investigating a 'Puzzle'...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Domestic Institutions And The Bypass Effect Of Financial Globalization
August 1, 2010, 12:00am PDT
This paper proposes a simple model to study how domestic institutions affect patterns of international capital flows. Inefficient financial system and poor corporate governance may be bypassed by...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
What Are The Sources Of Financing Of The Chinese Firms?
July 1, 2010, 12:00am PDT
It appears to be common knowledge that external financing in China is mostly limited to state-owned firms and is hard to obtain for smaller private firms. In this paper the authors take a closer...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
The Financial Crisis And Sizable International Reserves Depletion: From 'Fear Of Floating' To The ~Fear Of Losing International Reserves~?
December 1, 2009, 12:00am PST
In this paper the authors study the degree to which Emerging Markets (EMs) adjusted to the global liquidity crisis by drawing down their International Reserves (IR). Overall, they find a mixed and...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
The Global Crisis: Fatal Decisions - Four Case Studies In Financial Regulation
November 1, 2009, 12:00am PDT
This paper uses four case studies to review the performance of the Anglo-American regulatory 'Culture'. In the decade before the global financial crisis, American and British officials were almost...
Provided by Hong Kong Institute for Monetary Research
-
White Papers
Real Exchange Rate, Productivity And Labor Market Rigidities
February 1, 2009, 12:00am PST
The authors extend the classic Balassa-Samuelson model to an environment with search unemployment. They show that the classic Balassa-Samuelson model with the assumption of full employment emerges...
Provided by Hong Kong Institute for Monetary Research
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