Other Research Papers

Occasional Papers
Occasional Papers disseminate macroeconomic and financial market research relevant to the various functions of the HKMA, and present the conceptual and empirical basis underpinning its policies. The papers in this series are published with the objective of promoting the understanding of HKMA policies among the general public and the international community. The views and analysis expressed in the papers are those of the authors, and do not necessarily reflect the views of the HKMA.
- Occasional Paper - 2012/03
  Tracking the Hong Kong Economy
  Michael Cheng, Lorraine Chung, Chi-Sang Tam, Raymond Yuen, Simon Chan and Ip-Wing Yu
  08 October 2012
  PDF File, 355.2 KB
- Occasional Paper - 2012/02
  Credit Developments in Hong Kong: How are they related to Monetary Conditions in Mainland China?
  Man-Keung Tang and Philip Ng
  18 May 2012
  PDF File, 339.1 KB
- Occasional Paper - 2011/03
  On the Estimation of the Output Gap of Hong Kong
  Michael Cheng, Lorraine Chung and Ip-Wing Yu
  28 October 2011
  PDF File, 268.0 KB
- Occasional Paper - 2011/02
  Effects of the Loan-to-Deposit Ratio of the Hong Kong Banking Sector on Domestic Interest Rates
  Eric Wong and Jim Wong
  20 October 2011
  PDF File, 179.5 KB
- Occasional Paper - 2011/01
  Procyclicality of Loan-Loss Provisioning and Systemic Risk in the Hong Kong Banking System
  Eric Wong, Tom Fong and Henry Choi
  23 September 2011
  PDF File, 243.6 KB
Research Notes
Research Notes provide succinct and focused analysis of topical issues relating to monetary and financial stability in Hong Kong and the Asia-Pacific region. The views and analysis expressed in the papers are those of the authors, and do not necessarily reflect the views of the HKMA.
- Research Note - 2012/01
  Determinants of the Distribution of Eurodollar Deposits in Offshore Financial Centres
  David Leung and Jim Wong
  18 May 2012
  PDF File, 129.4 KB
- Research Note - 2010/05
  An Assessment of The Long-term Economic Impact of the New Regulatory reform on Hong Kong
  Eric Wong, Tom Fong, Ka-fai Li and Henry Choi
  09 November 2010
  PDF File, 157.3 KB
- Research Note - 2010/04
  Current Account Deficits and Macroeconomic Stability: Lessons from Australia
  Lillian Cheung, Alfred Wong, Kelvin Fan and Hong Xiao
  28 July 2010
  PDF File, 262.9 KB
- Research Note - 2010/03
  Exchange Rate Regimes and the Management of Asset-Price Bubbles: Implications for Hong Kong
  Lillian Cheung, Jessica Szeto, Chi-sang Tam and Steven Chan
  30 June 2010
  PDF File, 722.6 KB
- Research Note - 2010/02
  A Measure of Financial Stress in Hong Kong Financial Market – The Financial Stress Index
  Matthew S. Yiu, Wai-Yip Alex Ho and Lu Jin
  03 March 2010
  PDF File, 136.4 KB
- Research Note - 2010/01
  What Triggered China's Economic Slowdown in 2008? The Role of Commodity Price Volatilities
  Zhiwei Zhang and Honglin Wang
  09 February 2010
  PDF File, 212.2 KB
- Research Note - 2009/02
  Contagion of Financial Crises: A Literature Review of Theoretical and Empirical Frameworks
  Lillian Cheung, Chi-sang Tam and Jessica Szeto
  08 June 2009
  PDF File, 121.4 KB
- Research Note - 2009/01
  The Link between FX Swaps and Currency Strength during the Credit Crisis of 2007-2008
  Hans Genberg, Cho-Hoi Hui, Alfred Wong and Tsz-Kin Chung
  10 February 2009
  PDF File, 255.1 KB
- Research Note - 2008/04
  How Flexible is The Labour Market in Hong Kong? − Some Statistical Observations
  Laurent Pauwels, Zhiwei Zhang
  22 September 2008
  PDF File, 92.1 KB
- Research Note - 2008/03
  'Global Inflation' and 'The Proper Use of Policies under Fixed and Flexible Exchange Rates' − Lessons from Research and Experiences in the 70s and 80s
  Hans Genberg
  11 September 2008
  PDF File, 78.3 KB
- Research Note - 2008/02
  Rising Food Prices in Asia and Implications for Monetary Policy
  Lillian Cheung, Jessica Szeto, Chi-Sang Tam, Steven Chan
  21 July 2008
  PDF File, 349.0 KB
- Research Note - 2007/05
  How Resilient are Asian Economies to a Reversal of Capital Flows?
  Lillian Cheung, Kevin Chow and Chi-Sang Tam
  21 November 2007
  PDF File, 109.2 KB
- Research Note - 2007/04
  Measuring Market Sentiment in Hong Kong’s Stock Market – Recent Development of the Hang Seng China Enterprise Index
  Ip-wing Yu and Chi-sang Tam
  04 September 2007
  PDF File, 51.9 KB
- Research Note - 2007/03
  Sources of Employment Growth in Hong Kong
  Frank Leung, Kevin Chow, Wendy Woo and Dickson Tam
  01 October 2007
  PDF File, 283.0 KB
- Research Note - 2007/02
  Recent Performance of the Hong Kong Dollar Linked Exchange Rate System
  Hans Genberg, Dong He and Frank Leung
  01 June 2007
  PDF File, 153.0 KB
- Research Note - 2007/01
  How much of Hong Kong's import from Mainland China is retained for domestic use?
  Frank Leung and Kevin Chow
  21 May 2007
  PDF File, 74.0 KB
Research Letters
Research Letters are issued occasionally to provide non-technical summaries of research by the HKMA staff members. The views and analysis expressed in the papers are those of the authors, and do not necessarily reflect the views of the HKMA.
- Research Letter - 2011/01
  How Do We Monitor Fund Flows and Foreign Exchange Market Pressures in Hong Kong?
  Dong He, Philip Ng and Wenlang Zhang
  PDF File, 76.8 KB
- Research Letter - 2009/01
  Stress Testing the Banking System
  Jim Wong, Eric Wong and Tom Fong
  PDF File, 59.1 KB
- Research Letter - 2008/01
  Macroeconomic Linkages between Hong Kong and Mainland China
  Dong He
  PDF File, 225.6 KB
- Research Letter - 2007/01
  Competition, Efficiency and Profitability in Hong Kong’s Banking Sector
  Jim Wong, Eric Wong
  PDF File, 44.6 KB
China Economic Issues
China Economic Issues is a research series which aims to provide detailed analysis of economic and financial market issues on the Mainland. The views and analysis expressed in the papers are those of the authors, and do not necessarily reflect the position of the HKMA.
- China Economic Issue - 2010/01
  Monetary stance and policy objectives in China: a narrative approach
  Chang Shu and Brian Ng
  25 February 2010
  PDF File, 820.7 KB
- China Economic Issue - 2009/02
  Exchange rate pass-through and currency invoicing in China's exports
  Li Cui, Chang Shu, and Jian Chang
  14 August 2009
  PDF File, 254.8 KB
- China Economic Issue - 2009/01
  How Much Do Exports Matter for China's Growth?
  Li Cui, Chang Shu and Xiaojing Su
  09 April 2009
  PDF File, 258.7 KB
- China Economic Issue - 2008/03
  China’s Monetary Regime in dealing with large BoP surpluses: framework, effectiveness and costs
  Chang Shu, Xiaojing Su, Jian Chang and Hui Miao
  02 February 2009
  PDF File, 316.5 KB
- China Economic Issue - 2008/02
  Co-operation between the bond markets of Hong Kong and Mainland (Chinese version with English abstract)
  Ji Min, Guan Shengyi
  25 July 2008
  PDF File, 365.9 KB
- China Economic Issue - 2008/01
  Exchange rate pass-through in Mainland China
  Chang Shu, Xiaojing Su and Nathan Chow
  25 July 2008
  PDF File, 156.8 KB
- China Economic Issue - 2007/07
  The Potential of the Renminbi as an International Currency
  Hongyi Chen and Wensheng Peng
  03 April 2008
  PDF File, 211.6 KB
- China Economic Issue - 2007/06
  Price convergence between dual-listed A and H shares
  Wensheng Peng, Hui Miao and Nathan Chow
  07 January 2008
  PDF File, 239.6 KB
- China Economic Issue - 2007/05
  Recent Reforms and Progress in Rural Development in Mainland China
  Raymond Yip, Jun-yu Chan and Nathan Chow
  11 July 2007
  PDF File, 622.9 KB
- China Economic Issue - 2007/04
  Why A-share market volatility is high?
  Hui Miao and Wensheng Peng
  11 July 2007
  PDF File, 650.6 KB
- China Economic Issue - 2007/03
  Impact of the Renminbi Exchange Rate on Asian Currencies
  Chang Shu, Nathan Chow and Jun-yu Chan
  11 July 2007
  PDF File, 807.0 KB
- China Economic Issue - 2007/02
  China's Urban Commercial Banks: Recent Development and Profitability Analysis (Chinese version with English abstract)
  Zhang Xiaoyan
  11 July 2007
  PDF File, 1.3 MB
- China Economic Issue - 2006/06
  Commodity Futures Market in Mainland China: Recent Developments and Issues
  Wensheng Peng, Ivy Yong and Rina Suo
  08 March 2007
  PDF File, 745.4 KB
- China Economic Issue - 2006/05
  Renminbi Derivatives: Recent Development and Issues
  Wensheng Peng, Chang Shu and Raymond Yip
  08 March 2007
  PDF File, 676.3 KB
- China Economic Issue - 2006/04
  Estimating a Benchmark Term Structure of Interest Rates for Mainland China
  Hongyi Chen and Vincent Yeung
  08 March 2007
  PDF File, 594.6 KB
- China Economic Issue - 2006/03
  Impact of Exchange Rate Movements on the Mainland Economy
  Chang Shu and Raymond Yip
  08 March 2007
  PDF File, 652.6 KB
- China Economic Issue - 2006/01
  Interest Rate Structure and Monetary Policy Implementation in Mainland China
  Wensheng Peng, Hongyi Chen and Weiwei Fan
  08 March 2007
  PDF File, 614.6 KB

Comments on the above publications may be sent to: research@hkma.gov.hk.

Last revision date : 26 August 2019