Research Memorandums

Research Memorandums provide comprehensive and focused analyses of policy and topical issues relevant to monetary and financial stability in Hong Kong and the Asia-Pacific region. The views and analyses expressed in the papers are those of the authors, and do not necessarily reflect the views of the HKMA. 

Research Memorandums were called Working Papers between 2008 and 2011. The series was merged into the working paper series of the Hong Kong Institute for Monetary and Financial Research between September 2011 and December 2015. 

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

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Last revision date : 26 August 2019