Effects of capital flow on the equity and housing markets in Hong Kong

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalNot applicablepeer-review

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Original languageEnglish
Pages (from-to)332-349
Journal / PublicationPacific Economic Review
Volume22
Issue number3
Early online date24 Aug 2017
Publication statusPublished - Aug 2017

Abstract

The revival of strong capital flows to emerging economies following the global financial crisis in 2008–2009 has rekindled the debate on effects of excessive capital inflows. We study the effects of official and illicit capital flows on Hong Kong, which is a small and open economy with minimal restrictions on cross-border fund movements. It is found that the official and illicit capital flow measures display a low level of comovement and exhibit differential effects on Hong Kong's equity and residential housing markets. The results highlight the complexity of managing capital flows, and the relevance of sector-specific capital management policies.

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Full text of this publication does not contain sufficient affiliation information. With consent from the author(s) concerned, the Research Unit(s) information for this record is based on the existing academic department affiliation of the author(s).

Citation Format(s)

Effects of capital flow on the equity and housing markets in Hong Kong. / Cheung, Yin-Wong; Chow, Kenneth K.; Yiu, Matthew S.

In: Pacific Economic Review, Vol. 22, No. 3, 08.2017, p. 332-349.

Research output: Journal Publications and Reviews (RGC: 21, 22, 62)21_Publication in refereed journalNot applicablepeer-review