Effects of capital flow on the equity and housing markets in Hong Kong
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
Author(s)
Related Research Unit(s)
Detail(s)
| Original language | English |
|---|---|
| Pages (from-to) | 332-349 |
| Journal / Publication | Pacific Economic Review |
| Volume | 22 |
| Issue number | 3 |
| Online published | 24 Aug 2017 |
| Publication status | Published - Aug 2017 |
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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.
Bibliographic Note
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.
In: Pacific Economic Review, Vol. 22, No. 3, 08.2017, p. 332-349.
Research output: Journal Publications and Reviews › RGC 21 - Publication in refereed journal › peer-review
