Working Paper Series


Serial No. Author(s)



Charles Ka Yui LEUNG (City University of Hong Kong), Joe Cho Yiu NG (City University of Hong Kong) and Edward Chi Ho TANG (Hong Kong Shue Yan University)

What do we know about Housing Supply? The case of Hong Kong

#2019-011 Yin-Wong Cheung (City University of HK), Robert N McCauley (BIS), Chang Shu (Bloomberg)

Geographic spread of currency trading: The renminbi and other EM currencies


Yin-Wong Cheung (City University of HK), Sven Steinkamp, Frank Westermann (Osnabrück University)

A Tale of Two Surplus Countries: China and Germany
#2019-009 Georgios Georgiadis (ECB), Feng Zhu (BIS)
#2019-008 Christoph Fischer (Deutsche Bundesbank) Equilibrium real exchange rate estimates
across time and space

Yin-Wong Cheung (City University of HK), XingWang Qian (SUNY Buffalo State) & Eli Remolona (Williams College)

The Hoarding of International Reserves: It’s a neighborly day in Asia


Rasmus Fatum (Alberta), Naoko Hara (Bank of Japan) & Yohei Yamamoto (Hitotsubashi University)

Negative Interest Rate Policy and the Influence of Macroeconomic News on Yields


Sophia Chen (IMF), Lev Ratnovski (ECB & IMF) & Pi-Han Tsai (Zhejiang University)

Credit and Fiscal Multipliers in China

#2019-004 Joshua Aizenman (University of Southern California and NBER), Yin-Wong Cheung (City University of HK) and Hiro Ito (Portland State University)

The Interest Rate Effect on Private Saving: Alternative Perspectives

#2019-003 Guonan Ma (About Capital Management) and Jinzhao Chen (ESSCA)

The role of internally financed capex in rising Chinese corporate debts


Sen Geng (Xiamen University) & Erkut Y. Ozbay (University of Maryland)

Choice with Limited Capacity


Bertrand Candelon (Université Catholique de Louvain), Laurent Ferrara (Banque de France), Marc Joëts (QuantCube)

Global financial interconnectedness: A non-linear assessment of the uncertainty channel