Department of Economics & Finance
AACSB International EQUIS - European Quality Improvement System


Current Account Balances, Capital Flows, and International Reserves

May 4-5, 2018, LAU 6-208, Lau Ming Wai Academic Building

City University of Hong Kong, Hong Kong

Organized by Global Research Unit at Department of Economics and Finance, City University of Hong Kong, Representative Office for Asia and the Pacific, Bank for International Settlements, and Institute of Empirical Economic Research, Osnabrück University, Germany

Sponsored by Hong Kong Institute for Monetary Research

Hosted by Global Research Unit at Department of Economics and Finance, City University of Hong Kong


Papers (in alphabetical order of the family names of the presenters) 
Hard copies will not be provided during the conference. Please print and bring your own copies as needed. Thank you.


The Stabilizing Role of NFA Returns

Gustavo Adler (IMF), Daniel Garcia-Macia (IMF)


Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns (Earlier Version)

Philippe Bacchetta (University of Lausanne), Eric van Wincoop (University of Virginia)


International Capital Flows at the security level - Evidence from the ECB's Asset Purchase Programme

Katharina Bergant (Trinity College Dublin and European Central Bank), Michael Fidora (European Central Bank), Martin Schmitz (European Central Bank)


Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate ? (Earlier Version)

Woo Jin Choi (Korea Development Institute), Alan M. Taylor (UC Davis)


Sudden stops inside and outside the euro area - what a difference TARGET2 makes

Lena Kraus (Universität Bayreuth), Jürgen Beier (Universität Bayreuth), Bernhard Herz (Universität Bayreuth)


Funding Run through Cross-border Banking in Asia - An application of Network Approach

Estelle Xue Liu (HKMA), Zijun Liu (HKMA)


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

Yin-Wong Cheung (City University of Hong Kong), XingWang Qian (SUNY Buffalo State), Eli Remolona (BIS)


Capital Flows and Reserve Management in Selected Asian Economies

Rajeswari Sengupta (IGIDR), Abhijit Sen Gupta (Asian Development Bank)


A Tale of Two Surplus Countries: China and Germany 

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


Reserve Accumulation and Bank Lending: Evidence from Korea

Youngjin Yun (Bank of Korea)