Department of Economics and Finance | Staff List

Prof. KWAN Yum Keung Fred (關蔭強教授)

PhD - Economics (University of Minnesota)
BSSc - Economics (The Chinese University of Hong Kong)

Associate Professor

Contact Information

E-mail:
Address:	9-254, Lau Ming Wai Academic Building City University of Hong Kong
Phone:	+852 34427578
efykkwan@cityu.edu.hk
SSRN Web:
https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=28077

Research Areas

Econometrics
Macroeconomics
Hong Kong and Chinese Economy
International Finance

Dr. Yum Keung Kwan joined the department as an Associate Professor in July 1998 after teaching at the Hong Kong University of Science and Technology and the University of Chicago. Dr. Kwan received his PhD in economics from the University of Minnesota. He has published in the Journal of Comparative Economics, Journal of Economic Dynamics and Control, Journal of Econometrics, Journal of Monetary Economics, and Pacific Economic Review, covering a variety of topics in macroeconomics, econometrics, and Hong Kong and Chinese economy.

Selected Publications

Journal Publications and Reviews
Chen, Zhenzhen; He, Yu; Kwan, Yum K. / The High-tech Enterprise Certification Policy and Innovation: Quantity or Quality?. December 2023; In: Journal of the Knowledge Economy. Fan, Hongzhong; He, Shi; Kwan, Yum K. / FDI forward spillover effects in emerging markets: A comparative meta-analysis of China and Eastern Europe. September 2022; In: Economic Systems. Vol. 46, No. 3 Hung, Tsz H.; Kwan, Yum K. / Hong Kong’s New Keynesian Phillips Curve: Sticky Information or Sticky Price?. February 2022; In: Pacific Economic Review. Vol. 27, No. 1, pp. 42-55 Wang, Bin; Kwan, Yum K. / Constructing the job-finding rate and separation rate of Hong Kong labour market. August 2021; In: Pacific Economic Review. Vol. 26, No. 3, pp. 303-311 Wang, Bin; Kwan, Yum K. / Measuring the natural rates of interest of OECD and BRICS economies: A time varying perspective. April 2021; In: Journal of International Money and Finance. Vol. 112 Hynes, Kate; Kwan, Yum K.; Foley, Anthony / Local linkages: The interdependence of foreign and domestic firms in Ireland. February 2020; In: Economic Modelling. Vol. 85, pp. 139-153 Fan, Hongzhong; He, Shi; Kwan, Yum K. / FDI Backward Spillovers in China: What a Meta-Analysis Tells Us?. 2020; In: Emerging Markets Finance & Trade. Vol. 56, No. 1, pp. 86-105 Fan, Hongzhong; He, Shi; Kwan, Yum K. / Foreign direct investment and productivity spillovers: is China different?. November 2019; In: Applied Economics Letters. Vol. 26, No. 20, pp. 1675–1682 He, Shi; Kwan, Yum K.; Fan, Hongzhong / In search of FDI horizontal spillovers in China: evidence from meta-analysis. May 2019; In: Quality and Quantity. Vol. 53, No. 3, pp. 1505–1527 Lin, Mi; Kwan, Yum K. / FDI Spatial Spillovers in China. August 2017; In: The World Economy. Vol. 40, No. 8, pp. 1514-1530 Lin, Mi; Kwan, Yum K. / FDI Technology Spillovers, Geography, and Spatial Diffusion. May 2016; In: International Review of Economics & Finance. Vol. 43, pp. 257-274 Kwan, Yum K.; Leung, Charles Ka Yui; Dong, Jinyue / Comparing consumption-based asset pricing models: The case of an Asian city. June 2015; In: Journal of Housing Economics. Vol. 28, pp. 18-41 Kwan, Yum K.; Dong, Jinyue / Stock price dynamics of China: What do the asset markets tell us about the Chinese utility function?. May 2014; In: Emerging Markets Finance and Trade. Vol. 50, No. Supplement 3, pp. 77-108 Lin, Mi; Kwan, Yum K. / Sectoral location of FDI in China. July 2011; In: World Economy. Vol. 34, No. 7, pp. 1181-1198 Kwan, Yum K.; Qiu, Larry D / The ASEAN+3 trading bloc. March 2010; In: Journal of Economic Integration. Vol. 25, No. 1, pp. 1-31 Kwan, Yum K.; Lai, Edwin L.-C. / Intellectual property rights protection and endogenous economic growth. March 2003; In: Journal of Economic Dynamics and Control. Vol. 27, No. 5, pp. 853-873 Cheng, Leonard K.; Kwan, Yum K. / What are the determinants of the location of foreign direct investment? The Chinese experience. August 2000; In: Journal of International Economics. Vol. 51, No. 2, pp. 379-400 Kwan, Yum K. / Asymptotic Bayesian analysis based on a limited information estimator. November 1998; In: Journal of Econometrics. Vol. 88, No. 1, pp. 99-121 Chow, Gregory C.; Kwan, Yum K. / How the basic RBC model fails to explain US time series. February 1998; In: Journal of Monetary Economics. Vol. 41, No. 2, pp. 301-318 Kwan, Yum K.; Chow, Gregory C. / Chow's method of optimal control: A numerical solution. May 1997; In: Journal of Economic Dynamics and Control. Vol. 21, No. 4-5, pp. 739-752 Chow, Gregory C.; Kwan, Yum K. / Rational expectations is not generally valid for econometric models: Evidence from stock market data. 1997; In: Pacific Economic Review. Vol. 2, No. 3, pp. 149-163 Kwan, Yum K.; Chow, Gregory C. / Estimating economic effects of political movements in China. October 1996; In: Journal of Comparative Economics. Vol. 23, No. 2, pp. 192-208 Chow, Gregory C.; Kwan, Yum K. / Economic effects of political movements in China: Lower bound estimates. 1996; In: Pacific Economic Review. Vol. 1, No. 1, pp. 13-26

Journal Publications and Reviews

Chen, Zhenzhen; He, Yu; Kwan, Yum K. / The High-tech Enterprise Certification Policy and Innovation: Quantity or Quality?. December 2023; In: Journal of the Knowledge Economy.
Fan, Hongzhong; He, Shi; Kwan, Yum K. / FDI forward spillover effects in emerging markets: A comparative meta-analysis of China and Eastern Europe. September 2022; In: Economic Systems. Vol. 46, No. 3
Hung, Tsz H.; Kwan, Yum K. / Hong Kong’s New Keynesian Phillips Curve: Sticky Information or Sticky Price?. February 2022; In: Pacific Economic Review. Vol. 27, No. 1, pp. 42-55
Wang, Bin; Kwan, Yum K. / Constructing the job-finding rate and separation rate of Hong Kong labour market. August 2021; In: Pacific Economic Review. Vol. 26, No. 3, pp. 303-311
Wang, Bin; Kwan, Yum K. / Measuring the natural rates of interest of OECD and BRICS economies: A time varying perspective. April 2021; In: Journal of International Money and Finance. Vol. 112
Hynes, Kate; Kwan, Yum K.; Foley, Anthony / Local linkages: The interdependence of foreign and domestic firms in Ireland. February 2020; In: Economic Modelling. Vol. 85, pp. 139-153
Fan, Hongzhong; He, Shi; Kwan, Yum K. / FDI Backward Spillovers in China: What a Meta-Analysis Tells Us?. 2020; In: Emerging Markets Finance & Trade. Vol. 56, No. 1, pp. 86-105
Fan, Hongzhong; He, Shi; Kwan, Yum K. / Foreign direct investment and productivity spillovers: is China different?. November 2019; In: Applied Economics Letters. Vol. 26, No. 20, pp. 1675–1682
He, Shi; Kwan, Yum K.; Fan, Hongzhong / In search of FDI horizontal spillovers in China: evidence from meta-analysis. May 2019; In: Quality and Quantity. Vol. 53, No. 3, pp. 1505–1527
Lin, Mi; Kwan, Yum K. / FDI Spatial Spillovers in China. August 2017; In: The World Economy. Vol. 40, No. 8, pp. 1514-1530
Lin, Mi; Kwan, Yum K. / FDI Technology Spillovers, Geography, and Spatial Diffusion. May 2016; In: International Review of Economics & Finance. Vol. 43, pp. 257-274
Kwan, Yum K.; Leung, Charles Ka Yui; Dong, Jinyue / Comparing consumption-based asset pricing models: The case of an Asian city. June 2015; In: Journal of Housing Economics. Vol. 28, pp. 18-41
Kwan, Yum K.; Dong, Jinyue / Stock price dynamics of China: What do the asset markets tell us about the Chinese utility function?. May 2014; In: Emerging Markets Finance and Trade. Vol. 50, No. Supplement 3, pp. 77-108
Lin, Mi; Kwan, Yum K. / Sectoral location of FDI in China. July 2011; In: World Economy. Vol. 34, No. 7, pp. 1181-1198
Kwan, Yum K.; Qiu, Larry D / The ASEAN+3 trading bloc. March 2010; In: Journal of Economic Integration. Vol. 25, No. 1, pp. 1-31
Kwan, Yum K.; Lai, Edwin L.-C. / Intellectual property rights protection and endogenous economic growth. March 2003; In: Journal of Economic Dynamics and Control. Vol. 27, No. 5, pp. 853-873
Cheng, Leonard K.; Kwan, Yum K. / What are the determinants of the location of foreign direct investment? The Chinese experience. August 2000; In: Journal of International Economics. Vol. 51, No. 2, pp. 379-400
Kwan, Yum K. / Asymptotic Bayesian analysis based on a limited information estimator. November 1998; In: Journal of Econometrics. Vol. 88, No. 1, pp. 99-121
Chow, Gregory C.; Kwan, Yum K. / How the basic RBC model fails to explain US time series. February 1998; In: Journal of Monetary Economics. Vol. 41, No. 2, pp. 301-318
Kwan, Yum K.; Chow, Gregory C. / Chow's method of optimal control: A numerical solution. May 1997; In: Journal of Economic Dynamics and Control. Vol. 21, No. 4-5, pp. 739-752
Chow, Gregory C.; Kwan, Yum K. / Rational expectations is not generally valid for econometric models: Evidence from stock market data. 1997; In: Pacific Economic Review. Vol. 2, No. 3, pp. 149-163
Kwan, Yum K.; Chow, Gregory C. / Estimating economic effects of political movements in China. October 1996; In: Journal of Comparative Economics. Vol. 23, No. 2, pp. 192-208
Chow, Gregory C.; Kwan, Yum K. / Economic effects of political movements in China: Lower bound estimates. 1996; In: Pacific Economic Review. Vol. 1, No. 1, pp. 13-26

Conference Papers
Hynes, Kate; Kwan, Yum K.; Foley, Anthony / Local linkages: The interdependence of foreign and domestic firms. November 2017; 1st International Conference on Risk in Economics and Society (RESSU 2017), 17/11/2017 - 18/11/2017, Hikone, Japan. LIN, Mi; KWAN, Yum Keung Fred / FDI Technology Spillovers and Spatial Diffusion in the People’s Republic of China. 2013;

Chapters, Conference Papers, Creative and Literary Works
Kwan, Yum K.; Lui, Francis T. / How Well Has the Currency Board Performed? Evidence from Hong Kong. November 2017; Critical Issues in China's Growth and Development. pp. 217-241 KWAN, Yum Keung / The direct substitution between government and private consumption in East Asia. October 2007; Fiscal policy and management in East Asia. pp. 45-58 KWAN, Yum Keung / Comment on 'Measuring the Effectiveness of Fiscal Policy in Korea: Seok-Kyun Hur'. 2007; Fiscal policy and management in East Asia. pp. 97-98 Lui, Francis T.; Cheng, Leonard K.; Kwan, Yum K. / Currency board, Asian financial crisis, and the case for put options. 2003; Exchange Rate Regimes and Macroeconomic Stability. pp. 185-214 Kwan, Yum K.; Lui, Francis T.; Cheng, Leonard K. / Credibility of Hong Kong's Currency Board: The Role of Institutional Arrangements. January 2001; Regional and Global Capital Flows: Macroeconomic Causes and Consequences. pp. 233-259 Kwan, Yum K.; Lui, Francis T. / Deregulation, profit, and cost in commercial banking: The case of Hong Kong. January 2000; Deregulation and Interdependence in the Asia-Pacific Region. pp. 305-325 Cheng, Leonard K.; Kwan, Yum K. / The location of foreign direct investment in Chinese regions: Further analysis of labor quality. 2000; The Role of Foreign Direct Investment in East Asian Economic Development. pp. 213-238 Kwan, Yum K.; Lui, Francis T. / Hong Kong's currency board and changing monetary regimes. January 1999; Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues. pp. 403-435 Cheng, Leonard K.; Kwan, Yum K. / Foreign capital stock and its determinants. 1999; Foreign Direct Investment and Economic Growth in China. pp. 42-56

Chapters, Conference Papers, Creative and Literary Works

Kwan, Yum K.; Lui, Francis T. / How Well Has the Currency Board Performed? Evidence from Hong Kong. November 2017; Critical Issues in China's Growth and Development. pp. 217-241
KWAN, Yum Keung / The direct substitution between government and private consumption in East Asia. October 2007; Fiscal policy and management in East Asia. pp. 45-58
KWAN, Yum Keung / Comment on 'Measuring the Effectiveness of Fiscal Policy in Korea: Seok-Kyun Hur'. 2007; Fiscal policy and management in East Asia. pp. 97-98
Lui, Francis T.; Cheng, Leonard K.; Kwan, Yum K. / Currency board, Asian financial crisis, and the case for put options. 2003; Exchange Rate Regimes and Macroeconomic Stability. pp. 185-214
Kwan, Yum K.; Lui, Francis T.; Cheng, Leonard K. / Credibility of Hong Kong's Currency Board: The Role of Institutional Arrangements. January 2001; Regional and Global Capital Flows: Macroeconomic Causes and Consequences. pp. 233-259
Kwan, Yum K.; Lui, Francis T. / Deregulation, profit, and cost in commercial banking: The case of Hong Kong. January 2000; Deregulation and Interdependence in the Asia-Pacific Region. pp. 305-325
Cheng, Leonard K.; Kwan, Yum K. / The location of foreign direct investment in Chinese regions: Further analysis of labor quality. 2000; The Role of Foreign Direct Investment in East Asian Economic Development. pp. 213-238
Kwan, Yum K.; Lui, Francis T. / Hong Kong's currency board and changing monetary regimes. January 1999; Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues. pp. 403-435
Cheng, Leonard K.; Kwan, Yum K. / Foreign capital stock and its determinants. 1999; Foreign Direct Investment and Economic Growth in China. pp. 42-56

Scholarly Books, Monographs, Reports and Case Studies
KWAN, Yum K.; YU, Eden S.H. / Critical Issues in China's Growth and Development. 2005;