Dr. LEUNG Ka Yui Charles (梁嘉銳博士)

BSSc
PhD

Associate Professor

Dr. LEUNG Ka Yui Charles (梁嘉銳博士)

Contact Information

Address: G7410, Yeung Kin Man Acad Building
City University of Hong Kong
Phone: +852 34429604
Fax: +852 34420284
E-mail:
kycleung@cityu.edu.hk

Research Areas

  • Real Estate
  • Urban Economics
  • Macroeconomics

Charles Ka Yui Leung received his B.S.Sc. at the ChineseUniversity of Hong Kong in 1991 and Ph.D. at University of Rochester in 1996. He has taught at the ChineseUniversity of Hong Kong (Department of Economics). He received the Fulbright Scholarship (Research) in year 2004-5 and has been a visiting scholar at FisherCenter for Real Estate and Urban Economics at Haas School of Business, University of California, Berkeley (2004-5); Hoover Institution, Stanford University (several times); Wisconsin School of Business, University of Wisconsin-Madison (2013 Fall); Institute of Social and Economic Research, Osaka University (2015 Spring). Since 2012, Dr. Leung also serves as a research associate of the Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas. Dr. Leung is also a (non-resident) visiting research fellow of ISER, Osaka University (May 2015 ~ April 2016).

Most of the research output of Dr. Leung can be found in the following website: http://ideas.repec.org/e/ple96.html

Professional Qualifications

Qualification Certifying Organization
Post Doctoral Honoree Weimer School of Advanced Studies of Real Estate and Land Economics

Research Grant

  • PI: "Globalization and Real Estate", Fulbright Scholarship (Research) - Fulbright Foundation , Amount: HK$300,000 (2004-2005) , (nil)

Professional Activities

Period Client Country Role
2009 - Now Hong Kong Institute of Monetary Research China (Hong Kong) Member, Council of Advisors

External Academic Activities

Period Organizer Country Role
2008 - Now Global Chinese Real Estate Congress China Member, Board of Directors
2007 - Now Asian Real Estate Society United States of America Member, Board of Directors
2006 - Now International Real Estate Review United States of America Member, Editorial Board
3/2016 - 2/2019 Pacific Economic Review China (Hong Kong) Associate Editor
1/2017 - 12/2018 Chinese Economic Association in North America United States of America Vice President
8/2014 - 7/2016 Taiwan Economic Review Taiwan Member, Editorial Board

Publications

Journal Articles
  • Leung, Charles Ka Yui and Nan-Kuang Chen (April 2017), "A special issue on the housing, credit markets and the macroeconomy: An introduction", Taiwan Economic Review, Taipei, Taiwan, 45, 1, 1-3.
  • Tang, Sam Hak Kan and Charles Ka Yui Leung (December 2016), "The deep historical roots of macroeconomic volatility", Economic Record, 92, 299, 568-589, (also circulated as working paper #271, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas; Discussion Paper 967, Institute of Social and Economic Research, Osaka University).
  • Charles Ka Yui Leung, Tin Cheuk Leung & Kwok Ping Tsang (December 2015), "Tax-driven Bunching of Housing Market Transactions: The Case of Hong Kong", International Real Estate Review, 18, 4, 473-501.
  • Charles Ka Yui Leung and Edward Chi Ho Tang (September 2015), "Availability, Affordability and Volatility: The Case of the Hong Kong Housing Market", International Real Estate Review, 18, 3, 383-428.
  • Huang, Daisy J.; Charles Ka Yui Leung and Baozhi Qu (July 2015), "Do bank loans and local amenities explain Chinese urban house prices?", China Economic Review, 34, 19-38, (also circulated as Working Paper 230, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas; Discussion Paper 928, Institute of Social and Economic Research, Osaka University).
  • Fred Y. Kwan, Charles Ka Yui Leung and Jinyue Dong (June 2015), "Comparing consumption-based asset pricing models: The case of an Asian city", Journal of Housing Economics, 28, 18-41.
  • Charles Ka Yui Leung and Edward Chi Ho Tang (March 2015), "Speculating China economic growth through Hong Kong? Evidence from the stock market IPO and real estate markets", International Real Estate Review, 18, 1, 45-87.
  • Du, Julan; Charles Ka Yui Leung and Derek Chu, (November 2014), "Return Enhancing, Cash-rich or simply Empire-Building? An Empirical Investigation of Corporate Real Estate Holdings", International Real Estate Review, 17, 3, 301-357.
  • Leung, Charles Ka Yui (September 2014), "Error Correction Dynamics of House Price: an Equilibrium Benchmark", Journal of Housing Economics, 25, 75-95, (also circulated as working paper #177, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas).
  • Hanushek, Eric; Charles Ka Yui Leung and Kuzey Yilmaz, (April 2014), "Borrowing Constraints, College Aid, and Intergenerational Mobility,", Journal of Human Capital, 8, 1, 1-41, (an early version was circulated as National Bureau of Economic Research Working Paper 10711, 2004; an updated version was circulated as Rochester Centre of Economic Research (RCER) Working Paper 581, 2014).
  • Leung, Charles Ka Yui; Wai Yip Ma and Jun Zhang (March 2014), "The Market Valuation of Interior Design and Developers strategies: a simple Theory and some Evidence,", International Real Estate Review, 17, 1, 63-107.
  • Leung, Charles Ka Yui, Song Shi, Edward Chi Ho Tang, (November 2013), "Commodity House Prices,", Regional Science and Urban Economics, 43, 875-887, (also circulated as working paper #154, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas).
  • Charles Ka Yui Leung, Patrick Wai Yin Cheung and Edward Chi Ho Tang (April 2013), "Financial Crisis and the Comovements of Housing Sub-markets: Do relationships change after a crisis?", International Real Estate Review, 16, 1, 68-118.
  • Chang, K. L.; N. K. Chen and C. K. Y. Leung (2013), "In the shadow of the United States: The International Transmission Effect of Asset Returns", Pacific Economic Review, (also circulated as working paper #121, Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas)., 18, 1, 1-40.
  • Leung, Charles Ka Yui; Sinan Sarpca and Kuzey Yilmaz (December 2012), "Public Housing Units vs. Housing Vouchers: Accessibility, Local Public Goods, and Welfare", Journal of Housing Economics, 21, 310-321.
  • Chu, Angus C. H.; Charles Ka Yui Leung and Edward Chi Ho Tang (September 2012), "Intellectual Property Rights, Technical Progress and the Volatility of Economic Growth", Journal of Macroeconomics, 34, 3, 749-756.
  • Dong, Yan; Charles Ka Yui Leung and Dongliang Cai (August 2012), "What Drives Fixed Asset Holding and Risk-Adjusted Performance of Corporate in China? An Empirical Analysis", International Real Estate Review, 15, 2, 141-164.
  • Leung, Charles Ka Yui and Thomas Lubik (June 2012), "Introduction: Dynamic Stochastic General Equilibrium modelling and the study of Asia-Pacific economies", Pacific Economic Review, 17, 2, 204-207.
  • Kuang-Liang Chang, Nan-Kuang Chen and Charles Ka Yui Leung (May 2012), "The dynamics of housing returns in Singapore: How important are the international transmission mechanism?", Regional Science and Urban Economics, 42, 516–530.
  • Jin, Yi; Charles Ka Yui Leung and Zhixiong Zeng (March 2012), "Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis", Real Estate Economics, 40, 1, 167-195.
  • Charles Ka Yui Leung and Jun Zhang (December 2011), ""Fire Sales" in Housing Market: Is the house-search process similar to a theme park visit", International Real Estate Review, 14, 3, 311-329.
  • Leung, Charles Ka Yui and Wing Leong Teo (May 2011), "Should the optimal portfolio be region-specific? A multi-region model with monetary policy and asset price co-movements", Regional Science and Urban Economics, 41, 293-304.
  • Chang, Kuang Liang; Nan-Kuang Chen and Charles Ka Yui Leung (May 2011), "Monetary Policy, Term Structure and Real Estate Return: Comparing REIT, housing and stock", Journal of Real Estate Finance and Economics, 43, 221-257.
  • Leung, Charles Ka Yui, Kenneth K. Chow, Matthew S. Yiu and Dickson C. Tam (March 2011), "House Market in Chinese Cities: Dynamic Modeling, In-Sampling Fitting and Out-of-Sample Forecasting", International Real Estate Review, Asian Real Estate Society, 14, 1, 85-117.
  • Leung, Charles Ka Yui and Nan-Kuang Chen (2010), "Stock Price Volatility, Negative Auto-correlation and consumption-wealth ratio: the case of constant fundamentals", Pacific Economic Review, 15, 2, 224-245.
  • Nan-Kuang Chen and Charles Ka Yui Leung (2008), "Asset Price Spillover, Collateral and Crises: with an Application to Property Market Policy", Journal of Real Estate Finance and Economics, 37, 351-385.
  • Sam Hak Kan Tang, Nicolaas Groenewold and Charles Ka Yui Leung (2008), "Institutions, Technical Change and Macroeconomic Volatility, Crises and Growth: A Robust Causation", Journal of Macroeconomics, 30, 1520-1549.
  • Leung, Charles Ka Yui (2007), "Equilibrium correlations of asset price and return", Journal of Real Estate Finance and Economics, 34, 233-256.
  • Leung, Charles K. Y.; Youngman C. F. Leong and Kelvin S. K. Wong (2006), "Housing price dispersion: an empirical investigation", Journal of Real Estate Finance and Economics, 32, 357-385.
  • Leung, Charles Ka Yui; Sam Hak Kan Tang and Nicolaas Groenewold (2006), "Growth volatility and technical progress: a simple rent-seeking model", Journal of Economics (Zeitschrift fur Nationalokonomie), 88, 159-178.
  • Leung, Charles K. Y. and Dandan Feng (2005), "What drives the property price-trading volume correlation: evidence from a commercial real estate market", Journal of Real Estate Finance and Economics, 31, 241-255.
  • Leung, Charles (2004), "Macroeconomics and Housing: a review of the literature", Journal of Housing Economics, 13, 249-267.
  • Kan, Kamhon; Kwong, Sunny Kai-Sun; Leung, Charles Ka-Yui (2004), "The dynamics and volatility of commercial and residential property prices: theory and evidence", Journal of Regional Science, 44, 95-123.
  • Bardhan, Ashok Deo; Edelstein, Robert H. and Charles Leung (2004), "A Note on Globalization and Urban Residential Rents", Journal of Urban Economics, 56, 505-513.
Books and Book Chapters
  • Charles Ka Yui Leung and Edward Chi Ho Tang (January 2012), "Comparing Two Financial Crises", in Global Housing Markets: Crises, Policies and Institutions, ed. by A. Bardhan, R. Edelstein and C. Kroll, John Wiley & Sons, USA, 377-398. ISBN 978-0-470-64714-1.
  • Chang, K. L., N. K. Chen and Charles Ka Yui Leung, (2010), "Monetary Policy, Asset Return Dynamics and the General Equilibrium Effect", in Daniel Rosch and Harald Scheule ed., Model Risk in Financial Crises - Challenges and Solution for Financial Risk Models, Risk Books and Journals. ISBN: 978-1-906348-25-0.
  • Ben-Shafar, Danny; Charles Ka Yui Leung and Seow Eng Ong ed., (2008), Mortgage Market Worldwide, Oxford: Blackwell, ISBN: 978-1-4051-3210-7.