Effects of capital flow on the equity and housing markets in Hong Kong

被引：5
|
作者：
Cheung, Yin-Wong [1 ]
Chow, Kenneth K. [2 ]
Yiu, Matthew S. [3 ]
机构：
[1] City Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China
[2] Hong Kong Monetary Author, Hong Kong, Hong Kong, Peoples R China
[3] Hong Kong Inst Monetary Res, Hong Kong, Hong Kong, Peoples R China
来源：
PACIFIC ECONOMIC REVIEW | 2017年 / 22卷 / 03期
关键词：
D O I：
10.1111/1468-0106.12233
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
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.
引用
收藏
页码：332 / 349
页数：18
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