RECENT PERFORMANCE OF THE HONG KONG DOLLAR LINKED EXCHANGE RATE SYSTEM (2007)
Genberg, Hans, He, Dong, Leung, Frank
This paper reviews the performance of the Hong Kong dollar Linked Exchange Rate system since the introduction of the three refinements to it in May 2005. It presents an analytical framework which...
Didier Cossin, Gero Jung, Didier Cossin, Gero Jung, Daniel Aunon-nerin, Hans Genberg, ...
The financial innovations of the late 1990s have led to the emergence of a significant number of new instruments, in particular in the market for hedging credit risk. This paper, based on an original...
Do we really know that the WTO increases trade (2004)
Richard Baldwin, Barry Eichengreen, Rob Feenstra, Jeff Frankel, Hans Genberg, ...
Harrison for data assistance; and the HKMA, the MAS and Princeton University for hospitality and helpful seminar feedback. Asher Isaac and an EASE 13 paper by David Li and Changqi Wu inspired me. The...
2002), 'Asset Prices in a Flexible Inflation Targeting Framework (2002)
Stephen G. Cecchetti, Hans Genberg, Stephen G. Cecchetti, Hans Genberg, Sushil Wadhwani
We argue that there are sound theoretical reasons for believing that an inflation targeting central bank might improve macroeconomic performance by reacting to asset price misalignments over and...
2002), 'Asset Prices in a Flexible Inflation Targeting Framework (2002)
Stephen G. Cecchetti, Hans Genberg, Stephen G. Cecchetti, Hans Genberg, Sushil Wadhwani
We argue that there are sound theoretical reasons for believing that an inflation targeting central bank might improve macroeconomic performance by reacting to asset price misalignments over and...
Thesis (Ph. D.)--University of Chicago.
Thesis (Ph. D.)--University of Chicago, 1974.
No Abstract
Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?
Financial integration in Ease Asia is actively being pursued and will in due course lead to substantial mobility of capital between economies in the region. Plans for monetary cooperation as a...
Currency Substitution in Anticipation of EU Accession
Countries in Eastern and Central Europe that are likely to join the European Union will eventually also join the European Monetary Union. The process of accession will entail a transition period at...
Macroeconomic volatility, debt dynamics, and sovereign interest rate spreads.
Hans Genberg, Astrit Sulstarova
While the relationship between volatility and risk is central to much of the financial literature it has not been incorporated systematically into assessment of sovereign debt sustainability. This...
Exchange Rate Regimes: Does What Countries Say Matter?
Hans Genberg, Alexander K. Swoboda
Traditionally, the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions has been the main source of information about the exchange rate policies pursued by member countries. The...
No Abstract
External shocks, transmission mechanisms and deflation in Asia
On 18-19 June 2004, the BIS held a conference on "Understanding Low Inflation and Deflation". This event brought together central bankers, academics and market practitioners to exchange views on this...
Asymmetric monetary policies? the case of Germany and France
Ulrich Camen, Hans Genberg, Michael Salemi
How dissimilar are the policy objectives of the Bundesbank and the Banque de France and have those objectives converged since the conception of the EMS? We address these questions by estimating...
Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?
Financial integration in East Asia is actively being pursued and will in due course lead to substantial mobility of capital between economies in the region. Plans for monetary cooperation as a...
Currency Appreciation and Current Account Adjustment
Michael B. Devereux, Hans Genberg
A central aspect of the recent debate on global imbalances and the US current account deficit is the role of the exchange rate peg being followed by China and other Asian economies. While one view...
An Open Economy New Keynesian Phillips Curve: Evidence from Hong Kong
Hans Genberg, Laurent L. Pauwels
This paper extends the new hybrid Keynesian Phillips curve (NKPC) to the open economy context. We hypothesise that pricing decisions depend on both labour costs and intermediate imported input...
Foreign versus domestic factors as sources of macroeconomic fluctuations in Hong Kong
This paper uses a semi-structural vector autoregression approach to estimate the relative importance of domestic and foreign shocks as sources of macroeconomic fluctuations in Hong Kong since the...
Wage-Price Dynamics and Deflation in Hong Kong
Hans Genberg, Laurent L. Pauwels
This paper provides empirical evidence on the dynamics of prices and wages in Hong Kong. The results imply that the deflation in Hong Kong since 1997 can be understood using a conventional...
Exchange-Rate Regimes: "Does What Countries Say Matter?"
Hans Genberg, Alexander K. Swoboda
Traditionally the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions has been the main source of information about the exchange-rate policies pursued by member countries. The...
Inflation in Hong Kong, SAR: In search of a transmission mechanism
Hans Genberg, Laurent L. Pauwels
Inflation in a country with a currency board is usually believed to be highly dependent on external factors. Important questions for understanding the dynamics of inflation are (i) how best to...
Inflation Targeting - the Holy Grail of Monetary Policy?
Inflation targeting is a statement about the objective of central bank policy and not about operating procedures. Its success depends not only on the actions of the central bank, but requires a broad...
WAGE-PRICE DYNAMICS AND DEFLATION IN HONG KONG
Hans Genberg, LaurentL. Pauwels
We provide empirical evidence on the dynamics of prices and wages in Hong Kong. The results suggest that the post-1997 deflation can be understood using a conventional macroeconomic framework wherein...
AN OPEN-ECONOMY NEW KEYNESIAN PHILLIPS CURVE: EVIDENCE FROM HONG KONG
Hans Genberg, LaurentL. Pauwels
This paper extends the new hybrid Keynesian Phillips Curve (NKPC) to the open-economy context. We hypothesize that pricing decisions depend on both labour costs and intermediate imported input...
Saving, Investment and the Current Account.
Genberg, Hans, Swoboda, Alexander K
In this review of recent work on the relationship between saving, investment and the current account, it is shown that focusing on national saving and investment behavior and modeling these in a...
Exchange Rate Management and Macroeconomic Policy: A National Perspective.
This paper reviews the literature on alternative exchange-rate arrangements for a small economy. It discusses exchage-rate management for short-run stabilization purposes and the choice of...
Exchange Rate Regimes: Does What Countries Say Matter?
Hans Genberg, Alexander K. Swoboda
Traditionally, the IMF's Annual Report on Exchange Arrangements and Exchange Restrictions has been the main source of information about the exchange rate policies pursued by member countries. The...
Monetary and Financial Cooperation among Central Banks in East Asia and the Pacific
In this paper we show that monetary policy frameworks in the East Asia and Pacific region are heterogeneous, with exchange rate policies being subordinate to domestic price stability objectives in...
A VAR Framework for Forecasting Hong Kong'S Output and Inflation
This paper develops a multivariate time series model to forecast output growth and inflation in the Hong Kong economy. We illustrate the steps involved in designing and building a vector...
Hong Kong's Economic Integration and Business Cycle Synchronisation with Mainland China and the US
Hans Genberg, Li-gang Liu, Xiangrong Jin
While Hong Kong's monetary policy is effectively tied to the US, its real economy has been experiencing increased integration with the Mainland through trade, Foreign Direct Investment (FDI),...
Macroeconomic Volatility, Debt Dynamics, and Sovereign Interest Rate Spreads
Hans Genberg, Astrit Sulstarova
While the relationship between volatility and risk is central to much of the financial literature it has not been incorporated systematically into assessment of sovereign debt sustainability. This...
Exchange-Rate Arrangements and Financial Integration in East Asia: On a Collision Course?
Financial integration in Ease Asia is actively being pursued and will in due course lead to substantial mobility of capital between economies in the region. Plans for monetary cooperation as a...
The Fiscal Deficit and the Current Account: Twins or Distant Relatives?
Current account imbalances have in recent years become a concern of policy makers and public opinion in a number of countries. It is often argued that budget imbalances of the public sector are at...
Inflation Targeting - the Holy Grail of Monetary Policy?
Inflation targeting is a statement about the objective of central bank policy and not about operating procedures. Its success depends not only on the actions of the central bank, but requires a broad...
The macroeconomic effects of adjustment lending: A review and evaluation
Does external aid have an impact on economic growth, if so, through what channels? Does the domestic policy environment matter? In the past ten years, these questions have been the subject of a large...
On the Sequencing of Reforms in Eastern Europe
Economic reform , Centrally planned economies , Eastern Europe , Pricing reforms , Privatization , Public enterprises ,
Exchange-Rate Stabilization Policy and Monetary Target with Endogenous Expectations
Hans Genberg, Jean-Pierre Roth
None
Inflation Targeting - The Holy Grail of Monetary Policy?
This paper argues that the success of inflation targeting is principally the result of having a clear unambiguous goal, price stability, for monetary policy that is determined not only by the central...
This paper argues that inflation targeting should not be defined too narrowly. The principal objective of a sound monetary policy, namely to provide a credible nominal anchor for the economy, can be...
External Shocks, Transmission Mechanisms and Deflation in Asia
This paper examines the inflation experience of seven small economies in East Asia: Hong Kong, Malaysia, Korea, Philippines, Singapore, Taiwan, and Thailand. It documents common elements in the...
Inlation in Hong Kong, SAR- In Search of a Transmission Mechanism
Inflation in a country with a currency board is usually believed to be highly dependent on external factors. Important questions for understanding the dynamics of inflation are (i) how best to...
Foreign Versus Domestic Factors as Souces of Macroeconomic Fluctuations in Hong Kong
This paper uses a semi-structural vector autoregression approach to estimate the relative importance of domestic and foreign shocks as sources of macroeconomic fluctuations in Hong Kong since the...
RECENT PERFORMANCE OF THE HONG KONG DOLLAR LINKED EXCHANGE RATE SYSTEM
Genberg, Hans, He, Dong, Leung, Frank
This paper reviews the performance of the Hong Kong dollar Linked Exchange Rate system since the introduction of the three refinements to it in May 2005. It presents an analytical framework which...
Asset Prices in a Flexible Inflation Targeting Framework
Stephen G. Cecchetti, Hans Genberg, Sushil Wadhwani
We argue that there are sound theoretical reasons for believing that an inflation targeting central bank might improve macroeconomic performance by reacting to asset price misalignments over and...
The Credibility of the Link from the Perspective of Modern Financial Theory
Hong Kong¡¯s Linked Exchange Rate system (LERS) has been in operation for 25 years during which time many other fixed exchange rate systems have succumbed to shocks and/or speculative attacks. This...
Revisiting the Shocking Aspects of Asian Monetary Unification
Hans Genberg, Pierre L. Siklos
This paper revisits the question whether economies in Asia are likely to be good candidates for pursuing similar exchange rate policies and ultimately joining together in a monetary union. A number...
Liquidity, Risk Appetite and Exchange Rate Movements During the Financial Crisis of 2007-2009
Cho-Hoi Hui, Hans Genberg, Tsz-Kin Chung
Given the deleveraging process in the banking sector, banks were reluctant to lend funds in the interbank market because of uncertainty about their own future need for funds during the financial...