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  • Articles  (45)
  • Blackwell Publishing Asia Pty Ltd  (45)
  • 2005-2009  (45)
  • Economics  (45)
  • 1
    Electronic Resource
    Electronic Resource
    OFFICIAL FOREIGN EXCHANGE INTERVENTION AS A COORDINATING SIGNAL IN THE DOLLAR–YEN MARKET (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  I examine the effectiveness of exchange rate intervention within the context of a Markov-switching model for the real dollar–yen exchange rate over the period April 1991–December 2003. The probability of switching between stable and unstable regimes depends nonlinearly upon the amount of intervention, the degree of misalignment and the duration of the regime. I find that intervention increases the probability of stability when the rate is misaligned, and that its influence grows with the degree of misalignment. However, intervention within a small neighbourhood of equilibrium will result in a greater probability of instability.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00261.x
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  • 2
    Electronic Resource
    Electronic Resource
    SPECIAL SECTION ON DEFLATION AND MACROECONOMIC ISSUES IN HONG KONG: INTRODUCTION (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00267.x
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  • 3
    Electronic Resource
    Electronic Resource
    THE RELATIONSHIP BETWEEN CONSUMPTION, INCOME AND WEALTH IN HONG KONG (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  This paper estimates a consumption function for Hong Kong along the lines of the standard life-cycle model. I find a stable relationship between consumption, labour income and wealth with plausible long-run estimates of the implied marginal propensity to consume out of income and wealth. The marginal propensity to consume out of housing wealth is estimated to be lower than in other industrialized economies, which is consistent with a relatively uneven distribution of wealth in Hong Kong. Arithmetically, the decline in housing wealth in Hong Kong since 1997 can more than account for the weakness of consumption since then.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00269.x
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  • 4
    Electronic Resource
    Electronic Resource
    A DYNAMIC FACTOR MODEL OF ECONOMIC ACTIVITY IN HONG KONG (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  This paper applies the single-index dynamic factor model developed by J. H. Stock and M. W. Watson to construct (almost) real-time estimates of economic activity in Hong Kong. The Hang Seng index, a residential property price index, retail sales and total exports are used as coincident indicators. Principal component analysis is first used to obtain an impression of the common component of the indicator series. This component and the dynamic factor identified by the Stock–Watson methodology are strongly correlated and seem to capture economic fluctuations in Hong Kong reasonably well.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00272.x
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  • 5
    Electronic Resource
    Electronic Resource
    THE ‘THICK MARKET’ EFFECT AND AGGLOMERATION IN HIGH-GROWTH INDUSTRIES (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  This paper considers a simple model of geographical concentration of new high-technology industries that lack stable design standards. In the model, agglomerative effects result from positive feedback between competitive forces in the upstream and downstream segments of a high-technology industry, rather than as a result of traditional scale economies in the manufacturing of standardized products. The model assumes that firms in the upstream service supply industry have ex ante uncertain costs and compete in Bertrand fashion for the independent demands of downstream firms. This framework explains the mechanism of spatial clustering in industries with a high rate of innovation.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00266.x
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  • 6
    Electronic Resource
    Electronic Resource
    AN OPEN-ECONOMY NEW KEYNESIAN PHILLIPS CURVE: EVIDENCE FROM HONG KONG (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  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 prices. The results for Hong Kong are consistent with the theory if import prices are given substantial weight in measuring marginal cost, rejecting the labour costs model. We find that forward-looking behaviour is dominant, and that price stickiness is smaller in Hong Kong than in the USA. The results are sensitive to the choice of instruments, and a model using the output gap instead of marginal cost as the forcing variable also performs well.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00271.x
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  • 7
    Electronic Resource
    Electronic Resource
    FINANCIAL LIBERALIZATION AND ECONOMIC GROWTH: A THEORETICAL ANALYSIS OF THE TRANSFORMING CHINESE ECONOMY (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  We conduct a theoretical investigation into how financial reforms are affecting the long-run economic performance of the partially reformed Chinese economy. In a model with a dual structure in commodity production and financial repression, allowing the co-existence of a state banking system and an informal credit market and introducing heterogeneity in the transaction technologies of individuals, we examine the interactions between the state banking system and the informal credit market, and the effects of various measures of financial liberalization on individuals’ optimal portfolio choices and the macroeconomic aggregates.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00264.x
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  • 8
    Electronic Resource
    Electronic Resource
    FOREIGN DIRECT INVESTMENT IN CHINA: HOW BIG ARE THE ROLES OF CULTURE AND GEOGRAPHY? (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  I assess the importance of geography and cultural ties in foreign direct investment in China. Using an estimated gravity model to construct predicted FDI stocks in China for 1997 from major source countries, I find that the total FDI stock would be lowered by about 45% if China's economic center were located in New Delhi, India, and would be lowered by about 70% if it were located in New Delhi and there were no cultural ties. These estimates suggest that much of China's ability to attract FDI is due to its natural advantages.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00265_10_2.x
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  • 9
    Electronic Resource
    Electronic Resource
    WAGE–PRICE DYNAMICS AND DEFLATION IN HONG KONG (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  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 foreign influences constitute the basic underlying shocks, and adjustment processes in domestic wages and prices determine the details of the transmission mechanism. We find that the decline in local nominal prices owes much to declining prices of imported intermediate goods. The negative output gap and increase in unemployment during the deflation period also have their origin in foreign shocks, but the domestic wage adjustment process is an important contributing factor.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00268.x
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  • 10
    Electronic Resource
    Electronic Resource
    DOES ‘AGGREGATION BIAS’ EXPLAIN THE PPP PUZZLE? (2005)
    550 Swanston Street (PO Box 378) Carlton South, Victoria 3053 Australia : Blackwell Publishing Asia Pty Ltd
    Pacific economic review 10 (2005), S. 0 
    Details
    ISSN: 1468-0106
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract.  Recently, Jean Imbs and colleagues have claimed that much of the purchasing power parity puzzle can be explained by ‘aggregation bias’. This paper re-examines aggregation bias. It clarifies the meaning of aggregation bias and its applicability to the PPP puzzle; demonstrates that the size of the ‘bias’ is much smaller than suggested if explosive roots in the simulations are ruled out; and shows that the presence of non-persistent measurement error data can make price series appear less persistent than they are. After correcting for small-sample bias, half-life estimates indicate that heterogeneity and aggregation bias do not help to solve the PPP puzzle.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-0106.2005.00260.x
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