Macroeconomic instability in Hong Kong : internal and external factors

Yue MA, Raymond C.W. NG

Research output: Book Chapters | Papers in Conference ProceedingsBook ChapterResearchpeer-review

Abstract

This chapter examines the extent to which the dollar peg may have helped to exacerbate macroeconomic volatilities in Hong Kong, by estimating an IS-LM open economy model for Hong Kong via a structural vector auto-regressive (VAR) process (Gali, 1992; Rogers, 1999). The econometric techniques of impulse response and variance decomposition analysis are applied to the VAR model to separate the major causes of inflation and instability.
Original languageEnglish
Title of host publicationChina, Hong Kong and the world economy : Studies on globalization
EditorsLok Sang HO, Robert ASH
Place of PublicationNew York
PublisherPalgrave Macmillan
Chapter11
Pages200-218
Number of pages19
ISBN (Print)9781403987426
Publication statusPublished - 2006

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Internal factors
Hong Kong
External factors
Macroeconomics
Decomposition analysis
Macroeconomic volatility
Vector autoregressive process
Econometrics
Variance decomposition
Inflation
Vector autoregressive model
Open economy
Impulse response

Cite this

MA, Y., & NG, R. C. W. (2006). Macroeconomic instability in Hong Kong : internal and external factors. In L. S. HO, & R. ASH (Eds.), China, Hong Kong and the world economy : Studies on globalization (pp. 200-218). New York: Palgrave Macmillan.
MA, Yue ; NG, Raymond C.W. / Macroeconomic instability in Hong Kong : internal and external factors. China, Hong Kong and the world economy : Studies on globalization. editor / Lok Sang HO ; Robert ASH. New York : Palgrave Macmillan, 2006. pp. 200-218
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MA, Y & NG, RCW 2006, Macroeconomic instability in Hong Kong : internal and external factors. in LS HO & R ASH (eds), China, Hong Kong and the world economy : Studies on globalization. Palgrave Macmillan, New York, pp. 200-218.

Macroeconomic instability in Hong Kong : internal and external factors. / MA, Yue; NG, Raymond C.W.

China, Hong Kong and the world economy : Studies on globalization. ed. / Lok Sang HO; Robert ASH. New York : Palgrave Macmillan, 2006. p. 200-218.

Research output: Book Chapters | Papers in Conference ProceedingsBook ChapterResearchpeer-review

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AB - This chapter examines the extent to which the dollar peg may have helped to exacerbate macroeconomic volatilities in Hong Kong, by estimating an IS-LM open economy model for Hong Kong via a structural vector auto-regressive (VAR) process (Gali, 1992; Rogers, 1999). The econometric techniques of impulse response and variance decomposition analysis are applied to the VAR model to separate the major causes of inflation and instability.

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MA Y, NG RCW. Macroeconomic instability in Hong Kong : internal and external factors. In HO LS, ASH R, editors, China, Hong Kong and the world economy : Studies on globalization. New York: Palgrave Macmillan. 2006. p. 200-218