Economic Research Centre

 

Co-Directors:
Prof. LIU Pak-wai
  Prof. SUNG Yun-wing

 

Details:
Economic Research Centre
Hong Kong Institute of Asia-Pacific Studies
The Chinese University of Hong Kong
Shatin, New Territories, Hong Kong

 

Tel.: (852) 3943 6762
Fax: (852) 2603 5215
Email: EconRC@cuhk.edu.hk

 

Objectives

Economic competition and cooperation between Hong Kong and other Asia- Pacific countries constitute this Centre’s main interest and the thrust of our investigation. Major research topics include the Hong Kong economy and its transformation; government policies; the economic integration of Greater China; and trade, investment, and financial relations between Hong Kong and the Asia- Pacific region.

 

Research Programmes

  1. 1. Economic Policy – Focusing on economic policy issues of Hong Kong, Greater China, and the Asia-Pacific region (headed by Dr. Law Cheung-kwok).
    2. Financial Markets – Focusing on financial markets in Greater China and the Asia-Pacific Region, especially studies of the status of Hong Kong as a world-class financial centre, and the internationalization of Renminbi (headed by Prof. Terence Chong).
    3. Programme for Economic Education - Focusing on the promotion of the excellence of economic education; and improvement in understanding of public policy issues from economic perspectives (headed by Prof. Fung Ka Yiu, Michael).
    4. Trade and Development – Focusing on issues of trade and development in the Asia-Pacific region (headed by Prof. SHENG Liugang).

Workshop and Conference Organization

Hosted the International Conference on "Services Trade: New Approaches for the 21st Century" organized by the Pacific Economic Cooperation Council and the Asian Development Bank Institute, 2-3 June, Hong Kong. The Conference attracted experts from all the major international organizations in trade policy, namely, the WTO, APEC, and ASEAN secretariats, the OECD, the UNESCAP, the World Bank, and the Asian Development Bank. Over one hundred academics, policy experts, and business people attended the Conference.


The Economic Policy Research Programme of the Economic Research Centre co-organized a Workshop with the Civic Society Centre of HKIAPS on Competition Law on 9 June 2011.

 

Research Activities


The following research projects are currently sponsored or affiliated with the Economic Research Centre:


"Does Banking Competition Alleviate or Worsen Credit Constraints Faced by Small and Medium Enterprises? Evidence from China", involving Chong T.L., Liping Lu and Steven Ongena.


"Long-Run Adjustment of Capital Structure: Evidence from Singapore, Hong Kong and Taiwan", involving Chong, T L, Daniel Law and Lin Zhou.


'A Preliminary Study on Foreign Participations in Hong Kong and Shanghai’s Financial Sectors and Policy Implications', with Dr. Law Cheung Kwok as Principal Investigator.


"Hong Kong’s Competition Law", book project of Dr. Law Cheung Kwok.

 

'US-China Trade: A Value-added Approach,'grant of HK$2,056,340 involving Prof. Sung Yun-wing as Co-investigator.

 

'Value Chain in the Greater China Production Network', involving Prof. Sung Yun-wing and Dr. Wang Zhi of the US International Trade Commission.


'Globalization, Institutional Reforms and Wage Growth in China', involving Professors Dennis Yang and Professor Ge Suqin of the Virginia Polytechnic Institute and State University; RGC grant of $323,380 with Professor Yang as principle investigator.


'Why Are Saving Rates So High in China?,' involving Professors Dennis Yang, Junsen Zhang and Shaojie Zhou of Tsinghua University; RGC grant of $483,000 with Professor Yang as principle investigator.


'Life Cycle Earnings and the Rise in Household Saving in China,' involving Professors Dennis Yang and Zheng Michael Song of University of Chicago.


'Fertility and Educational Investment in Children: The Impact of Structural Transformation,' involving Professors Dennis Yang and Xiaodong Zhu of University o Toronto; RGC grant of $274,281 with Professor Yang as principle investigator.


'Rising Labor Costs and Rural-Urban Migration in China,' involving and Professor Ge Suqin of the Virginia Polytechnic Institute and State University; South China Research Program grant of $88,000 with Professor Yang as principle investigator.


Asian Economic Journal and East Asian Economic Association
This is the 21st year in which our Centre has jointly published the Asian Economic Journal for the East Asian Economic Association with our partner in Japan. The ISI has accepted the Journal for coverage, beginning in April/May 2008 with the first 2007 issue. Profs. Liu Pak-wai, Sung Yun-wing, and Kwong Kai-sun are serving respectively as Vice President, Director, and Secretary General of the Association. Prof. Du Julan has served as Managing Editor of the journal since 2009.
Asian Economic Journal is a journal that is devoted to publishing articles on the Asian economies which is based in the Asian region. The Journal bears the name of CUHK together with The International Centre for the Study of East Asian Development on the front cover as the two institutions which produce the journal. The Secretariat of the East Asian Economic Association is also located at CUHK using HKIAPS as its address. The journal and the location of the Secretariat have promoted the image of CUHK in general, and HKIAPS in particular as institutions active in research within the Asia-Pacific region.

 

Conference Participation and Talks

Professor ChongTL, Terence
    Attended “International Symposium on Econometric Theory and Applications,” as Programme Committee Member and Chair of ET Lecture organized by Shanghai Jiaotong University, held in Shanghai, 21 May 2012
Attended 10th Hong Kong Institute for Monetary Research Summer Workshop as discussant, 23 July 2012
演講,「理財攻略: 走出高通脹的經濟困局」,康樂及文化事務署香港公共圖書館與中西區區議會合辦系主辦, 2011 年6月19日。
Presented a paper on, 'A Hausman-Type Test for Measurement Errors in Threshold Variables', presented at departmental seminar, Department of Economics, Lingnan University, 27 October 2010.
Presented a paper on‚ 'A Hausman-Type Test for Measurement Errors in Threshold Variables', presented at the 7th International Symposium on Econometric Theory and Applications (SETA2011), Monash University, held in Melbourne, Australia, 14-16 April 2011.
Attended the Inaugural Conference on'‚ Financial Economics – A New Global Financial Landscape' organized by the Sim Kee Boon Institute for Financial Economics, Singapore Management University, held in Singapore, 5 May 2011.
Chaired a session at‚ International Conference on 'Services Trade: New Approaches for the 21st Century', organized by HKIAPS, 1-3 June 2011.

Dr. Law Cheung Kwok
Gave a talk in the seminar on “Hong Kong’s Competition Law: the 2nd Conduct Rule”, organized by Consumer Council, 9/12/2011.
Gave a talk in the forum on “Hong Kong’s Competition Ordinance”, organized by Hong Kong City University and SynergyNet, 23/2/2012.
Speaker, Forum organized by Hong Kong General Chamber of Commerce on Competition Law, February 2011.
Speaker, Forum organized by Economic Initiatives on Competition Law, 24 March, 2011.
Speaker, Workshop co-organized with the Civic Society Centre of HKIAPS on Competition Law, 9 June 2011,.

 

Professor Liu Pak-wai:
    Delivered a lecture on “Executive Compensation and Incentives: U.S. Hong Kong and Mainland China” at the Executive Leadership Programme in Global Finance organized by the Institute of Global Economics and Finance, The Chinese University of Hong Kong, 21 September 2011.
    Delivered a talk on "Minimum Wage Legislation: Economic and Ethical Considerations" at the Christian Economists Roundtable - A Dialogue with Theologians on Economic Issues and Policies, organized by Hong Kong Institute of Economic and Business Strategy, University of Hong Kong, 10 December, 2011.
Delivered a welcome address at the 2011 International Symposium on the Economics of Education organized by the Faculty of Education and the Faculty of Social Science, The Chinese University of Hong Kong, 17-18 December 2011.
    國家開發銀行股份有限公司主辦《2012年宏觀經濟形勢研討會》講者,二零一二年一月十二日,香港。
    Attended the 2012 Asian Financial Forum organized by the Hong Kong Trade Development Council, held in Hong Kong, 16-17 January 2012.
    國家開發銀行股份有限公司主辦《宏觀經濟形勢研討會》講者,二零一二年四月二十日,香港。
    Delivered talks on internationalization of Renminbi and Hong Kong as an international financial centre as Chief Commentator on Economic Affairs of The Better Hong Kong Foundation U.S. Delegation, Washington D.C. and New York, 20-25 June 2012.
Chaired a session and served as discussant at ‚Finalization Workshop on Long-term Projections of Asian GDP and Trade‛, organized by Asian Development Bank held in Hong Kong, 8-9 July 2010.
國家開發銀行股份有限公司主辦《2011年宏觀經濟形勢與金融市場研討會》講者, 二零一零年十二月二十四日,香港。
Attended the Inaugural Conference on ‚Financial Economics – A New Global Financial Landscape‛ organized by the Sim Kee Boon Institute for Financial Economics, Singapore Management University, held in Singapore, 5 May 2011.
Delivered a talk on ‚The Economic Benefit of the Third Runway‛ as a panel speaker at the MP2030, Public Forum of the Hong Kong Airport authority, 11 June 2011.

Professor Sung Yun-wing:
    Represented the Hong Kong Committee of Pacific Economic Cooperation in the 20th General and Standing Committee Meeting of the Pacific Economic Cooperation Council, Washington D.C., 27-30 September 2011.
    Gave a talk on “Globalization: Trade and Investment” in the  Christian Economists Roundtable – A Dialogue with Theologians on Economic Issues and Policies organized by the Hong Kong Institute of Economics and Business Strategy, University of Hong Kong on 10 December, 2011.
Chaired the luncheon seminar by Professor Christine Wong on Paying for Urbanization: a Look at China’s Municipal Finance organized by the USC in Hong Kong on 7 February, 2012.
Chaired Panel Session III in the International Conference on “Emerging Regionalism: Paradigm Shift of International Relations in East Asia?” organized by the Hong Kong Institute of Asian Pacific Studies in Hong Kong on 9 March 2012.
    Gave the Closing Speech at the 2012 Pacific Economic Cooperation Youth Conference organized by the Hong Kong Committee of Pacific Economic Cooperation in Hong Kong on 24 March 2012.
Gave the Opening Remarks and chaired the first Session of the CUHK Conference on the Chinese Economy organized by the Department of Economics in Hong Kong on 14-15 June 2012.
Presentation, “Family as a Key Social Determinants in Youth Overweight: A Cross-sectional Survey and A Qualitative Study in Hong Kong”, International Conference on Socioeconomic Determinants and Consequences of Public Health organized by Academia Sinica and Washington University in Taipei, June 26-27, 2012.
    演講,「ECFA與大中華經濟圈」,《第二屆兩岸及香港《經濟日報》財經高峰論壇》,台灣《經濟日報》、北京《經濟日報》、《香港經濟日報》主辦,台北,2012年6月29日。
Represented the Hong Kong Committee for Pacific Economic Cooperation at the Standing Committee Meeting and the 19th General Meeting of the Pacific Economic Cooperation Council held in Tokyo, 19-21 October, 2010.
Discussant, Asian Economic Panel Meeting at Columbia University, 24-25 March, 2011.
Chaired the Official Opening and also Session 3 of the International Conference on "Services Trade: New Approaches for the 21st Century" organized by the Pacific Economic Cooperation Council and the Asian Development Bank Institute, 2-3 June, Hong Kong.

 

Professor Dennis Yang:
Presentation, “Savings and External Imbalances in China,” The World Bank, November 8, 2011
Keynote Speech, “Life-cycle Earnings and Savings in a Fast-Growing economy,” Contemporary China Labour Conference at Xiamen University, December 10, 2011.
Presentation, “Changes in China’s Wage Structure,” University of Virginia, November 10, 2012.
    Presentation, “Savings and External Imbalances in China: Implications for 2012 and Beyond,” University of Virginia, February 2, 2012.
    Presentation, “The Ownership Structure of Offshoring and Wage Inequality: Theory and Evidence from China,” CUHK Conference on the Chinese Economy, June 13, 2012.
Keynote Speech, “Savings and External Imbalances in China,” at 2012 Australian Chinese Economics Society annual meetings, June 30, 2012
Presentation, ‚Modernization of Agricultural and Long-Term Growth,‛ in Econometrics World Congress, August 17-20, 2010.
Panelist, ‚Labor and the Prospect of China’s Growth,‛ in 2010 Shanghai Forum on China and the World Economy, August 20, 2010.
Discussant on Professor Gary Becker’s paper, ‚Old Age Support, the Formation of Children's Preferences, and Investments in Children's Human Capital,‛ in Chicago-Remin University Conference on Family and Labor Economics, September 16, 2010.
Presentation, ‚Accounting for Rising Wages in China,‛ in Conference on The Great Transformation of China at Zurich University, November 17, 2010.
Panelist, ‚Has China Reached the Lewis Turning Point?‛ in Conference on Chinese Economy, Fudan University, December 8-9, 2010.
Presentation, ‚Labor Market Development in China: A Neoclassical View,‛ in Hong Kong Economist Association Biannual Meetings, December 17-19, 2010.
Presentation, ‚Lifecycle Earnings and Saving in a Fast-Growing Economy,‛ in the Econometrics Society Winter Meetings, January 6-9, Gender Research Centre 63 2011.
Presentation, ‚Accounting for Rising Wages in China,‛ in American Economist Association Meetings, January 6-9, 2011.
Presentation, ‚Accounting for Rising Wages in China,‛ in Conference on China, Hong Kong Institute of Monetary Research, January 13-14, 2011.
Presentation, ‚Why Are Saving Rates so High in China?‛ in China and Global Development Seminar Series, University of Hong Kong, March 9, 2011.
Panelist, ‚Food Security and Rural Reform in China,‛ in MacQuarie Greater China Conference, May 12, 2011.
Presentation, ‚Population Control Policies and the Chinese Saving Puzzle: A Cohort Analysis,‛ in Western Economist Association International Annual Meetings, June 30-July 2, 2011.


Publications

 

Professor ChongTL, Terence

Chong, T.T.L., Jipei Li and Kun Ma (2012) "Profitability of Trading Rules Based On Three Moving Averages," Labuan Bulletin of International Business and Finance, forthcoming.

Chong, T.T.L., Yu Wang, Tong Wu and Zongping Zhang (2011) "Improving the Performance of the RSI Trading Indicator: A Note," Labuan Bulletin of International Business and Finance, 9, December, 2011, 12-23.

"Is the Rate-of-Change Oscillator Profitable?" (with Ka Wai Leung and Ho Yin Yuen), Journal of Investing, 20(3), Fall 2011, pp. 72-74.

“The Capital Structure Adjustments of Firms in Five Asian Economies" (with Daniel Law), International Journal of Business and Society, 13(1), 2012, pp. 1- 18.

"Long-Term Adjustment of Capital Structure: Evidence from Singapore, Hong Kong and Taiwan " (with Daniel Law and Lin Zhou), Singapore Economic Review, forthcoming.

Chong, T.T.L., Ning Zhang and Qu Feng (2011) "Structural Changes and Regional Disparity in China's Inflation," Economics Bulletin, 31(1), pp. 572-583
Chong, T.T.L., Elton Hei-Tung Li and Kenneth Tak-Kan Kong (2011) "Are Trading Rules Profitable in Exchange-Traded Funds?" Technology and Investment, forthcoming.
Chong, T.T.L., Ka Wai Leung and Ho Yin Yuen (2011) "Is the Rate-of-Change Oscillator Profitable?" Journal of Investing, forthcoming.

 

Dr. Law Cheung Kwok
A Report (Chinese) on “Comments on Hong Kong’s “Competition Ordinance” (香港競爭條例評議), written by CK Law,, published by SynergyNet, January 2012.

A book (Chinese) on “Hong Kong’s Competition Ordinance:  Exposition and Policy Recommendations” (香港競爭條例: 條例解讀及政策建議), written by CK Law and others, edited by Jeff Au of CDI, published by iBook, July 2012.

 

Professor Liu Pak-wai:

Hongbin Li, Liu, Pak Wai, Junsen Zhang, “Estimating Returns to Education Using Twins in Urban China”, Journal of Development Economics, Vol.97, No.2, March 2012, pp.494-504.

Hongbin Li, Liu, Pak Wai, Junsen Zhang, ‚Estimating Returns to Education Using Twins in Urban China‛, Journal of Development Economics (forthcoming).
Lam, Kit-Chun and Liu, Pak-Wai, "Increasing Dispersion of Skills and Rising Earnings Inequality", Journal of Comparative Economics, Vol.39, No.1, March 2011, pp.82-91.
Chan, Ho-Kong, Lam, Kit-Chun and Liu Pak-Wai, ‚The Structure of Trust in China and the U.S.‛, Journal of Business Ethics, Vol. 100, No. 4, 2011, pp. 553-566.

 

Professor Sung Yun-wing:

“Hong Kong and Shanghai: rivalry or complementarity among Asia’s international service hubs?” in Gipouloux Francois ed., Gateways to Globalisation: Asia’s International Trading and Finance Centres, Edward Elgar, pp. 101 – 116, 2011.

「香港與上海作為全球服務樞紐:競爭或互補?」, 香港亞太研究所論文#218,2012年1月。

「從投入-產出數據的統計及應用看經濟結構轉變」,《從社經指標看香港社會變遷》。王卓祺、尹寶珊、羅智健編,香港亞太研究所,頁73-86,2012年4月。

“Comparison between CEPA and EFCA”, in Peter C.Y. Chow ed., Economic Integration Across the Taiwan Strait, Edward Elgar (forthcoming).

“Domestic Value Added and Employment Generated by Chinese Exports: A Quantitative Estimation”. China Economic Review (forthcoming, with Xikang Chen, Lawrence Lau, Leonard Cheng, K.C. Fung, K Zhu, C Yang, J Pei, and Y Duan, published online in April 2012 http://dx.doi.org/10.1016/j.chieco.2012.04.003).

宋恩榮。「加工出口對中國、廣東及香港的經濟貢獻」,陳廣漢及黎熙元主編,《當代港澳研究〃第2輯》,廣州:中山大學出版社,2010 7月,頁53-66。
Sung, Yun-Wing, ‚Hong Kong and Shanghai as Global Service Hubs: Rivalry or Complementarity‛, Gateways to globalisation: International trading and finance centres in East Asia, Francois Gipouloux (ed), Edward Elgar (forthcoming).

 

Professor Dennis Yang:

Ma, G. Yang, Dennis T. “China’s High Saving Puzzle,” in Oxford Companion to the Economics of China, edited by Shenggen Fan, Ravi Kanbur, Shang-Jin Wei and Xiaobo Zhang. Oxford: Oxford University Press. (in press)

Yang, D. T., Zhang J. S., and Zhou Shaojie. “Why Are Saving Rates So High in China?” in Capitalizing China: Translating Market Socialism with Chinese Characteristics into Sustained Prosperity, edited by Joseph Fan and Randall Morck. Chicago: The National Bureau of Economic Research (NBER), University of Chicago Press. (2012).

Ge, S. and Yang, D. T. “Labour Market Development in China: A Neoclassical View.” China Economic Review, Vol. 22, Issue 4 (2011): 611-625.

Cai F., Yang D. T. and Huang, Y. Co-editors, Has China Passed the Lewisian Turning Point? China: Social Sciences Academic Press (in Chinese, 2011).

Ge, S. and Yang, D. T. “Neoclassical theory and the development of labor markets in China,” in Has China Passed the Lewisian Turning Point? Edited by Fang Cai, Dennis T. Yang and Yiping Huang, Beijing: China Social Sciences Press.

Yang, D. T. “Aggregate Savings and External Imbalances in China,” Journal of Economic Perspectives (to be published in the Fall Issue of 2012).

Cai F., Yang D. T. and Huang, Y. (in Chinese, in press). Co-editors, Has China Passed the Lewisian Turning Point? China: Social Sciences Academic Press (in Chinese, in press).
Ge, S. and Yang, D. T. (2011, in press). Labor market development in China: a neoclassical view. China Economic Review.
Yang D. T., Chen, V, and Monarch, R. (2010). Rising wages: Has China lost its global labor advantage? Pacific Economic Review.
Ge, S. and Yang, D. T. (in Chinese, in press). Neoclassical theory and the development of labor markets in China. Has China Passed the Lewisian Turning Point? Edited by Fang Cai, Dennis T. Yang and Yiping Huang, Beijing: China Social Sciences Press.
Yang D. T. (2010). Wages and returns to education in Chinese cities. Human Capital for Economic Development in China, edited by Gordon Liu, Shufang Zhang and Zongyi Zhang, New Jersey: The World Scientific Publishing Co.


Submissions to Public Consultations
By Dr. Law Cheung Kwok, Director, Economic Policy Research Programme

  1. -“Comments on Hong Kong’s “Competition Ordinance” a joint submission with SynergyNet, December 2011.

  2. - A submission in response to‚ Government’s Consultation on Subsidising Home Ownership‛, as prepared by the Transports and Housing Bureau of HKSAR Government, 2010; together with Professor Michael Fung and Professor Kit Lam of CUHK.
    - A submission in response to the ‚Consultancy Study on Rationalizing the Utilization of Road Harbour Crossing‛, as prepared by the Transports and Housing Bureau of HKSAR Government, 2011.
    - A submission in response to the Consultation Paper on ‚Review of the Operation and Regulatory Framework of the Tourism Sector in Hong Kong‛, as prepared by the Commerce and Economic Development Bureau of HKSAR Government, 2011; together with Professor Michael Fung of CUHK

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