A Framework for Monitoring Capital Flows in Hong Kong
AbstractIn this paper we attempt to delineate conceptual issues relating to the definition of capital flows, and introduce a framework that organises survey data and accounting information at different time horizons to form a judgment on the nature and scale of fund flows in Hong Kong. Given the complexity of international financial transactions in Hong Kong, cross-border capital flows may not correspond closely to fund flows into and out of the Hong Kong dollar. A comprehensive view on the scale and nature of capital flows in Hong Kong requires the joint analysis of both monetary and Balance of Payments statistics, in addition to information gathered through market intelligence. We then apply the monitoring framework to analyse four episodes of large fund flows between 2003 and mid-2009.
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Bibliographic InfoPaper provided by Hong Kong Monetary Authority in its series Working Papers with number 0916.
Length: 38 pages
Date of creation: Sep 2009
Date of revision:
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Web page: http://www.info.gov.hk/hkma/
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Capital flows; Fund flows; Hong Kong; Balance of Payments; External claims and liabilities of banks; Monetary Survey;
Find related papers by JEL classification:
- F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
- F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
This paper has been announced in the following NEP Reports:
- NEP-ACC-2009-10-10 (Accounting & Auditing)
- NEP-ALL-2009-10-10 (All new papers)
- NEP-OPM-2009-10-10 (Open Economy Macroeconomic)
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- Andrew Filardo & Stephen Grenville, 2012. "Central bank balance sheets and foreign exchange rate regimes: understanding the nexus in Asia," BIS Papers chapters, in: Bank for International Settlements (ed.), Are central bank balance sheets in Asia too large?, volume 66, pages 76-110 Bank for International Settlements.
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