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Hong Kong SAR

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Author Info

  • William Lee
  • Jorge A. Chan-Lau
  • Dora M. Iakova
  • Papa M'B. P. N'Diaye
  • Tao Wang
  • Ida Liu
  • Hong Liang
  • Eswar Prasad

Abstract

This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II examines various aspects of the ongoing integration with the mainland, and the associated implications for the structure of the economy, and for macroeconomic and structural policies. Section III examines the medium-term fiscal outlook under different policy scenarios and discusses alternative policy options to restore fiscal balance. Section IV reviews recent developments in the real estate sector and their macroeconomic impacts. Section V presents an econome tric analysis of deflation and its determinants. Section VI examines the factors behind, and the implications of, rising wage inequality in Hong Kong SAR. Section VII presents an overview of recent developments in the financial sector and provides an assessment of Hong Kong SAR’s prospects as an international financial center.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Occasional Papers with number 226.

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Length: 71
Date of creation: 12 Feb 2004
Date of revision:
Handle: RePEc:imf:imfocp:226

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Keywords: Economic conditions; Hong Kong SAR; prices; wage; expenditure; wages; government expenditure; banking; employment; expenditures; salaries; shares; price level; money supply; foreign exchange; trading partners; financial system; housing prices; transitory shocks; public expenditures; financial sector; fiscal policy; fiscal consolidation; financial markets; land sales; monetary authority; unemployment; banking system; credit; benefits; public finances; bonds; financial institutions; bond; payments; government expenditures; growth rate; stock market; foreign exchange market; aggregate demand; inflation; skilled employment; total employment; external trade; bank lending; banking sector; clients; public expenditure; fiscal position; tax base; real gdp; gdp growth; expenditure cuts; tax rates; financial stability; financial market; shareholders; economic integration; skilled workers; wage increases; skilled labor; international standards; medium-term projections; dynamic effects; recurrent expenditures; real output; fiscal adjustment; health expenditures; government spending; public spending; fiscal developments; real estate; fiscal outlook; health expenditure; employment shares; unemployment insurance; expenditure areas; public sector wage bill; fiscal revenues; expenditure growth; fiscal deficit; fiscal balance; minimum wages; share of employment; banking institutions; bank profits; investment banking; bond market; financial services; increasing integration; domestic demand; derivatives market; bank products; interbank market; wage policy; compensation; fiscal years; public sector wage; banking activities; bank loans; salary; current account; increased trade; free flow; international capital; liberalization of capital flows; banking market; international financial statistics; domestic bonds; bank regulators; stock exchanges; direct financing; financial conglomerates; international finance corporation; financial intermediaries; real wages; monetary policy; dynamic adjustment; unemployment rate; wage differentials; inflation rate; adjustment process; monetary phenomenon; fixed capital formation; international finance; interest rate derivatives; level playing field; denominated bonds; banking supervision; futures market; portfolio investment; stock market capitalization; international reserves; bank of korea; industry employment shares; bank for international settlements; foreign stock; public sector bonds; international banks; sovereign bonds; financial intermediation; wage adjustments; unemployment rates; settlement system; employment in industry; employment share; banking industry; offshore banking; bank balance sheets; bank loan; income distribution; structural adjustment; prudent fiscal policies; fiscal policies; domestic price; world economy; global market; trading activities; world exports; equity market; balance of payments; bond financing; preferential treatment; competitive advantage; global integration; multinational companies; corporate bonds; government revenue; collateral; stress testing; wage structure; payment system; retirement funds; payroll; salary payments; teacher salaries; worker; trade relations; factor markets; neighboring countries; competitive pressures; trade restrictions; domestic economy; open economy; domestic goods; fiscal structure; stock market movements; budget deficit; consumption expenditure; nominal government expenditures; government budget; discretionary fiscal policy; expenditure parameters; structural fiscal; cutting expenditures; budgetary implications; tax system; fiscal deficits; systemic risk; housing policy; office buildings; private consumption; exchange rate regime; monetary base; commercial space; land prices; gdp growth rate; real property prices; housing units; real property; public subsidies; world trade; trade in services; export growth; domestic investment; world trade organization; merchandise trade; trade growth; export quotas; fiscal situation; budget constraints; expenditure components; increases in tax rates; total public expenditure; tax burden; total expenditures; budget constraint; operating expenditures; government consumption expenditure;

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Cited by:
  1. Eswar Prasad, 2004. "China's Growth and Integration into the World Economy," IMF Occasional Papers 232, International Monetary Fund.

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