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A Framework for Monitoring Capital Flows in Hong Kong

Author

Listed:
  • Dong He

    (Research Department, Hong Kong Monetary Authority)

  • Frank Leung

    (Research Department, Hong Kong Monetary Authority)

  • Philip Ng

    (Research Department, Hong Kong Monetary Authority)

Abstract

In 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.

Suggested Citation

  • Dong He & Frank Leung & Philip Ng, 2009. "A Framework for Monitoring Capital Flows in Hong Kong," Working Papers 0916, Hong Kong Monetary Authority.
  • Handle: RePEc:hkg:wpaper:0916
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    File URL: http://www.hkma.gov.hk/media/eng/publication-and-research/research/working-papers/HKMAWP09_16_full.pdf
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    Cited by:

    1. Yin-Wong Cheung & Kenneth K. Chow & Matthew S. Yiu, 2017. "Effects of capital flow on the equity and housing markets in Hong Kong," Pacific Economic Review, Wiley Blackwell, vol. 22(3), pages 332-349, August.
    2. 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.
    3. Philip Lane, 2013. "International Capital Flows and Domestic Financial Conditions: Lessons for Emerging Asia," The Institute for International Integration Studies Discussion Paper Series iiisdp438, IIIS.

    More about this item

    Keywords

    Capital flows; Fund flows; Hong Kong; Balance of Payments; External claims and liabilities of banks; Monetary Survey;

    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

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