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Effects of Capital Flow on the Equity and Housing Markets in Hong Kong
- Source :
- SSRN Electronic Journal.
- Publication Year :
- 2017
- Publisher :
- Elsevier BV, 2017.
-
Abstract
- The revival of strong capital flows to emerging economies in the aftermath of the Global Financial Crisis in 2008-09 has rekindled the debate on the adverse effects of excessive capital inflows. We study the effects of official and illicit capital flows on Hong Kong, which is a small and open economy with minimal restrictions on cross-border fund movements. To illustrate the effects of different types of capital flows, we study official and illicit flows on Hong Kong’s equity and residential housing markets. It is found that the official and illicit capital flow measures reflect different facets of flow movements and exhibit differential effects on the equity and residential housing markets. The results highlight the complexity of managing capital flows, and the relevance of policies targeting specific sectors.
- Subjects :
- Macroeconomics
History
Polymers and Plastics
Economic capital
International economics
Fixed capital
Industrial and Manufacturing Engineering
Capital formation
Capital adequacy ratio
Financial capital
Cost of capital
Capital employed
Economics
Business and International Management
Equity capital markets
Subjects
Details
- ISSN :
- 15565068
- Database :
- OpenAIRE
- Journal :
- SSRN Electronic Journal
- Accession number :
- edsair.doi...........7e068a9a367f962e17b6cba2f4c09a4d