Trends in international business thought and literature: One country,two currencies? Hong Kong's exchange-rate regime after 1997

A key factor in assessing the future of the Hong Kong dollar is whether China would, after 1997, take the drastic step of abolishing the Hong Kong dollar in favor of the Renminbi (RMB) as legal tender. While this possibility should not be discounted, our view is that a merger of the two currencies would only occur in the distant future when the RMB becomes fully convertible. This study argues that the status quo of the HK$-US$ link would be preserved at least until the turn of the century. A combination of factors, including the overriding need to maintain confidence and stability in Hong Kong, which is crucial for a smooth transition of sovereignty; the weak relationship between either imported or domestic-generated inflation and the exchange rate link; and the misconception that Hong Kong's export competitiveness has been undermined by an overvalued Hong Kong dollar would help to support the argument that other alternative regimes for the Hong Kong dollar exchange rate would not be feasible in the short run. These alternative regimes include changing to a floating rate     

中国内地与香港债券市场整合问题研究

债券市场是现代金融体系的重要组成部分,债券市场整合是中国内地与香港开展金融合作的重要方面。文章认为中国内地与香港进行债券市场整合有助于巩固香港的国际金融中心地位,有助于推进人民币国际化和利率市场化进程,有助于促进中国内地债券市场的发展完善和加快亚洲金融一体化步伐。但目前中国内地与香港在进行债券市场整合时会遇到一系列障碍性因素:香港人民币存量有限;人民币尚未实现完全可自由兑换;内地与香港两地的利差带来的投机套利活动会对内地金融体系形成冲击等。在对中国内地与香港债券市场整合的近期、中期和远期模式进行设计展望的基础上,文章提出了推进内地与香港债券市场整合的一系列政策建议。     

金融科技背景下香港产业发展路径研究

在世界金融科技发展的背景下,香港作为世界三大金融中心之一,要想实现行业升级,需要解决自身经济结构的不合理性。从香港目前的发展状况来看,将金融科技高度融入到现有的支柱产业是关键所在。本文从香港前几次的行业转型升级历程入手,指出了之前香港产业结构升级的特点,分析了在新兴金融科技背景下,香港再次进行经济转型的必要性及趋势,由此探究出香港由金融中心演变为金融科技中心需要进行区域间的经济协作、强化政府宏观调控、加强技术创新并引入新兴技术以及推动科技产业集群化的路径选择。     

Required human resources competencies in the future: a framework for developing HR executives in Hong Kong

The management of human resources has emerged as a critical factor in creating and maintaining the competitive edge of a business. The HR manger should be a business partner who plays the role as a diagnostician and a strategist in the company. Hong Kong HR practitioners are known to be poorly equipped to play such a part since professional HRM training in Hong Kong have largely neglected strategic aspects. At the time of the study, Hong Kong experienced its worst economic downturn since 1984 where bankruptcy and unemployment are at an all time high. This study aimed to provide updated views on the competency needed for future HR leaders in Hong Kong in face of the challenges ahead. Against the background of a literature review, a survey contrasted the views of CEOs and HR executives regarding the required level of competencies of future HR leaders in Hong Kong. The findings establish an empirical basis for a framework guiding the direction and content of the future development of HR practitioners in Hong Kong.     

Can Japan or China replace the US as the monetary anchor for Hong Kong and Macau?

This contribution attempts to examine the relative importance of the US, Japan and China to Hong Kong and Macau, two effective dollar-based currency boards today, by evaluating the economic potentiality of Japan or China as an alternative monetary anchor country against the US. The assessment is made according to the criteria prescribed by the optimum currency areas (OCA) theory. In addition to that, a subsidiary analysis is done to evaluate in general the suitability of their fixed exchange rate regimes, regardless of the anchor country. Amidst the existing dollar linked arrangement and the rising dominance of China, significant evidence suggests that Japan, despite its lacklustre domestic conditions, might be at least as good a monetary anchor as the US for Hong Kong. In the meantime, China seems to be a more promising monetary anchor alternative for Macau. The features of Hong Kong and Macau also appear to broadly and endogenously support their fixed exchange rates, but not all the features of Macau, a HK-dollar-based currency board, are consistently symmetrical with those of Hong Kong.     

The demand for business and management education in Hong Kong beyond 1997

In this contribution, the future market of business and management education in Hong Kong is investigated, bearing in mind that Hong Kong reverted to Chinese sovereignty. Hong Kong is expected to continue its prosperity, but the emigration of large numbers of Hong Kong professionals wanting to secure a safety net by acquiring a foreign passport has further created demands for better and more business and management education in an attempt to develop more professional managers. The study starts by discussing the current state of the Hong Kong economy and the phenomenon of the ‘brain drain’. In addition, it analyses a survey of the current state of business and management education in Hong Kong so that a market need can be identified to match economic growth. Finally, the study suggests a future research direction for Hong Kong's business and management education.     

Hong Kong's financial industries in transition: An external perspective

As a consultant to hundreds of business in Hong Kong, Gaeta analyzes the development of Hong Kong with a consultant's eye. He traces the path Hong Kong has followed to become a global banking and financial-services center in the 1990s; discusses the current obstacles it has to face as this center rapidly matures—for example, in its move from laissez-faire to international regulatory standards- and discusses the future competitive and managerial challenges the country will face with China at the helm, such as skills and human resource development, goal setting and performance management.     

Executive opinions on Hong Kong: Point and counterpoint: The future looks bright for China and Hong Kong

The biggest debate about the future of Hong Kong is poised on whether China wil honor the 1984 Sino-British Joint Declaration or whether it will introduce corruption and over-regulation into Hong Kong's well-functioning Western economy. Fong,an appointee of the Hong Kong government, and Wilson, a longtime resident and employee of Western companies with offices in Hong Kong, briefly tackle both sides of the issue.     

The Hong Kong Equity Market and an Institutional Framework for Asset Pricing

Given the potential implications of market structure for asset pricing, this paper examines the structural and institutional features of the Hong Kong equity market and their relevance to explaining market behaviour. It was found that the Hong Kong market appears less perfect and hence less efficient than their counterparts in the more developed economies, such as the USA and the UK, so that market disequilibrium and asset mispricing might have occurred. This paper adds value to the literature as the findings provide an institutional framework for analysing and explaining the results from empirical asset pricing work, past and future, on the Hong Kong market. This has far-reaching implications for financial decisions.     

Hot Money, National Risk?

After the phasal cease of the financial crisis, from the latter half of 2009 and on, the international hot money has been trying to make a comeback and has once again viewed China as its ohieet.Many have chosen Hong Kong as the path into China.In the third quarter of 2009, the hot money which uses Hong Kong as its gateway to flow into mainland China has forced the Hong Kong Monetary Authority to inject capital into the market.     

Hong Kong after 1997: The question of sovereignty

Ever since British-Chinese negotiations over the return of Hong Kong began in 1982, there has been a dialogue of the deaf about Hong Kong's future, Overholt provides a thorough overview of the historical, political economic, social and legal issues regarding Hong Kong's transition and of China's self-interest in Hong Kong's major functions as an airlock, entrepot, financial center, regional headquarters and manufacturer. Through his careful discussion of the foreseeable problems, Overholt reaches the conclusion that hong Kong is “useful pretty much the way it is” to China and doesn't see China disturbing the balance.     

Hot Money, National Risk？

After the phasal cease of the financial crisis, from the latter half of 2009 and on, the international hot money has been trying to make a comeback and has .once again viewed China as its object. Many have chosen Hong Kong as the path into China. In the third quarter of 2009, the hot money which uses Hong Kong as its gateway to flow into mainland China has forced the Hong Kong Monetary Authority to inject capital into the market.     

入世后上海能否取代香港的国际金融中心地位

香港与上海金融中心的建立和发展不但互有优势与隐忧，而且上海金融中心的建立也不一定是对香港国际金融中心的代替和竞争，未来建立的上海国际金融中心与香港国际金融中心之间顶多是相互分工和彼此合作的关系。     

内地与香港金融服务贸易竞争力的比较及启示

文章利用时序数据,分别从金融服务贸易份额、TC指数、RCA指数、金融服务贸易开放度和银行国际资产净额竞争优势指数等方面对内地与香港跨境交付和商业存在模式下的金融服务贸易竞争力进行比较分析。研究发现,内地金融服务贸易竞争力两种模式下均落后于香港,且入世过渡期结束后两地金融服务贸易面临的外部挑战加大。因此,应积极发展两地金融体系互助和互动关系,以增强我国金融服务贸易竞争力。     

Pearls in Pearl River Delta

When the Pearls in Pearl River Delta （PRD） is mentioned, Hong Kong will also naturally jump to people＇s mind. It must not only due to PRD＇s proximity with Hong Kong, but also due to Hong Kong＇s special role in the development of this region. Admittedly, Hong Kong really provided strong drive for the takeoff of the PRD Economic Zone. But with the prosperity of PRD, the nearly tailored combinations and complementarity have taken shape between Hong Kong and PRD, pushing the economy in the two areas to grow far more rapidly than otherwise.     

Financial Hub？Be Patient!

In 2009, the central government confirmed the strategic sig- nificance of Shanghai as an international financial center. Until now, Shanghai＇s financial cluster has attracted more and more foreign banks to establish roots in Shanghai, which has contribut- ed to their rapid development in recent years.     

我国金融期货风险管理制度解读

今年股指期货即将推出,按照中国金融期货交易所的发展蓝图,今后还要考虑推出利率期货、外汇期货等金融衍生品,那么对于金融期货交易的风险控制准备好了吗?笔者拟以《中国金融期货交易所风险控制管理办法》为依据,对我国金融期货风险管理制度展开全面解读,以期引起业界的深入思考和进一步完善,为股指期货的顺利上市和平稳运行做好充分的制度准备。     

两岸四地建立中元区的可行性研究——基于OCA指数的分析

在最优货币区理论和最优货币区指数方法的基础上,本文创建了两岸四地最优货币区指数模型,并对中国大陆、香港、澳门和台湾地区1992-2003年间的实际情况进行检验,指出影响两岸四地双边汇率波动的主要因素是实际产出增长率差异、双边贸易联系和通货膨胀差异。在这个基础上,综合评估了两岸四地实行货币合作的经济成本。结论为在两岸四地建立中元区是可行的。文章最后提出了相关的政策建议。     

Sustainable consumption and the financial sector: analysing the markets for responsible investment in Hong Kong and Japan

The origins of the modern socially responsible investment (SRI) movement can be traced to the turbulent period in the 1960s when powerful social undercurrents including environmentalism and anti‐war activism fuelled a rise, in a radical change, in the way society viewed faith, values and commerce. Today, nearly 1 out of every US$9 under professional management in the US is currently invested using social investment strategies while the European green and ethical investment market is estimated to be €1 trillion or as much as 10–15% of the total funds under management. While some preliminary figures and analyses exist for countries outside these two regions, SRI has been, to date, largely explored within the context of North America and Europe. This is unfortunate as the sustainability of SRI as a consumer market is going to depend, to a great extent, to what happens outside of North America and Europe, and most notably in the rapidly developing Asian economies. In this article, I will explore the development of SRI as a mainstream financial consumer instrument in industrialized (Japan) and emerging (Hong Kong/China) economies of the Asia Pacific region. To fully analyse the SRI market development in Hong Kong and Japan, I will examine the following three issues and questions: first, how does the sustainable consumption framework offer a useful lens from which to explore SRI, and why is the Asia Pacific market and policy context so important for the broader issue of sustainable consumption? Second, what precisely is SRI and how did it develop into an important global financial investment vehicle? Third, how did the SRI market develop in the case of Hong Kong and Japan? I will then conclude the article with some analysis on the important lessons SRI market development in Hong Kong and Japan hold for market sustainability of the financial sector and sustainable consumption.     

粤港澳经济波动协同性与金融合作可行性研究

文章利用2000～2008年季度数据,使用共同趋势和共同周期的计量研究方法,检验粤港澳经济波动是否存在协同性,考察了三地区金融合作的可行性.通过分析,得出结论:粤港澳经济长期存在协整关系,具有共同随机发展趋势,短期存在共同特征向量,具有共同周期.所以,粤港澳经济波动在样本期内具有协同性,满足金融合作的非常重要的前提条件.