Economic Growth and International Trade: The Case of Hong Kong

This paper estimates the major factors of growth of Hong Kong using a fairly new approach, which allows the direct inclusion of the factors of growth in the growth equation to be estimated. The growth factors that are found to be important for Hong Kong are physical capital accumulation, (negative) growth of unskilled workers, education, technology spillover (from foreign countries) through retained import of capital goods and inward direct investment, and learning‐by‐doing through import and domestic manufacturing production. The results strongly suggest that other than primary factor accumulation, education, trade, and foreign direct investment have contributed a lot to the growth of the economy.     

香港中产阶级

在香港,中产阶级长期以来都是采用个人的方法,就是我不要问这个体制是什么样的,我也不问什么是应该不应该的,我只是在既定的条件下努力拿到最好的东西。     

香港公务员制度的特色及启示

香港回归以来，特区政府能依照《基本法》进僻有成效管理，关键是拥有一支尽忠、专业、廉洁、高效、活力的公务员队伍，主要在于法制化、公平化的管理，灵活的用人机制、严明的监督机制，以及与高度发达的物质基础相适应的丰厚薪酬保障机制。     

香港货币局制度理论综述

货币局制度在香港实施20多年来基本上运行平稳。但经历过亚洲金融危机和阿根廷经济危机后，对于香港货币局制度出现了较大的争论。本文对近年来理论界对货币局的理论作了一个归纳，对其主要理论从利、弊和改进方案三个方面进行介绍，并对其进行分析，以期为更深层的研究提供支持。     

The Hong Kong Fish Marketing Organization

This essay provides an explanation of the phenomenon of an apparent secular fall in captured fisheries outputs in Hong Kong transacted through the Fish Marketing Organisation. The latter is a government monopoly, with the power to compel sale of landed fish through its licensed buyers, established and protected by law. The institutional characteristic of this organisation can also explain the evolution of marine fish culture industry in the area that is not subject to the forced‐sale regulation of the Organisation, and the diversity of species commonly observed in the consumer market of cultured fish. The observed reduction in fisheries output in Hong Kong can be the consequence of regulation rather than a lack of regulation, as the ‘the tragedy of commons’ would seem to imply. Our analysis also demonstrates why the Fish Marketing Organisation has suffered from a growing budgetary deficit in recent years.     

香港经济渴望复苏

刚刚过去的一年,香港经济既遭受力度较大的负面因素打击,又获得力度较小的正面因素作用,整体经济下滑,陷入了四年来的第二次衰退,但横向比较却不算太差。展望新的一年,主要影响因素虽然仍将好坏参半,但应会渐次转好,因此香港经济也会略为改善,预计上半年将继续衰退,下半年轻微回升。     

加强两地经贸合作促进香港经济发展

近年来,随着经济全球化的快速拓展,区域经济一体化趋势也在迅速增强。在这一趋势下,各国及各地区都在加快调整经济发展战略,通过开展多边和双边等不同形式的经济合作,来增强本国及本地区的经济竞争力,以抵御或减少经济全球化带来的影响及冲击。近期,中国内地与香港建立“更紧密     

Free Banking in Hong Kong

Hong Kong has no central bank and its paper currency is issued by two private commercial banks. Cointegration tests and an error-correction model are used to examine the stability of the money supply process under pegged and floating exchange rates. Empirical evidence suggests feedback between the price level and money supply during the floating rate period but stability under a pegged rate. [E 42]     

The behaviour of Hong Kong stock prices

The primary function of a stock market is to allocate resources to the most profitable investment opportunities. If stock prices provide accurate signals for resource allocation, firms are able to make correct production–investment decisions, and investors are able to choose the most suitable stocks for investment. These choices are only possible if the market is efficient, that is, if stock prices ‘fully reflect’ all available information.

Hong Kong is now an international financial centre. Although Hong Kong's stock market is ranked as one of the five largest in the world in terms of turnover, little research has been devoted to the behaviour of its stock prices. This is a study of the efficiency of Hong Kong's stock market. It is based upon two widely accepted statistical tests, namely, serial correlation analysis and runs tests. Data used cover the daily prices of 28 major Hong Kong stocks over a period of four years from 1977 to 1980. The evidence is mixed; it does not provide clear support for the efficient market hypothesis.     

港元联系汇率制度利弊析

联系汇率制度是香港货币制度的基石,联汇制的特殊运行机制保证了香港金融经济在过去十多年中得以健康稳定发展.但亚洲金融风暴后,联汇制的制度安排引起了世界舆论.本文通过联汇制的运行机制,分析了联汇制的优缺点.并认为香港联汇制仍将继续存在,但要对其进行改进.     

试论香港转口贸易面临的主要问题

转口贸易曾经是香港经济的重要支柱之一。近年来，由于香港码头费用高昂、中国入世后全面对外开放、内地企业转变出口方式等重大因素，香港的转口贸易受到严重的影响。本文分析了其中的5个主要原因，指出香港的转口贸易将进一步转向离岸贸易。并成为主要贸易形式之一，香港作为贸易转口港的传统角色也将逐步淡化。香港必须适应这种大趋势。采取切实措施打破垄断。降低费用，提升服务。以保持香港第一货柜港的地位。     

The natural rate of interest of Hong Kong

We measure the natural rate of interest of Hong Kong in a flexible VAR model. We find that the natural rate of interest of Hong Kong fell below zero after the SARS shock in 2003 and reached the lowest after the great recession in 2007–2009. Variance decomposition shows that mainland China, instead of the USA, has a larger impact on the natural rate of interest of Hong Kong.     

Hong Kong: The Fragile Economy of Middlemen

The paper shows that standard trade models can be adapted to address crucial policy issues in our dynamic, imperfect-information world. It also shows that intermediated trade is essential to the modernization of the 1.2 billion-person Chinese economy; yet, notwithstanding sincere intentions in Beijing and Hong Kong, subtle changes may deny Hong Kong its irreplaceable catalyst role, leaving China ultimately to technical stagnation.     

中欧关系中的香港因素探析

在一个半世纪的英殖民统治时期．香港就逐渐成为中国与欧洲乃至西方交流的一座桥梁。自1997年主权回归后。香港在“一国两制”下的特殊地位以及欧盟对香港经济政治事务的密切关注使其在中欧关系中发挥着独特的影响。香港既可以成为中欧之间密切经贸联系的桥梁和纽带,也可能因其内部政治事务的发展而对中欧关系构成挑战。为此,我们在战略性地推动香港在中欧关系中的“门户”作用的同时,也不能忽视外来势力对中国主权与安全构成的潜在威胁。     

“仙股除牌”风波

<正> 香港交易所最近提出的“仙股除牌”(即股价在0.5港元以下的股份要被除牌)建议因触发低价股“股灾”而引起有关上市公司及股民强烈不满,虽然交易所随后已宣布撤回有关的建议,但事件余波未了,有市场人士及团体声称要追究事件发生的责任,特区政府也对香港交易所的做法表示批评,并宣布成立独立小组专门就此事件展开调查。一件本来看似不大的事情,为何掀起如此大的风波? 回顾事件的前前后后,或许能找出一些值得玩味的东西。香港交易所于7月25日发出一份名为“首次上市及持续上市资格/及除牌程序有关事宜/之上市规则修订建议”的咨询文件,其中在除牌机制部分中提到“若     

The direct medical cost of rheumatoid arthritis in Hong Kong

Summary

Rheumatoid arthritis (RA) is an autoimmune disorder of unknown aetiology. Both treatment and rehabilitation for RA are costly. Knowledge of the cost of management of RA is important for better planning for allocation of medical resources, and the present study aimed to evaluate and describe the direct medical cost of the management of RA from the perspective of a public health organisation in Hong Kong.

A retrospective study was performed of RA patients at the Prince of Wales Hospital in Hong Kong. The study cohort consisted of randomly selected RA patients from the 1st January 2002 to the 31st December 2002. Cost items studied included hospital stay, outpatient clinic visits, diagnostic tests, medications, auxiliary care, and cost for management and prophylaxis of side effects induced by the drugs for RA management.

A total of 147 patients were included in the study. The average age and duration of disease of the subjects was 54.7 years (standard deviation 10.9 years) and 12.6 years (standard deviation 7.0 years), respectively. The annual direct medical cost per RA patient was HK$18,657 (US$1 = HK$7.8). Inpatient care contributed the highest proportion of the total cost (43.8%). The annual direct medical cost for the management of RA in Hong Kong was HK$443 million, which comprised 1.4% of the total healthcare budget in the year 2002.

The cost of RA has an economic impact on the healthcare budget in Hong Kong. Early and more aggressive measures could reduce the need for hospitalisation and hence reduce costs.     

香港的长者社区支援服务

香港是华人地区，早在1981年60岁及以上人口即占总人口的10．2％，进入了老龄化社会。香港成立特别行政区后，政府再三重申“照顾长者（即老年人）”的承诺。在安老服务中，香港社会福利署在每年公布的年报中反复强调“社区为本”的养老理念，目标是协助长者尽可能留在社区安享晚年，院舍照顾（Institutional Care）服务只是需要深切个人护理的体弱长者的最后选择。