The intertemporal behavior of short-term interest rates in Hong Kong
The shot-term interest rates of Hong Kong are investigated. Hong Kong was chosen as the sample region due to its relative importance in the region and its status as one of the world's largest financial centers. A mean-reverting model introduced by Vasicek (1977) is used to analyze the intertemporal properties of the short-term interest rate. Results suggest that the mean and the level of uncertainty are linked to the short-term rate change across subperiods.
Publication Name: Journal of Business Finance and Accounting
The importance of banks, the quality of credit and the international financial order: reflections on the present crisis in South East Asia
The financial crisis in five Asian countries, which was evident in the sudden capital outflow in the second half of 1998 and the dramatic decline in their exchange rates, has been attributed to domestic failures. The financial frailty of Asian borrowers, the government's corrupt practices, banks' inadequate supervision and the lack of transparency of government finances and reserves are some of the weaknesses that the IMF seeks to resolve.
Publication Name: Banca Nazionale Del Lavoro Quarterly Review
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