Determinants of Deflation in Hong Kong SAR / Papa N'Diaye.

Format:

Book

Government document

Author/Creator:

N'Diaye, Papa.

Contributor:

International Monetary Fund. Asia and Pacific Department.

Series:

IMF Working Papers; Working Paper ; No. 2003/250

IMF Working Papers

Language:

English

Subjects (All):

Deflation (Finance)--China--Hong Kong--Econometric models.

Deflation (Finance).

Business cycles.

Hong Kong (China)--Economic conditions--Econometric models.

Hong Kong (China).

Hong Kong (China)--Economic policy--Econometric models.

Physical Description:

1 online resource (28 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2003.

Language Note:

English

Summary:

This paper presents a comprehensive econometric analysis of the determinants of deflation in Hong Kong SAR. The analysis helps to determine the relative contributions of factors such as increased productivity, scarce money supply, and excess capacity in determining deflation. The main conclusion is that the effects of permanent shocks, such as productivity shocks and shocks related to changes in the money supply and price convergence with trading partners, have become more important in explaining deflation. In addition, the effects of temporary shifts in aggregate demand have been perpetuated by negative wealth and balance-sheet effects in the corporate and household sectors arising from asset-price declines over the past five years.

Contents:

""Contents""; ""I. OVERVIEW""; ""II. THE FRAMEWORK""; ""III. RESULTS""; ""IV. INTERPRETING THE RESULTS""; ""V. CONCLUSION""; ""APPENDIX""; ""References""

Notes:

Cover title.

"December 2003"--Caption.

Includes bibliographical references (p. 27).

Description based on print version record.

ISBN:

9786613882271

9781462323418

1462323413

9781452709666

1452709661

9781283569828

1283569825

9781451920512

1451920512

OCLC:

535146966