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Record Nr. |
UNINA9910814899503321 |
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Autore |
N'Diaye Papa |
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Titolo |
Determinants of Deflation in Hong Kong SAR / / Papa N'Diaye |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2003 |
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ISBN |
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1-4623-2341-3 |
1-4527-0966-1 |
1-283-56982-5 |
1-4519-2051-2 |
9786613882271 |
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Edizione |
[1st ed.] |
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Descrizione fisica |
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1 online resource (28 p.) |
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Collana |
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Soggetti |
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Deflation (Finance) - China - Hong Kong - Econometric models |
Business cycles |
Macroeconomics |
Money and Monetary Policy |
Production and Operations Management |
Time-Series Models |
Dynamic Quantile Regressions |
Dynamic Treatment Effect Models |
Diffusion Processes |
State Space Models |
Money Supply |
Credit |
Money Multipliers |
Monetary Policy |
Central Banks and Their Policies |
Price Level |
Inflation |
Deflation |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Macroeconomics: Production |
Monetary economics |
Monetary base |
Productivity |
Consumer price indexes |
Asset prices |
Money |
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Prices |
Production |
Money supply |
Industrial productivity |
Price indexes |
Hong Kong (China) Economic conditions Econometric models |
Hong Kong (China) Economic policy Econometric models |
Hong Kong Special Administrative Region, People's Republic of China |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Cover title. |
"December 2003"--Caption. |
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Nota di bibliografia |
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Includes bibliographical references (p. 27). |
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Nota di contenuto |
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""Contents""; ""I. OVERVIEW""; ""II. THE FRAMEWORK""; ""III. RESULTS""; ""IV. INTERPRETING THE RESULTS""; ""V. CONCLUSION""; ""APPENDIX""; ""References"" |
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Sommario/riassunto |
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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. |
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