03281nam 2200613Ia 450 991081898560332120200520144314.01-4623-3154-897866128445081-4527-3391-01-4518-7402-21-282-84450-4(CKB)3170000000055387(EBL)1605978(SSID)ssj0000942154(PQKBManifestationID)11505494(PQKBTitleCode)TC0000942154(PQKBWorkID)10971278(PQKB)10849021(OCoLC)680613486(MiAaPQ)EBC1605978(IMF)WPIEE2009256(EXLCZ)99317000000005538720100902d2009 uf 0engur|n|---|||||txtccrMacroeconomic implications for Hong Kong SAR of accomodative U.S. monetary policy Papa N'Diaye1st ed.[Washington, D.C.] International Monetary Fund20091 online resource (30 p.)IMF working paper ;WP/09/256Description based upon print version of record.1-4519-1817-8 Includes bibliographical references.Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Implications for Hong Kong SAR of U.S. Monetary Policy; A. The Fed's Unconventional Monetary Policy Actions; B. Impact on Hong Kong SAR; III. A Simulation of Hong Kong SAR Asset and Goods Markets When Confronted by an Accommodative U.S. Monetary Stance; A. Model Overview; B. Model Simulations; IV. Conclusions; References; FootnotesThis paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in Hong Kong SAR has the potential to create inflation in both goods and asset markets. Expansionary financial conditions will likely have a greater impact in fueling asset price inflation, manifested in the model through a strong increase in equity prices. Higher asset prices could, in turn, through a financial accelerator mechanism, lead to further credit expansion and an upward cycle of asset prices and credit. This cycle, if unchecked, can potentially feed into volatility in consumption, output and employment and complicate macroeconomic management. The simulation results suggest there is a role for countercyclical prudential regulations to mitigate the amplitude of the cycle and lessen the financial and macroeconomic volatility associated with an unwinding of the credit-asset price cycle.IMF working paper ;WP/09/256.Monetary policyUnited StatesEconomicsChinaHong KongMonetary policyEconomics327.111N'Diaye Papa M'B. P(Papa M'Bagnick Pate)1751529International Monetary Fund.MiAaPQMiAaPQMiAaPQBOOK9910818985603321Macroeconomic implications for Hong Kong SAR of accomodative U.S. monetary policy4199114UNINA