04833oam 22011414 450 991097399000332120250426110526.0978661284450897814623315431462331548978145273391314527339109781451874020145187402297812828445061282844504(CKB)3170000000055387(EBL)1605978(SSID)ssj0000942154(PQKBManifestationID)11505494(PQKBTitleCode)TC0000942154(PQKBWorkID)10971278(PQKB)10849021(OCoLC)680613486(MiAaPQ)EBC1605978(IMF)WPIEE2009256(IMF)WPIEA2009256WPIEA2009256(EXLCZ)99317000000005538720020129d2009 uf 0engur|n|---|||||txtccrMacroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy /Papa N'Diaye1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (30 p.)IMF Working PapersDescription based upon print version of record.9781451918175 1451918178 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 Papers; Working Paper ;No. 2009/256Monetary policyUnited StatesEconomicsChinaHong KongAsset pricesimfCreditimfDeflationimfFiscal PolicyimfFiscal policyimfIncome economicsimfInflationimfLabor DemandimfLaborimfLabourimfMacroeconomicsimfMonetary economicsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfMoney and Monetary PolicyimfPrice LevelimfPricesimfPublic FinanceimfSelf-employedimfSelf-employmentimfHong Kong Special Administrative Region, People's Republic of ChinaimfMonetary policyEconomicsAsset pricesCreditDeflationFiscal PolicyFiscal policyIncome economicsInflationLabor DemandLaborLabourMacroeconomicsMonetary economicsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralMoney and Monetary PolicyPrice LevelPricesPublic FinanceSelf-employedSelf-employment327.111N'Diaye Papa1813639International Monetary Fund.DcWaIMFBOOK9910973990003321Macroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy4371069UNINA