LEADER 04590oam 22010334 450 001 9910788223303321 005 20230721045708.0 010 $a1-4623-3154-8 010 $a9786612844508 010 $a1-4527-3391-0 010 $a1-4518-7402-2 010 $a1-282-84450-4 035 $a(CKB)3170000000055387 035 $a(EBL)1605978 035 $a(SSID)ssj0000942154 035 $a(PQKBManifestationID)11505494 035 $a(PQKBTitleCode)TC0000942154 035 $a(PQKBWorkID)10971278 035 $a(PQKB)10849021 035 $a(OCoLC)680613486 035 $a(MiAaPQ)EBC1605978 035 $a(IMF)WPIEE2009256 035 $a(EXLCZ)993170000000055387 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aMacroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy /$fPapa N'Diaye 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (30 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 $a1-4519-1817-8 320 $aIncludes bibliographical references. 327 $aCover 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; Footnotes 330 3 $aThis paper discusses the potential macroeconomic implications for Hong Kong SAR of accommodative monetary policy in the United States. It shows, through model simulations, that a resumption of the credit channel in Hong Kong SAR has the potential to create inflation in both goods and asset markets. Expansionary financial conditions will likely have a greater impact in fueling asset price inflation, manifested in the model through a strong increase in equity prices. Higher asset prices could, in turn, through a financial accelerator mechanism, lead to further credit expansion and an upward cycle of asset prices and credit. This cycle, if unchecked, can potentially feed into volatility in consumption, output and employment and complicate macroeconomic management. The simulation results suggest there is a role for countercyclical prudential regulations to mitigate the amplitude of the cycle and lessen the financial and macroeconomic volatility associated with an unwinding of the credit-asset price cycle. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/256 606 $aMonetary policy$zUnited States 606 $aEconomics$zChina$zHong Kong 606 $aInflation$2imf 606 $aLabor$2imf 606 $aMacroeconomics$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFiscal Policy$2imf 606 $aLabor Demand$2imf 606 $aMonetary economics$2imf 606 $aLabour$2imf 606 $aincome economics$2imf 606 $aAsset prices$2imf 606 $aCredit$2imf 606 $aFiscal policy$2imf 606 $aSelf-employment$2imf 606 $aPrices$2imf 606 $aSelf-employed$2imf 607 $aHong Kong Special Administrative Region, People's Republic of China$2imf 615 0$aMonetary policy 615 0$aEconomics 615 7$aInflation 615 7$aLabor 615 7$aMacroeconomics 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aPrice Level 615 7$aDeflation 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFiscal Policy 615 7$aLabor Demand 615 7$aMonetary economics 615 7$aLabour 615 7$aincome economics 615 7$aAsset prices 615 7$aCredit 615 7$aFiscal policy 615 7$aSelf-employment 615 7$aPrices 615 7$aSelf-employed 700 $aN'Diaye$b Papa$01509571 712 02$aInternational Monetary Fund. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788223303321 996 $aMacroeconomic Implications for Hong Kong SAR of Accommodative U.S. Monetary Policy$93741537 997 $aUNINA