The natural rate of interest of Hong Kong

IF 1.1 4区经济学 Q3 ECONOMICS

Pacific Economic Review Pub Date : 2023-04-26 DOI:10.1111/1468-0106.12420

Yunlu He, Bin Wang

引用次数: 0

Abstract

Abstract We measure the natural rate of interest of Hong Kong in a flexible VAR model. We find that the natural rate of interest of Hong Kong fell below zero after the SARS shock in 2003 and reached the lowest after the great recession in 2007–2009. Variance decomposition shows that mainland China, instead of the USA, has a larger impact on the natural rate of interest of Hong Kong.

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香港的自然利率

摘要本文采用弹性VAR模型对香港自然利率进行测度。我们发现，香港的自然利率在2003年SARS冲击后降至零以下，并在2007-2009年经济大衰退后达到最低。方差分解表明，中国大陆对香港自然利率的影响大于美国。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Pacific Economic Review ECONOMICS-

CiteScore

2.70

自引率

0.00%

发文量

期刊介绍： The Pacific Economic Review (PER) publishes high-quality articles in all areas of economics, both the theoretical and empirical, and welcomes in particular analyses of economic issues in the Asia-Pacific area. Published five times a year from 2007, the journal is of interest to academic, government and corporate economists. The Pacific Economic Review is the official publication of the Hong Kong Economic Association and has a strong editorial team and international board of editors. As a highly acclaimed journal, the Pacific Economic Review is a source of valuable information and insight. Contributors include Nobel Laureates and leading scholars from all over the world.