自1983年起，香港一直實施與美元掛的聯繫匯率制度（聯匯制度）。在這40年間，制度運行穩定，順利應對了多次重大挑戰，如1997至1998年的亞洲金融危機和2007至2008年的全球金融危機等。值此制度40周年之際，本文將探討在新的國際經濟形勢下聯匯制度的現狀與發展。基於最新國際經濟學研究成果，通過量化指標，分析不同匯率制度對香港的利弊。
5 Feb 2024
Faculty
Prof. Xiang FANG
Finance
Assistant Professor
3917 4178
KK 818
Academic & Professional Qualification
- Ph.D., University of Pennsylvania, 2019
- M.A. in Economics, Tsinghua University, 2013
- B.A. in Economics, Fudan University, 2011
Biography
Dr. Xiang Fang received his Ph.D. degree in economics from the University of Pennsylvania in 2019. He obtained his M.A. in economics from Tsinghua University in 2013, and his B.A. in economics from Fudan University in 2011. He joined HKU in 2019.
He is interested in broad topics in international finance, asset pricing, and their connections to the macro economy, especially the crucial role of financial intermediaries.
Research Interest
International Finance, Asset Pricing, Macro-Finance
Selected Publications
- “Bank Capital Requirements and Lending in Emerging Markets: The Role of Bank Characteristics and Economic Conditions,” (with David Jutrsa, Soledad Martinez Peria, Andrea F. Presbitero and Lev Ratnovski), Journal of Banking & Finance, Volume 135, February 2022, Article 105806
- “Volatility, Intermediaries, and Exchange Rates,” (with Yang Liu), Journal of Financial Economics, Volume 141, Issue 1, July 2021, Pages 217-233
- “Intermediary Leverage and Currency Risk Premium”
For more details, please visit my webpage at https://leonyangyu.weebly.com/
Awards and Honours
The Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research, WFA 2017
Recent Publications
5Feb
1Jul
We propose and estimate a quantitative model of exchange rates in which participants in the foreign exchange market are intermediaries subject to value-at-risk (VaR) constraints. Higher volatility translates into tighter VaR constraints, and intermediaries require higher returns to hold foreign assets. Therefore, the foreign currency is expected to appreciate. The model quantitatively resolves the Backus–Smith puzzle, the forward premium puzzle, and the exchange rate volatility puzzle and explains deviations from the covered interest rate parity. Moreover, the model implies both contemporaneous and predictive relations between proxies of leverage constraint tightness and exchange rates. These implications are supported in the data.
1 Jul 2021
Journal of Financial Economics
14Feb
Dr. Fang, specialized in international finance, especially exchange rates and currency related issues, emphasizes that maintaining a peace of mind in teaching and research is important.
14 Feb 2020
Journal of Financial Economics