自1983年起，香港一直实施与美元挂的联系汇率制度（联汇制度）。在这40年间，制度运行稳定，顺利应对了多次重大挑战，如1997至1998年的亚洲金融危机和2007至2008年的全球金融危机等。值此制度40周年之际，本文将探讨在新的国际经济形势下联汇制度的现状与发展。基于最新国际经济学研究成果，通过量化指标，分析不同汇率制度对香港的利弊。
5 Feb 2024
教学人员
Prof. Yang LIU
金融学
Associate Professor
2859 1050
KK 1005
Academic & Professional Qualification
- Ph.D., University of Pennsylvania
- B.A., Fudan University
Biography
Dr. Yang Liu joined The University of Hong Kong as Assistant Professor of Finance in 2017. He received his Ph.D. in Economics from University of Pennsylvania, and his B.A. in Economics from Fudan University.
His research interests span asset pricing, macro-finance and international finance. He has won the 2018 Annual Conference in International Finance Best Paper Award and the Cubist Systematic Strategies PHD Candidate Award for Outstanding Research by Western Finance Association. He has been a visiting scholar at the International Monetary Fund and the World Bank, and was a research associate at the Federal Reserve Bank of Philadelphia.
Research Interest
- Asset Pricing
- Macro-Finance
- International Finance
Selected Publications
- “Dynamic ESG Equilibrium”
(with Doron Avramov, Abraham Lioui, and Andrea Tarelli), Management Science, forthcoming. - “Government Debt and Risk Premia”
Journal of Monetary Economics, 2023, 136:18-34. - “Government Policy Approval and Exchange Rate”
(with Ivan Shaliastovich), Journal of Financial Economics, 2022, 143(1): 303-331. - “Volatility Risk Pass-Through”
(with Ricardo Colacito, Mariano M. Croce, and Ivan Shaliastovich), Review of Financial Studies, 2022, 35(5): 2345–2385. - “Volatility, Intermediaries, and Exchange Rate”
(with Xiang Fang), Journal of Financial Economics, 2021, 141(1): 217-233.
For details, please visit www.yangliuresearch.com.
Recent Publications
5Feb
4Oct
传统市场理论认为，货币汇率是反映经济强弱的晴雨表。不过，香港大学经管学院金融学助理教授刘洋的研究发现，汇率浮动与经济状况和通货膨胀等相关性很低，反之与金融市场的流动性，以及政府施行政策是否稳定有更大关系。流动性与政策更具影响力 刘洋接受访问时指出，其研究发现汇率是随机游走
4 Oct 2021
教学人员