This working paper was written by Paul D. McNelis (Fordham University).This paper assesses sources of contagion emanating from both within the Hong Kong banking sector as well as from external sources. For robustness, the paper uses alternative measures of contagion, one based on Forecast Error...

This paper shows that signals from the offshore Hong Kong, China spot market for the currency of the People’s Republic of China (PRC), the renminbi (listed as CNH), directly affect the volatility of share prices of PRC banks and the overall risks to banking stability in the country. This is...

This paper examines the international transmission of financial shocks which originate in, and are partially offset by, quantitative easing in a large financially-stressed country. Using a two-country model, we evaluate the adjustment in the non-stressed home country, following recurring...