Data from the Current Population Survey (for the U.S.) and from the 1986 Hong Kong By-census and the 1991 Hong Kong Census were used to study the following issues: (1) What is the incidence of adequate schooling, overschooling and underschooling in the two countries, and has it changed between...

This paper extends the single-asset target-zone model pioneered by Krugman (1991) to include both bonds and equities. The new model provides a convenient framework for investigating a ‘puzzle' recently noted in Hong Kong. While the economy has experienced persistently lower interest rates...