The length of the visits is typically one month. Applicants are invited to submit proposals consistent with the Institute’s overall objective of promoting research that is of strategic importance to Hong Kong and the regional economies, specifically in the following areas:

1. Monetary and Financial Stability in Hong Kong and Mainland China;

2. Structural economic and financial issues and developments in the Asian region;

3. Global monetary and financial issues and developments with implications for Asia;

Please note that studies focusing specifically on equity market structure and regulations without implications for monetary and financial stability are not in line with the HKIMR’s research objective and will be given lower priority.

Applicants typically hold a PhD in economics or finance, with specialization in macroeconomics or financial economics and a track record of publications in refereed scholarly journals. Good knowledge of the Asian region and experience in applied research is added advantage.

Submission Guidelines – Regular Research Fellowship Programme

Compared with the Regular Research Fellowship Programme, this programme allows for a more flexible form of research undertaking and may have the possibility of collaboration with the staff at the Institute and HKMA. The duration of the study, which includes a minimum one-week resident visit to the Institute, could be longer than one month if needed. Applicants are invited to submit proposals of empirical and theoretical studies on the topics in the following thematic areas, with preference given to comparative studies which address critical policy issues and have significant global and regional implications:

1. Emerging markets – a) USD fluctuations and emerging market boom-bust cycles; b) foreign currency corporate credit risk in emerging markets; c) interaction of capital flows with domestic economy and financial system in emerging markets and implications for macroeconomic and financial stability; d) resilience of financial institutions in emerging markets to capital outflows; e) capital flows under the changes in global conditions or capital flows and emerging market; f) the effect of the aging problem in the advanced economies on the Asian economies/emerging economies.

2. Monetary policy – a) distributional consequences of monetary policy; b) lessons from the implementation of unconventional monetary policy.

3. Commodity market – a) the dynamics of commodity markets; b) changing effect of oil price shocks on global growth and inflation dynamics.

4. Financial regulation – unintended consequences of financial regulations

5. Market development and integration – a) offshore market development and onshore macro-financial stability; b) changing economic structure in China and implications for Hong Kong and the Asian region; c) cross-border financial market volatility spillover from China; d) implications of the Belt and Road Initiative for China, Hong Kong and the Asian region; e) corporate de-leveraging in Europe.

6. China – a) Implications of financial liberalization for China and Hong Kong; b) monetary policy transmission in China; c) credit risk and banking sector vulnerabilities in China; d) service sector development in China; e) corporate de-leveraging in China; f) cross-border capital flows in China; g) estimation of sectoral productivity.

7. Hong Kong – a) Currency Board and HKD exchange rate; b) the influence of the US and China on Hong Kong’s business cycle; c) liquidity dynamics and transmission mechanisms in CNH market.
Applicant’s qualifications are required to be the same as those of the Regular Research Fellowship Programme but with specialization in the priority topics stated above.

Submission Guidelines – Thematic Study Fellowship Programme