Wage-price Dynamics, the Labour Market and Deflation in Hong Kong
Author: Weshah Razzak
Publisher:
Published: 2003
Total Pages: 34
ISBN-13:
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Author: Weshah Razzak
Publisher:
Published: 2003
Total Pages: 34
ISBN-13:
DOWNLOAD EBOOKAuthor: Weshah A. Razzak
Publisher:
Published: 2009
Total Pages: 37
ISBN-13:
DOWNLOAD EBOOKSince 1998 Hong Kong has experienced over 16 quarters of deflation. Some asset prices such as factory and office space prices started to fall in early 1990s, a long time before the Asian crisis. The number of firms and businesses that have moved out of Hong Kong are not readily available, but it is quite plausible that firms and businesses relocated to the Mainland because they expected future marginal costs to fall in response to Hong Kong's handover to China in 1997. We estimate a Phillips curve specification, where changes in the price level are a function of expected inflation and the marginal cost. This model outperforms (in-and-out-of-sample) the traditional Phillips curve specification and other models of wage-price dynamics. Because the marginal cost is basically unit labour cost, the model suggests that wage and productivity dynamics play an important role in explaining price dynamics.
Author: Mr.Si Guo
Publisher: International Monetary Fund
Published: 2017-01-20
Total Pages: 19
ISBN-13: 1475570414
DOWNLOAD EBOOKThe paper assesses the price and wage flexibility in Hong Kong SAR. At the aggregate level, it compares Hong Kong SAR with the United States, the United Kingdom and Singapore by examining the three commonly used macroeconomic relationships among inflation, unemployment, wage growth, and output fluctuations. At the industry level, the paper compares the distributions of labor earnings and price growth in Hong Kong SAR and the United States. It further estimates a model of wage formation under downward nominal wage rigidity to compare the extent of wage rigidity in Hong Kong SAR and the United States. Overall, the comparisons show that broadly speaking, price and wage adjustments are more flexible in Hong Kong SAR than other economies.
Author:
Publisher:
Published: 2004
Total Pages:
ISBN-13:
DOWNLOAD EBOOKAuthor: Wing Suen
Publisher: Hong Kong Economic Policy Stud
Published: 1997
Total Pages: 188
ISBN-13:
DOWNLOAD EBOOKDevoid of natural resources, Hong Kong has weathered many internal and external shocks and yet emerged as one of the fastest growing economies in the world. This success is attributed to the resilience and adaptability of the labour force of Hong Kong. The authors reconsider the historys of the labour market, and weigh the available options in the post-1997 era.
Author: William Lee
Publisher: IMF
Published: 2004
Total Pages: 59
ISBN-13: 9781589062948
DOWNLOAD EBOOKThis paper reviews recent trends and developments in the economic integration of the Hong Kong Special Administrative Region (SAR) into the Chinese economy, and key challenges remaining. The analysis is based on data available as of July 2003., and issues discussed include: the fiscal outlook and policy options, developments in the property market and housing prices, deflation dynamics, trends in wage inequality over the last two decades, and financial market developments.
Author: International Monetary Fund
Publisher: International Monetary Fund
Published: 2002-05-15
Total Pages: 92
ISBN-13:
DOWNLOAD EBOOKAnnotation In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
Author: Weshah Razzak
Publisher: Taylor & Francis
Published: 2023-06-16
Total Pages: 358
ISBN-13: 1000880559
DOWNLOAD EBOOKThis book explains inflation dynamic, using time series data from 1960 for 42 countries. These countries are different in every aspect, historically, culturally, socially, politically, institutionally, and economically. They are chosen on the basis of the data availability only and cover the Middle East and North Africa (MENA) region, Africa, Asia, the Caribbean, Europe, Australasia, and the United States. Inflation reached double digits in the developed countries in the 1970s and 80s, and then central banks, successfully stabilized it by anchoring inflation expectations for decades, until now. Conditional on common and country-specific shocks such as oil price shocks, financial and banking and political crises, wars, pandemics, natural disasters etc., the book tests various theoretical models about the long and short run relationships between money and prices, money growth and inflation, money growth and real output, expected inflation; the output gap, fiscal policy, and inflation, using a number of parametric and non-parametric methods, and pays attention to specifications and estimations problems. In addition, it explains why policymakers in inflation – targeting countries, e.g. the U.S., failed to anticipate the recent sudden rise in inflation. And, it examines the fallibility of the Modern Monetary Theory’s policy prescription to reduce inflation by raising taxes. This is a unique and innovative book, which will find an audience among students, academics, researchers, policy makers, analysts in corporations, private and central banks and international monetary institutions.
Author: International Labour Office
Publisher:
Published: 2018-11-26
Total Pages: 179
ISBN-13: 9789220313466
DOWNLOAD EBOOKThe 2018/19 edition analyses the gender pay gap. The report focuses on two main challenges: how to find the most useful means for measurement, and how to break down the gender pay gap in ways that best inform policy-makers and social partners of the factors that underlie it. The report also includes a review of key policy issues regarding wages and the reduction of gender pay gaps in different national circumstances.
Author: Mr.William Lee
Publisher: International Monetary Fund
Published: 2004-02-12
Total Pages: 69
ISBN-13: 1589062949
DOWNLOAD EBOOKThis Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II examines various aspects of the ongoing integration with the mainland, and the associated implications for the structure of the economy, and for macroeconomic and structural policies. Section III examines the medium-term fiscal outlook under different policy scenarios and discusses alternative policy options to restore fiscal balance. Section IV reviews recent developments in the real estate sector and their macroeconomic impacts. Section V presents an econome tric analysis of deflation and its determinants. Section VI examines the factors behind, and the implications of, rising wage inequality in Hong Kong SAR. Section VII presents an overview of recent developments in the financial sector and provides an assessment of Hong Kong SAR’s prospects as an international financial center.