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In this note, I document the change in correlation between Hong Kong, Singapore and the US financial market indexes using Geweke Measures after the handover of Hong Kong to China. The results show that these relationships have changed significantly. While the feedback relationship between Hong Kong, Singapore and the US markets increase after the handover of Hong Kong, the increases in feedback relationship between Singapore and the US markets is relatively higher compared to the change between Hong Kong and the US markets.

Based on a small, open-economy IS-LM prototype model, this paper examines the sources of macroeconomic instabilities in Hong Kong and Singapore operating under two different currency board arrangements. The empirical findings suggest that in general, both external and internal factors contribute to the macroeconomic volatilities observed in the two economies. There is evidence of a tradeoff between exchange rate and interest rate targeting for the stability of money supply in Singapore. Our findings have important implications for Mainland China's monetary authorities in the transition from a hard-peg exchange rate regime like Hong Kong to a basket-link system like the one in Singapore.

This paper first provides a brief review of the global financial tsunami. It then explains why the quantitative easing in the US and the unique characteristics of the Asian property markets have contributed to the formation of property bubbles in some Asian economies. Thereafter, it discusses the possibility of a bursting of property bubbles in Hong Kong, Singapore or another Asian economy a few years from now, and highlights that the bursting of the property bubble in that economy could trigger severe corrections of property prices in this region through the contagion effect. After pointing out that the implied crisis could be more severe than that during the Asian Financial Crisis, it (i) discusses policies that could mitigate the damages of the potential crisis and (ii) draws important lessons and conclusions that could pre-empt similar disasters in the future.

This paper aims to investigate the role of a consumer satisfaction index (CSI) for financial investments in the Hong Kong market. Using yearly data for Hong Kong consumer satisfaction index (HKCSI) to compile a CSI at company level, the effect of consumer satisfaction on company market value is identified. A hypothesized investment portfolio based only on CSI at company level is created, and its return compares with a widely used index measuring stock market performance in Hong Kong. A formal statistical test on the outperformance of portfolios that load on consumer satisfaction is conducted. Using the Capital Asset Pricing Model (CAPM), the beta risk of the entire time period is evaluated, and shows that the portfolio risk based on company level CSI is not significantly different than the market risk. This paper concludes therefore that consumer satisfaction can be incorporated into financial models and applied for formulating investment portfolios with better performance than the market rate in Hong Kong.

This paper reviews the flexible notion of Chinese citizenship and compares the teaching and learning of citizenship in Mainland China, Hong Kong, and Taiwan in recent decades. Collectively called the “three Chinas,” each of the societies has its own political history and ruling ideology, even if they all are identified as Confucius-heritage societies. Each society, however, has also endured significant social, economic, and/or political changes in the past three decades or so and they currently represent three distinct stages of democratization and corresponding phases of educational reforms. In what ways does the present-day citizenship education in each of the societies reflect her political history and identity and differ from each other in curriculum priorities and pedagogical practices? In what sense is there commonness in the conceptualization and teaching of citizenship across these Chinese societies? After a review of literature, we present preliminary findings of a primary survey conducted in December 2013 of secondary school teachers who teach the subject of political and citizenship education, as well as college students in-training to teach the subject. In the analysis, we also compare current findings to similar empirical research done in the recent past, both in China as well as in Hong Kong and Taiwan, to gauge the degree of continuity and change in the meanings of “good” citizenship, and practice of citizenship education in each society as viewed by subject teachers.

Mainland China and Hong Kong are two representatives during the Cold War, standing on the opposite side. They had close connections in the past, and share much similarities at the present. After the Cold War, particularly after the handover in 1997, many migrants moved to Hong Kong to seek more opportunities and became connected with the world. This study will review the flow of the students from Mainland China and Hong Kong pursuing their higher education. Particularly, a comparative study in a longer period will be examined, including the flow of the Hong Kong students to Mainland China for higher education before 1949, the stagnation during the Cold War, as well as the flow from Mainland China to Hong Kong after 1997.