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HONG KONG SHUE YAN UNIVERSITY
Department of Economics and Finance
BA (Hons) in Economics and Finance
(Fall 2017)
Course Title : Money and Banking
Course Code : FIN 243
Year of Study : 2
Number of Credits : 3
Duration in Weeks : 15
The Languages of
Teaching and Learning
: English supplemented by Chinese
The Language of
Assessment
: English
Contact Hours Per Week : Lecture (2 hours)
Group Session (1 hour)
Pre-requisite Course(s) : ECON 100 Introduction to Economics/
ECON 101-102 Principles of Economics/
ECON 103-104 Basic Microeconomics & Macroeconomics
or by consent of the instructor Instructor : Mr. Joe Wong
Office: RHB 438
Tel. No: 2804-8531
Email: [email protected]
Website: http://fs3.hksyu.edu/~joewong/
I. Course Aims
This course aims to use a few basic economics models to develop students’
understanding of the nature of a money economy, the structure of a banking system,
principles and practice of bank management, and the role of monetary policy in the
economy.
II. Course Intended Learning Outcomes (CILOs)
Upon completion of this course, students should be able to:
Course Intended Learning Outcomes (CILOs)
CILO1 explain the theoretical concepts about bank management and regulations;
CILO2 examine the relationships among monetary theories, monetary institutions and
monetary policies;
CILO3 describe the relationships among some major macroeconomic variables
including the level of interest rates, the general price level, and international
exchange rates;
CILO4 compare and contrast the banking system and central banking of Hong Kong,
China and that of United States;
CILO5 identify, collect and analyze statistical data reflecting the current economic and
financial environment in Hong Kong for writing the Term Paper;
2
CILO6 apply the basic concepts to analyze the current issues relating to the area of
money, banking and monetary system;
CILO7 demonstrate self-management skills and presentation skills through the
preparation of the Term Paper Progress Report and Term Paper Presentation.
III. Teaching and Learning Activities (TLAs)
The following teaching and learning activities are designed for this course to achieve
the intended learning outcomes mentioned above. About 2/3 of the contact hours are
allocated to lectures and the remaining contact hours are allocated to various learning
activities.
Teaching and Learning Activities (TLAs)
TLA1 Lecture:
Lectures are designed to introduce students to the theoretical concepts.
TLA2 Exercise and Discussion
Exercises are provided to help students understand the main concepts in the
lectures and students are required to participate in the small group discussion of
the exercises.
TLA3 Term Paper (in groups):
Term paper is used to enhance students’ abilities to apply basic concepts and
theories to analyze the current issues in the area of money, banking and
monetary system.
TLA4 Term Paper Progress Report:
In order to provide assistance to students’ writing of the term paper, students are
required to submit two progress reports, which can develop students’ self-
management skills. Guidance and suggestions will be provided for students
before their submission of the term papers.
TLA5 Term Paper Presentation:
Presentation is used for students to demonstrate their understanding of the
content of the term paper and provide chances for them to develop their
presentation skills.
TLA6 Discussion of newspaper and magazine articles:
By providing some articles relating to the area of banking and monetary system
in newspapers and magazines, students are encouraged to link theories and
current events in the real world. They are provided opportunities to discuss the
articles and ask questions.
TLA7 Web-based Questions:
A teaching material “Web-based Questions: Economics, Banking and Finance”
is designed to develop students’ numeracy skills by gathering on-line statistical
data and analyzing the data. They are required to use spreadsheet to answer the
questions and complete the charts reflecting the current economic and financial
environment.
TLA8 Forum:
Banking and finance forums are organized for students so that they can
understand the current issues and exchange views with practitioners in the
banking and finance industry.
3
IV. Assessment Tasks (ATs)
Course assessment is based on a continuous assessment component and a final end-of-
course examination with the following percentage distribution:
AT1 Attendance and Participation 10%
AT2 Quiz 20%
AT3 Term Paper 10%
AT4 Term Paper Presentation 10%
AT5 Final Examination 50%
Total 100%
Rubrics for Assessment Tasks (AT1 – AT5):
AT1: Attendance and Participation (10%)
Grade
Descriptors
Actual physical
attendance
Punctuality Participation in class
Excellent
A, A-
Attends all classes. Always punctual. Participates actively in
classes.
Good
B+, B, B-
Attends all classes. Late for two to three
classes.
Participates noticeably
in classes.
Satisfactory
C+, C, C-
Absent from one class
without any acceptable
reason.
Late for four to five
classes.
Participation is
sporadic and passive.
Marginal
D+, D
Absent from one class
without any acceptable
reason.
Late for six to seven
classes.
Participation in
classes is rare.
Fail
E, F
Absent from one class
without any acceptable
reason.
Late for more than
seven classes.
No participation in
classes.
AT2: Quiz (20%)
The quiz will be conducted in week 8 and the testing format of the quiz will be
Multiple-Choice questions. The quiz will cover the course content from week 1 to
week 7.
Grade Descriptors
Excellent
A, A-
Evidence of substantial understanding of the concepts covered in the
course.
Good
B+, B, B-
Good understanding of the concepts covered in the course.
Satisfactory
C+, C, C-
Fair understanding of the concepts covered in the course.
Marginal
D+, D
Marginal understanding of the concepts covered in the course.
Fail
E, F
Poor understanding of the concepts covered in the course.
4
AT3: Term Paper (10%)
Grade Descriptors
Excellent
A, A-
Well written and well presented; well-referenced and demonstrates the use
of a variety of sources; excellent understanding of subject area; good
academic content and analytical input; well organized and connected.
Good
B+, B, B-
Some minor errors in writing and presentation; demonstrates evidence of
relevant reading; very good understanding of subject area; acceptable
academic content and analytical input; organized but links could be
clearer.
Satisfactory
C+, C, C-
Some errors in writing and presentation; demonstrates evidence of some
relevant reading; good understanding of subject area; evidence of some
academic content and analytical input; some organization.
Marginal
D+, D
Many errors in writing and presentation; demonstrates evidence of some
reading and an understanding of the subject; show a satisfactory
understanding of key concepts and issues; little academic content and
analytical input; limited organization.
Fail
E, F
The paper is not written in a clear and logical fashion; it does not use
enough appropriate literature to support the body of the text, and literature
has not been correctly referenced; no academic content and analytical
input, this is merely a general description of other people’s research
findings; poor organization; the paper is largely incomplete; most of the
material is plagiarized.
AT4: Term Paper Presentation (10%)
Grade Descriptors
Excellent
A, A-
Present confidently and convincingly; excellent verbal and visual
presentation skills; excellent coverage of materials and contents; excellent
organization and time management of the presentation.
Good
B+, B, B-
Good verbal and visual presentation skills; good coverage of materials and
contents; good organization and time management of the presentation.
Satisfactory
C+, C, C-
Acceptable verbal and visual presentation skills; adequate coverage of
materials and contents; adequate organization and time management of the
presentation.
Marginal
D+, D
Barely acceptable verbal and visual presentation skills; marginal coverage
of materials and contents; poor organization and time management of the
presentation.
Fail
E, F
Not attempted; no preparation at all
5
AT5: Final Examination (50%)
Final examination will be conducted at the end of the semester. The testing format of
the examination will include Multiple-Choice and Essay questions.
Grade Descriptors
Excellent
A, A-
Evidence of substantial understanding of the issues covered in the entire
course; superior capacity for analyzing the issues critically and answering
the questions from multiple perspectives; strong capability to integrate
relevant concepts in answering the questions; extensive elaboration of
ideas and justifying opinions with ample evidences.
Good
B+, B, B-
Good understanding of the issues covered in the entire course; evidence of
good capacity for analyzing the issues critically and answering the
questions from multiple perspectives; evidence of good capability to
integrate relevant concepts in answering the questions; sufficient
elaboration of ideas and justifying opinions with abundant evidences.
Satisfactory
C+, C, C-
Fair understanding of the issues covered in the entire course; adequate
capacity for analyzing the issues critically and answer the questions from
multiple perspectives; adequate capability to integrate relevant concepts in
answering the questions; reasonable elaboration of ideas and justifying
opinions with some real life examples.
Marginal
D+, D
Marginal understanding of the issues covered in the entire course;
marginal capacity for analyzing the issues critically and answering the
questions from multiple perspectives; marginal capability to integrate
relevant concepts in answering the questions; fair elaboration of ideas and
justifying opinions with few real life examples.
Fail
E, F
Poor understanding of the issues covered in the entire course; weak
capacity for analyzing and answering the questions from multiple
perspectives; poor capability to integrate relevant concepts in answering
the questions; weak elaboration of ideas and no justification of opinions
from real life examples.
6
V. Constructive Alignment of Course Intended Learning Outcomes (CILOs),
Teaching and Learning Activities (TLAs), Assessment Tasks (ATs) and Types
of Generic Skills Covered:
Alignment of CILOs, TLAs and ATs
Course Intended
Learning Outcomes
(CILOs)
Teaching and Learning
Activities
(TLAs)
Assessment Tasks
(ATs)
CILO1 TLA 1-2 AT 1-2, 5
CILO2 TLA 1-2 AT 1-2, 5
CILO3 TLA 1-2 AT 1-2, 5
CILO4 TLA 1-2, 6, 8 AT 3, 5
CILO5 TLA 7 AT 3
CILO6 TLA 3-6, 8 AT 3-4
CILO7 TLA 4-5 AT 3-4
Alignment of TLAs, ATs and Types of Generic Skills Covered
Types of Generic Skills
Covered
Teaching and
Learning Activities
(TLAs)
Assessment Tasks
(ATs)
Study skills TLA1: Lecture AT1: Attendance and
Participation
AT2: Quiz
AT5: Final Examination
Communication skills and
problem solving skills
TLA2: Exercise and
Discussion
Collaboration skills and
problem solving skills
TLA3: Term Paper
(in groups)
AT3: Term Paper
Self-management skills TLA4: Term Paper
Progress Report
Presentation skills and
communication skills
TLA5: Term Paper
Presentation
AT4: Term Paper
Presentation
Critical thinking skills and
communication skills
TLA6: Discussion of
newspaper and
magazine articles
AT1: Attendance and
Participation
Numeracy skills TLA7: Web-based
Questions
AT3: Term Paper
Critical thinking skills TLA8: Forum AT1: Attendance and
Participation
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VI. Course Content & Schedule
Week
No.
Lecture Topics, Reading Material and
Teaching and Learning Activities (TLAs) CILOs
1-2 The nature of money
a. Monetary standards
b. Measuring money
c. The price of money versus the price of credit
d. Evolution of the payment system 3, 5
Principal Reading: T: Ch.1-3
Supplementary Reading: Pang (2015); Yuen (2016); HKMA (2016)
Cecchetti (2015):Ch.1-3; Hubbard (2014):Ch.2
- Exercises consisted of MC questions are provided throughout the
whole course and students can download the files from Moodle. After
we have finished each chapter, students are required to do the MC
questions so that we can discuss the questions in the following week.
- Your group is required to choose the term paper area in week 2 and
then you may start collecting information to prepare for the Progress
Report 1 (PR1). The detail of the Term Paper Guidelines is available
in the course website.
3-4 Commercial banking structure
a. Historical development of the banking system
b. Structure of the banking industry in United States, Hong Kong, and
China
c. International banking
d. Economic analysis of banking structure 4, 5, 6
Principal Reading: T: Ch.11; Chan (2013d); HKIB (2011a): Ch.1;
HKIB (2011b): Ch.2;
Supplementary Reading: Ho (2004): Ch.3
- Your group is required to submit and discuss with me the PR1 in
week 4.
5-6 Bank management and regulations
a. The Balance Sheet of all authorized institutions in Hong Kong
b. General principles of bank management
c. Managing credit risk and interest rate risk
d. Principles for effective banking supervision
e. Ethics in banking 1, 4, 7
Principal Reading: T: Ch.9 &10; Chan (2015a, 2014c, 2013c);
Kemp (2012); HKIB (2011a): Ch.7-9; HKIB (2011c): Ch.7;
McGlynn (2015); HKMA (2009); Boatright (2014): Ch.17
Supplementary Reading: Ho (2004):Ch.3; HKMA (2010); Li (2014a,
2014b)
8
7-8 Central banking
a. The evolution of central banking
b. Structure and operation of the Federal Reserve System
c. Structure and operation of the Hong Kong Monetary Authority
d. Structure and operation of the People’s Bank of China
e Structure and operation of the European Central Bank 4, 6
f. Monetary tools and the conduct of monetary policy
Principal Reading: T: Ch.14; Lee (2016); Chan (2014a,b, 2013a,b);
Prasad (2016); Yue (2015); HKMA (2013);
Supplementary Reading: Cecchetti (2015):Ch.15-16; Bernanke (2012)
Latter(2007a): Ch.5; Elliott (2013);
- The Quiz will be arranged in week 8.
9-10 The money supply process
a. Multiple deposit creation and the money supply process
b. Final effects of deposit creation on the balance sheet of the banking
system
c. Determinants of the money supply 2, 3, 4
Principal Reading: T: Ch.15 & 16
Supplementary Reading: Cecchetti (2015): Ch.17
- Your group is required to submit and discuss with me the PR2 in
week 9.
11-12 Monetary theory
a. Theories of the demand for money
b. An aggregate demand and supply perspective on money and inflation
Principal Reading: T: Ch.20 & 23
Supplementary Reading: Hubbard (2012): Ch.17-18;
Cecchetti (2015): Ch.20
- A forum will be arranged. The time and topic of the forum will be
announced later.
13-14 Monetary policy
a. Monetary policy for an opened economy
b. Monetary policy and the foreign exchange rate
c. Transmission mechanisms of monetary policy 2, 3
Principal Reading: T: Ch.17, 18,24-26; Yellen (2016, 2015a,b); Fischer
(2016a,b; 2015a,b,c); Prasad (2016, 2013, 2012)
Supplementary Reading: Wong (2011); Poon (2011); Chan (2014d);
Yam (2012, 2011a,b), Lau (2014), Bernanke (2013);
Cecchetti (2015): Ch.23;
- Your group is required to submit the term paper to the VeriGuide before
9
you submit your term paper in week 13.
- Your group is required to prepare for the term paper presentation in
week 14.
15 Term Paper Presentation
- Read carefully the presentation requirements and techniques. Your
group is required to submit a hard copy of the PowerPoint file of the
presentation. A peer group assessment is adopted and an assessment
sheet will be provided.
6, 7
VII. Resources
Textbook:
T Mishkin, F. S., 2016. The Economics of Money, Banking, and Financial Markets. 11th ed.
Pearson.
Reading List:
Bank of England. Quantitative Easing: How it works (Video). [Online] Bank of England.
Available at: http://www.bankofengland.co.uk/monetarypolicy/pages/qe/default.aspx
Bernanke, B. S., 2013. Communication and Monetary Policy. Herbert Stein Memorial Lecture,
Speech, 19 November 2013. [Online] Available at:
http://www.federalreserve.gov/newsevents/speech/bernanke20131119a.htm
Bernanke, B. S., 2012. Monetary Policy since the Onset of the Crisis. Federal Reserve Bank of
Kansas City Economic Symposium, Speech, 31 August 2012. [Online] Available at:
http://www.federalreserve.gov/newsevents/speech/bernanke20120831a.htm
Boatright, J. R., 2014. Ethics in Finance. 2nd ed. Wiley-Blackwell.
BNP Paribas Fortis, Basel III (Video). [Online]
Available at: http://www.youtube.com/watch?v=CVsjFVEZnCE
Cecchetti, S. G. & Schoenholtz, K. L., 2015. Money, Banking, and Financial Markets. 4th ed.
McGraw-Hill.
Chan, N. T. L., 2015a. How can the banking industry regain the moral and ethical highground it
once enjoyed before the Global Financial Crisis. Asian Banker Summit, Hong Kong Monetary
Authority, Speech, 15 April 2015. [Online] Available at:
http://www.hkma.gov.hk/eng/key-information/speeches/
Chan, N. T. L., 2015b. Who Would Mortgage Their Children? DIGBY Memorial Lecture, Hong
Kong Monetary Authority, Speech, 10 April 2015. [Online] Available at:
http://www.hkma.gov.hk/eng/key-information/speeches/
10
Chan, N. T. L., 2014a. My Vision for the HKMA in the Next Five Years. Hong Kong Monetary
Authority, inSight, 11 Aug 2014. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Chan, N. T. L., 2014b. The Exchange Fund – Last Line of Defence for Financial Stability. Hong
Kong Monetary Authority, inSight, 28 Jul 2014. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Chan, N. T. L., 2014c. The Two-Pronged Approach to Banking Supervision in Hong Kong.
Hong Kong Monetary Authority, inSight, 21 Jul 2014. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Chan, N. T. L., 2014d. The HKMA’s Countercyclical Prudential Measures and Financial
Stability. Hong Kong Monetary Authority, inSight, 14 Jul 2014. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Chan, N. T. L., 2013a. Can Central Banks Save the World? Hong Kong Monetary Authority,
inSight, 25 November 2013. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Chan, N. T. L., 2013b. The Linked Exchange Rate System-30 Years On & Frequently Asked
Questions on the Linked Exchange Rate System (LERS). Hong Kong Monetary Authority,
inSight, 14 October 2013. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Chan, N. T. L., 2013c. HKMA and the Protection of Bank Customers. Hong Kong Monetary
Authority, inSight, 11 July 2013. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Elliott, D. J. & Yan, Kai, 2013. The Chinese Financial System: An Introduction and Overview.
Brookings. [Online] Available at: www.brookings.edu
Fischer, S., 2016a. Why Are Interest Rates So Low? Causes and Implications. The Economic
Club of New York. 17 October, 2016. [Online] Available at:
https://www.federalreserve.gov/newsevents/speech/2016speech.htm
Fischer, S., 2016b. Monetary Policy, Financial Stability, and the Zero Lower Bound. The
Annual Meeting of the American Economic Association, San Francisco, California, 3 January
2016. [Online] Available at:
http://www.federalreserve.gov/newsevents/speech/fischer20160103a.htm
Fischer, S., 2015a. The Transmission of Exchange Rate Changes to Output and Inflation.
Research conference of the "Monetary Policy Implementation and Transmission in the Post-
Crisis Period", 12 November 2015. [Online] Available at:
http://www.federalreserve.gov/newsevents/speech/2015speech.htm
Fischer, S., 2015b. Monetary Policy in the United States and in Developing Countries. Crockett
Governors’ Roundtable 2015 for African Central Bankers, 30 June 2015. [Online] Available at:
http://www.federalreserve.gov/newsevents/speech/2015speech.htm
11
Fischer, S., 2015c. What have we learned from the crises of the last 20 years? International
Monetary Conference, 1 June 2015. [Online] Available at:
http://www.federalreserve.gov/newsevents/speech/2015speech.htm
Ho, S. S. M. Scott, R. H. & Wong, K. A. eds., 2004. The Hong Kong Financial System: A New
Age. Hong Kong: Oxford University Press.
Hong Kong Deposit Protection Board, Annual Report. Hong Kong Deposit Protection Board.
[Online] Available at: http://www.dps.org.hk/en/annual.html
Hong Kong Institute of Bankers, 2011a. Banking Services and Professional Ethics. Wiley.
Hong Kong Institute of Bankers, 2011b. Financial Systems and Risk Management. Wiley.
Hong Kong Institute of Bankers, 2011c. Fundamentals of Accounting and Law in Banking.
Wiley.
Hong Kong Monetary Authority, An Introduction to the Hong Kong Monetary Authority.
HKMA [Online] Available at:
http://www.info.gov.hk/hkma/eng/public/intro_to_hkma/intro_to_hkma.pdf
Hong Kong Monetary Authority, 2016. Implementation of the Stored Value Facilities
Regulatory Regime. Hong Kong Monetary Authority Quarterly Bulletin, September 2016, Issue
No.88. [Online] Available at:
http://www.hkma.gov.hk/eng/publications-and-research/quarterly-bulletin/
Hong Kong Monetary Authority, 2014. Implementing the Basel III Countercyclical Capital
Buffer. Hong Kong Monetary Authority Quarterly Bulletin, September 2014, Issue No.80.
[Online] Available at:
http://www.hkma.gov.hk/eng/publications-and-research/quarterly-bulletin/
Hong Kong Monetary Authority, 2013. Stored Value Facilities and Retail Payment Systems I
Hong Kong: A Proposed Regulatory Regime. Hong Kong Monetary Authority Quarterly
Bulletin, June 2013, Issue No.75. [Online] Available at:
http://www.hkma.gov.hk/eng/publications-and-research/quarterly-bulletin/
Hong Kong Monetary Authority, 2010. Banking Supervision in Hong Kong (2nd ed.). HKMA
Background Brief No.2, [Online] Hong Kong Monetary Authority. Available at:
http://www.info.gov.hk/hkma/eng/public/bank_supervision/bank_sup.htm
Hong Kong Monetary Authority, 2006. Guide to Hong Kong Monetary and Banking Terms (3rd
ed.). [Online] Hong Kong Monetary Authority. Available at:
http://www.info.gov.hk/hkma/eng/public/ghkmbt/BT_eng.pdf
http://www.info.gov.hk/hkma/gdbook/home.htm
Hong Kong Monetary Authority, 2005. Hong Kong’s Linked Exchange Rate System (2nd ed.).
HKMA Background Brief No.1, [Online] Hong Kong Monetary Authority. Available at:
http://www.info.gov.hk/hkma/eng/public/hkmalin/hkmalin.htm
12
Hubbard, R. G. & O’Brien, A. P., 2014. Money, Banking, and the Financial System. 2nd ed.
Pearson.
Kemp, K., 2012. Basel 3 – The Timing Dilemma. Hong Kong Monetary Authority, inSight, 6
December 2012. [Online] Available at: http://www.info.gov.hk/hkma/eng/insight/index.htm
Laidler, D. E. W., 1993. The Demand for Money: Theories and Evidence. 4th ed. New York:
Harper Collins.
Latter, T., 2007a. Hands On or Hands Off? The Nature and Process of Economic Policy in
Hong Kong. Hong Kong: Hong Kong University Press.
Latter, T., 2007b. The Hong Kong’s Money: The History, Logic and Operation of the Currency
Peg. Hong Kong: Hong Kong University Press.
Lee, H., 2016. The Hong Kong Dollar Linked Exchange Rate System. Hong Kong Monetary
Authority, inSight, 27 January 2016. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Lau, L. J., 2014. The Age of the Renminbi is Just Beginning. Working Paper No.22,
April 2014, Institute of Global Economics and Finance, The Chinese University of Hong Kong.
[Online] Available at: http://www.igef.cuhk.edu.hk/index.php/en/
Li, R.Y.M. 2014a. Law, Economics and Finance of the Real Estate Market: a Perspective of
Hong Kong and Singapore. Germany: Springer.
Li, R.Y.M. 2014b. Mortgage Regulations Changes in the US, China and Australia from
20th century through 2011, Real Estate Finance, 31(2), pp.84-94.
McGlynn, S. The Importance of Robust Anti-Money Laundering Controls. Hong Kong
Monetary Authority, inSight, 4 June 2015. [Online] Available at:
http://www.info.gov.hk/hkma/eng/insight/index.htm
Pang, P., 2015. Stored Value Facilities. Hong Kong Monetary Authority, inSight, 13 November
2015. [Online] Available at: http://www.info.gov.hk/hkma/eng/insight/index.htm
Poon, C. C. & Wong, F. K. Joe. 2011. China’s Monetary Policy and its Transmission
Mechanisms Before and After the Financial Tsunami. Chinese Economy 44, No.3: 84-108.
Prasad, E. 2016. China’s Economy and Financial Markets: Reforms and Risks. U.S.-China
Economic and Security Review Commission Hearing on “China’s 13th Five-year Plan”. April
27, 2016. Brookings. [Online] Available at: www.brookings.edu
Prasad, E. & Ye, Lei. 2013. The Renminbi’s Prospects as a Global Reserve Currency. Cato
Journal, Vol.33, No.3, Fall 2013. [Online] Available at:
http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2013/9/cjv33n3-17.pdf
Prasad, E. & Ye, Lei. 2012. The Renminbi’s Role in the Global Monetary System. Brookings.
[Online] Available at: www.brookings.edu
13
Wong, F. K. J. & Yuen, W. K., 2011. Global Market Forces and Speculative Bubbles in Hong
Kong”, In Yu, F. L. Tony, Lee, S. K. & Yuen, W. K. (Eds). Economy and Society in Mainland
China, Taiwan and Hong Kong: Studies in Entrepreneurship, Finance and Institutions. Hong
Kong & Taiwan: Ovis Press.
Yam, J., 2012. The Future of the Monetary System of Hong Kong. Working Paper No.9,
June 2012, Institute of Global Economics and Finance,
The Chinese University of Hong Kong. [Online] Available at:
http://www.igef.cuhk.edu.hk/index.php/en/
Yam, J., 2011a. China’s Monetary and Exchange Rate Policies. Public Lecture (in Chinese),
May 2011, Institute of Global Economics and Finance, The Chinese University of Hong
Kong. [Online] Available at: http://www.igef.cuhk.edu.hk/index.php/en/
Yam, J., 2011b. A Safe Approach to Convertibility for the Renminbi. Working Paper No.5,
April 2011, Institute of Global Economics and Finance,
The Chinese University of Hong Kong. [Online] Available at:
http://www.igef.cuhk.edu.hk/index.php/en/
Yellen, J. L., 2016. The Federal Reserve’s Monetary Policy Toolkit: Past, Present, and Future.
“Designing Resilient Monetary Policy Frameworks for the Future,”, Symposium sponsored by
the Federal Reserve Bank of Kansas City Jackson Hole, Wyoming, August 26, 2016. [Online]
Available at: http://www.federalreserve.gov/newsevents/speech/2016speech.htm
Yellen, J. L., 2015a. Inflation Dynamics and Monetary Policy. The Philip Gamble Memorial
Lecture, University of Massachusetts, September 24, 2015. [Online] Available at:
http://www.federalreserve.gov/newsevents/speech/2015speech.htm
Yellen, J. L., 2015b. Normalizing Monetary Policy: Prospects and Perspectives. “The New
Normal Monetary Policy,” Research Conference, Federal Reserve Bank of San Francisco,
March 27, 2015. [Online] Available at:
http://www.federalreserve.gov/newsevents/speech/2015speech.htm
Yue, E., 2015. The Long-Term Growth Portfolio of the Exchange Fund – Focusing on Future,
Striving for Growth (1&2). Hong Kong Monetary Authority. Insight, [Online] 14 & 16
December 2015. Available at: http://www.hkma.gov.hk/eng/key-information/insight/
Yuen, A., 2016. P2P small-value payment and mobile banking: the importance of customers’
security awareness. Hong Kong Monetary Authority. Insight, [Online] 21 January 2016.
Available at: http://www.hkma.gov.hk/eng/key-information/insight/
Useful Websites:
Hong Kong Monetary Authority http://www.info.gov.hk/hkma/
The People’s Bank of China http://www.pbc.gov.cn/
The Federal Reserve System http://www.federalreserve.gov/
Useful Links–Money, Banking and Finance http://fs3.hksyu.edu/~joewong/link.htm
