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HIEBS
operates with an "open architecture" to facilitate the introduction of new
research programs over time. Currently there are seven programs:
- Asia-Pacific
Competitiveness
- Macroeconomic
Fluctuations and Growth
- Risk
Management and Financial Markets
- Human Resources
- China Financial
Research
-
China-Globalization
-
Asia-Pacific Economic Co-operation Studies
Asia-Pacific
Competitiveness
led by Michael Enright and Zhigang Tao
Competitiveness is critical
in today's world economy. National and regional economies will only prosper in
the future if their firms and industries can remain viable in the face of increasing
global competition. This is especially true of Asia-Pacific economies, whose rise
has been closely linked with international trade and investment, and even more
so for a small open economy such as Hong Kong's. This program focuses on Hong
Kong's competitiveness and on issues of competitiveness in the larger Asia-Pacific
region. A prominent theme is Hong Kong's interaction with the cities of Macao,
Shenzhen, Zhuhai and the province of Guangdong.
Macroeconomic
Fluctuations and Growth
led by Alan Siu
Recent developments in Asia
have focused our attention on the perils of sudden shifts in the macroeconomic
environment. Increasing economic integration with the Chinese hinterland has also
made it more difficult to understand Hong Kong's true macro quantitative relationships
using traditional modeling assumptions. The government has made many important
policy decisions and strategic choices in the absence of detailed quantitative
knowledge of macroeconomic relationships. We are presently developing a high-frequency
macroeconomic performance indicators system that can be developed into an early
warning system. The first stage applies to the Hong Kong economy, and
the second stage addresses salient aspects of the Chinese economy. The
system acts as a useful foundation for future work on quantifying macroeconomic
relationships of our economy.
Risk
Management and Financial Markets
led by Eric Chang
Hong Kong is a significant
regional financial center and aspires to become Asia's leading international financial
center, but it faces keen competition from other cities in the region that have
the same goal. The program undertakes studies of a variety of subjects related
to maintaining and developing Hong Kong's competitive edge as an international
financial center. The central theme of this research effort is to enhance the
efficiency and integrity of the financial system to encourage and foster financial
innovation and to promote and ensure prudent risk management behavior.
Human
Resources
led by Wing Suen and Y.C. Richard Wong
Hong Kong is becoming a
knowledge-based economy founded on trade and financial services, business and
professional services, and the knowledge-intensive managerial and co-ordination
activities of manufacturing industries. This change, which has occurred more rapidly
in Hong Kong than in any other economy in the world, has profound implications
for Hong Kong's future. Hong Kong requires a competitive market that can quickly
adapt to fluctuations in the economic environment and that will encourage investments
in human capital. But the government still plays a large role in financing and
administering basic education and research. As Hong Kong's economy develops, the
bifurcation of skilled versus unskilled labor will become pronounced. The government
will have to provide a safety net for victims of market forces. The program
studies the operation of the labor market in general and evaluates existing
policies and policy option related to labor, education and welfare.
China
Financial Research
led by Frank Song
Since the establishment
of China's stock market in Shanghai and Shenzhen in early 1990s, there has been
tremendous development in the securities market in China. The remarkable progress
is also accompanied by some inevitable problems. Many important issues, such as
pricing of securities, security regulation, corporate finance, and corporate governance
of listed company, have been raised. A Center
for China Financial Research (CCFR) has been set-up to facilitate research
on securities markets, banking, and financial policies of China and to provide
a platform linking academic researchers with the government and the business community.
CCFR also has established working relationships with well-known research institutions
in China as well as the rest of the world.
China-Globalization Program
led by Larry Qiu
Research and education in the field of international trade and
foreign direct investment (FDI) in China have yet to be developed. Researchers
in this field who have mastered the modern methodologies and research skills are
few. And, those who have the knowledge about frontier research in this area
have yet to integrate themselves to the international academic circle. This
program aims to facilitate research related to globalization in China and the
rest of the world, help international trade and FDI research and education in
China, conduct high-impact academic and policy papers as well as workshops on
China’s globalization, and build a bridge between China and the rest of the
world in the field of international trade and FDI.
Asia-Pacific Economic Co-operation Studies
led by Alan Siu
The
program serves as a linkage between
academic researchers within the University, the government, the business
community, and APEC Study Centres in other countries. The program seeks
to establish institutional links and exchange programs with major policy
research institutions in the region. The connections provide information on
pressing policy concerns so that we can focus our research activities
accordingly. Networking with overseas centres contributes to the promoting
of Hong Kong as a higher education centre in the region.
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