Finland identifies source of business-cycle volatility in Hong Kong
A Bank of Finland paper published on Monday says variations in the loan-to-value ratio and housing preference shocks largely explain business-cycle volatility in Hong Kong.
Michael Funke and Michael Paetz, the paper's authors, develop an open-economy dynamic stochastic general equilibrium model to measure the impact of housing prices on business cycles in Hong Kong.
Funke and Paetz show that Hong Kong's housing market is open to foreign investment. They also find that variations in the loan-to
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