WorldCat Identities

Cheung, Yin-Wong

Works: 183 works in 744 publications in 2 languages and 7,828 library holdings
Roles: Author, Editor, 958, Opponent
Classifications: HB1, 337.51
Publication Timeline
Most widely held works by Yin-Wong Cheung
The evolving role of China in the global economy by Yin-Wong Cheung( Book )

14 editions published between 2012 and 2013 in English and held by 201 WorldCat member libraries worldwide

Global interdependence, decoupling and recoupling by Yin-Wong Cheung( Book )

15 editions published between 2013 and 2014 in English and held by 151 WorldCat member libraries worldwide

One lens through which to view global economic interdependence and the spillover of shocks is that of decoupling (and then recoupling). Decoupling between developed and developing countries can be seen in the strong economic performance of China and India relative to that of the United States and Europe in the early 2000s. Recoupling then took place as developing countries sank along with the developed world during the deepening financial crisis of 2008. This volume examines patterns of global economic interdependence and the propagation of shocks in an increasingly integrated world economy
The economic integration of Greater China : real and financial linkages and the prospects for currency union by Yin-Wong Cheung( Book )

8 editions published in 2007 in English and Undetermined and held by 143 WorldCat member libraries worldwide

"Cheung, Chinn and Fujii provide an up-to-date assessment of mainland China's economic development and its integration with its neighboring economies, especially Hong Kong and Taiwan. This grouping is also known as Greater China." "In addition, the authors evaluate the prospects for a currency union in Greater China, the most extreme form of integration. Prospects of China's continued integration with the world economy, and the implications of policies in Beijing and other Pacific Rim capitals are also discussed."--Jacket
China and Asia : economic and financial interactions by Yin-Wong Cheung( Book )

15 editions published between 2008 and 2013 in English and held by 127 WorldCat member libraries worldwide

This book places China in the Asian international economic context, suggesting that the importance of China has sometimes been misunderstood and comparing it with the earlier Japanese experiences in a new, refreshing way
Asia and China in the global economy( Book )

16 editions published in 2011 in English and Undetermined and held by 104 WorldCat member libraries worldwide

The volume represents a collection of papers that examine important topical themes related to the rise of China and Asia in the global economy. It offers many useful insights on several issues that are hotly debated in the international community, especially in the aftermath of the recent global financial crisis. The contributors are renowned experts from academic institutions, central banks, and international organizations. Their analyses and points of view offer valuable insights for researchers and policymakers who are interested in the recent developments in China, Asia, and the global eco
How do UK-based foreign exchange dealers think their market operates? by Yin-Wong Cheung( Book )

25 editions published between 1999 and 2000 in 3 languages and held by 85 WorldCat member libraries worldwide

This paper summarises the results of a survey of UK based foreign exchange dealers conducted in 1998. It addresses topics in three main areas: The microeconomic operation of the foreign exchange market; the beliefs of dealers regarding the importance, or otherwise, of macroeconomic fundamental factors in affecting exchange rates; microstructure factors in FX. We find that heterogeneity of traders' beliefs is evident from the results but that it is not possible to explain such disagreements in terms of institutional detail, rank or trading technique (e.g. technical analysts versus fundamentalists). As expected, non-fundamental factors are thought to dominate short horizon changes in exchange rates, but fundamentals are deemed important over much shorter horizons that the mainstream empirical literature would suggest. Finally, market norms' and behavioural phenomena are very strong in the FX market and appear to be key determinants of the bid-ask spread
Empirical exchange rate models of the nineties : are any fit to survive? by Yin-Wong Cheung( Book )

24 editions published between 2002 and 2004 in English and Undetermined and held by 72 WorldCat member libraries worldwide

Previous assessments of forecasting performance of exchange rate models have focused upon a narrow set of models typically of the 1970's vintage. The canonical papers in this literature are by Meese and Rogoff (1983, 1988), who examined monetary and portfolio balance models. Succeeding works by Mark (1995) and Chinn and Meese (1995) focused on similar models. In this paper we re-assess exchange rate prediction using a wider set of models that have been proposed in the last decade: interest rate parity, productivity based models, and a composite specification incorporating the real interest differential, portfolio balance and nontradables price channels. The performance of these models is compared against two reference specifications â the purchasing power parity and the Dornbusch-Frankel sticky price monetary model. The models are estimated in error correction and first-difference specifications. Rather than estimating the cointegrating vector over the entire sample and treating it as part of the ex ante information set as is commonly done in the literature, we also update the cointegrating vector, thereby generating true ex ante forecasts. We examine model performance at various forecast horizons (1 quarter, 4 quarters, 20 quarters) using differing metrics (mean squared error, direction of change), as well as the â consistencyâ test of Cheung and Chinn (1998). No model consistently outperforms a random walk, by a mean squared error measure; however, along a direction-of-change dimension, certain structural models do outperform a random walk with statistical significance. Moreover, one finds that these forecasts are cointegrated with the actual values of exchange rates, although in a large number of cases, the elasticity of the forecasts with respect to the actual values is different from unity. Overall, model/specification/currency combinations that work well in one period will not necessarily work well in another period
Are macroeconomic forecasts informative? : cointegration evidence from the ASA-NBER surveys by Yin-Wong Cheung( Book )

17 editions published between 1996 and 1999 in English and held by 69 WorldCat member libraries worldwide

We examine the properties of the ASA-NBER forecasts for several US macroeconomic variables, specifically: (i) are the actual and forecast series integrated of the same order; (ii) are they cointegrated, and; (iii) is the cointegrating vector consistent with long run unitary elasticity of expectations with respect to the actual series. We also examine whether forecasts respond to error correction terms. Tests are applied to both final and preliminary versions of the data. We find that the Treasury bill rate, housing starts, industrial production, inflation and their forecasts are trend stationary. The corporate bond rate, GNP, the GNP deflator, unemployment and their forecasts are difference stationary. About half of the these pairs are cointegrated, with the unitary elasticity restriction seldom rejected. Similar results are obtained when using the originally-reported data
Integration, cointegration and the forecast consistency of structural exchange rate models by Yin-Wong Cheung( Book )

14 editions published between 1995 and 1997 in English and held by 69 WorldCat member libraries worldwide

Abstract: Exchange rate forecasts are generated using some popular monetary models of exchange rates in conjunction with several estimation techniques. We propose an alternative set of criteria for evaluating forecast rationality which entails the following requirements: the forecast and the actual series i) have the same order of integration, ii) are cointegrated, and iii) have a cointegrating vector consistent with long run unitary elasticity of expectations. When these conditions hold, we consider the forecasts to be consistent.' We find that it is fairly easy for the generated forecasts to pass the first requirement. However, according to the Johansen procedure, cointegration fails to hold the farther out the forecasts extend. At the one year ahead horizon, most series and their respective forecasts do not appear cointegrated. Of the cointegrated pairs, the restriction of unitary elasticity of forecasts with respect to actual appears not to be rejected in general. The exception to this pattern is in the case of the error correction models in the longer subsample. Using the Horvath-Watson procedure, which imposes a unitary coefficient restriction, we find fewer instances of consistency, but a relatively higher proportion of the identified cases of consistency are found at the longer horizons
The evolving role of Asia in global finance by Yin-Wong Cheung( Book )

12 editions published between 2011 and 2012 in English and held by 67 WorldCat member libraries worldwide

The process of Asias rise to a position of eminence in global finance has accelerated in the wake of the international financial crisis, posing new opportunities and challenges to both the Asian economies and the global financial and trade systems. This volume represents a significant new endeavour to explore and understand the dynamics created by this process of transition. Specifically, it addresses the following four contemporary themes of the evolving role of Asia in global finance: (a) real and financial interactions among economies and across markets, both within Asia and beyond; (b) regional monetary cooperation in Asia; (c) the decoupling debate over Asias evolving economic and financial ties with major industrial economies; and (d) the changing roles of domestic finance and capital flows in the developing Asian economies. It sheds light on various dimensions of Asias economy and finance, ranging from business cycles, exchange rate movements, regional policy coordination, domestic financial development, capital flows, and financial market behaviour. These analyses are pooled in a book that is a must read for market participants, policymakers and academics alike
Traders, market microstructure, and exchange rate dynamics by Yin-Wong Cheung( Book )

14 editions published in 1999 in English and held by 64 WorldCat member libraries worldwide

Abstract: We report findings from a survey of United States foreign exchange traders. Our results indicate that: (i) The share of customer business, versus interbank business, has remained fairly constant; (ii) The channels by which transactions take place have changed, as electronically-brokered transactions have risen from 2% to 46% of total, mostly at the expense of transactions undertaken by traditional brokers; (iii) The single most widely- cited reason for deviating from the standard market convention on the bid-ask spread is a thin/hectic market; (iv) Half or more of market respondents believe that large players dominate in the dollar-pound and dollar-Swiss franc markets; and (v) 60% of respondents believe there is low predictability of exchange rates intraday. Even at medium and long run horizons, only a third of traders believe that there is high predictability
Market structure and the persistence of sectoral real exchange rates by Yin-Wong Cheung( Book )

13 editions published in 1999 in English and held by 60 WorldCat member libraries worldwide

We examine the relationship between market structure and the persistence of U.S. dollar-based sectoral real exchange rates for fourteen OECD countries. Our empirical results based on disaggregated data suggest that differences in market structure significantly determine the rates at which deviations from sectoral purchasing power parity decay. Specifically, industries with a larger price-cost margin are found to exhibit slower parity reversion of their sectoral real exchange rates. Further, as the degree of intra-industry trade activity increases, sectoral real exchange rate persistence becomes more pronounced. These findings imply that an imperfectly competitive market structure contributes to the well-documented persistence in real exchange rates
Macroeconomic implications of the beliefs and behavior of foreign exchange traders by Yin-Wong Cheung( Book )

9 editions published in 1999 in English and held by 50 WorldCat member libraries worldwide

Abstract: We report findings from a survey of United States foreign exchange traders. Our results indicate that (i) technical trading best characterizes about 30% of traders, with this proportion rising from five years ago; (ii) news about macroeconomic variables is rapidly incorporated into exchange rates; (iii) the importance of individual macroeconomic variables shifts over time, although interest rates always appear to be important, and; (iv) economic fundamentals are perceived to be more important at longer horizons. The short run deviations of exchange rates from their fundamentals are attributed to excess speculation and institutional customer/hedge fund manipulation. Speculation is generally viewed positively, as enhancing market efficiency and liquidity, even though it exacerbates volatility. Central bank intervention does not appear to have a substantial effect, although there is general agreement that it increases volatility. Finally, traders do not view purchasing power parity as a useful concept, even though a significant proportion (40%) believe that it affects exchange rates at horizons of over six months
The overvaluation of Renminbi undervaluation by Yin-Wong Cheung( Book )

14 editions published in 2007 in English and held by 36 WorldCat member libraries worldwide

We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for, there is little statistical evidence that the RMB is undervalued. The result is robust to various choices of country samples and sample periods, as well as to the inclusion of control variables
Speculative attacks a laboratory study in continuous time by Yin-Wong Cheung( Book )

8 editions published between 2005 and 2009 in English and held by 17 WorldCat member libraries worldwide

We examine speculative attacks in a controlled laboratory environment featuring continuous time, size asymmetries, and varying amounts of public information. Attacks succeeded in 233 of 344 possible cases. When speculators have symmetric size and access to information: (a) weaker fundamentals increase the likelihood of successful speculative attacks and hasten their onset, and (b) contrary to some theory, success is enhanced by public access to information about either the net speculative position or the fundamentals. The presence of a larger speculator further enhances success, and experience with large speculators increases small speculators' response to the public information. However, giving the large speculator increased size or better information does not significantly strengthen his impact
A high-low model of daily stock price ranges by Yan-Leung Cheung( Book )

6 editions published between 2008 and 2009 in English and held by 15 WorldCat member libraries worldwide

We observe that daily highs and lows of stock prices do not diverge over time and, hence, adopt the cointegration concept and the related vector error correction model (VECM) to model the daily high, the daily low, and the associated daily range data. The in-sample results attest the importance of incorporating high-low interactions in modeling the range variable. In evaluating the out-of-sample forecast performance using both mean-squared forecast error and direction of change criteria, it is found that the VECM-based low and high forecasts offer some advantages over some alternative forecasts. The VECM-based range forecasts, on the other hand, do not always dominate -the forecast rankings depend on the choice of evaluation criterion and the variables being forecasted
Deviations from the law of one price in Japan by Yin-Wong Cheung( Book )

5 editions published in 2008 in English and held by 13 WorldCat member libraries worldwide

Using 25 years of monthly data on individual Japanese retail prices, we study the behavior of product-specific Law of One Price (LOP) deviations. Individual tradable products, compared with nontradables, are more likely to have different distributions of LOP deviations across cities. Their distributions are also more likely to change over time. Individual LOP deviation series are found to display considerable persistence and there is limited evidence that tradability enhances price convergence. In addition, deviations from the LOP are found to display nonlinear trends, and these trends are not linearly related to a product's tradability. For individual products, LOP deviations are affected by their own inflation rates and, to a lesser extent, by aggregate inflation, output variations, and monetary variability. Interestingly, the trend behavior remains significant in the presence of these economic variables
Exchange rate dynamics where is the saddle path? by Yin-Wong Cheung( Book )

4 editions published in 2004 in English and held by 12 WorldCat member libraries worldwide

A reappraisal of the border effect on relative price volatility by Yin-Wong Cheung( Book )

5 editions published in 2006 in English and German and held by 12 WorldCat member libraries worldwide

Engel and Rogers (1996) find that crossing the US-Canada border can considerably raise relative price volatility and that exchange rate fluctuations explain about one-third of the volatility increase. In re-evaluating the border effect, this study shows that cross-country heterogeneity in price volatility can lead to significant bias in measuring the border effect unless proper adjustment is made to correct it. The analysis explores the implication of symmetric sampling for border effect estimation. Moreover, using a direct decomposition method, two conditions governing the strength of the border effect are identified. In particular, the more dissimilar the price shocks are across countries, the greater the border effect will be. Decomposition estimates also suggest that exchange rate fluctuations actually account for a large majority of the border effect
Cross-country relative price volatility effects of market structure by Yin-Wong Cheung( Book )

3 editions published in 2005 in English and held by 11 WorldCat member libraries worldwide

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The economic integration of Greater China : real and financial linkages and the prospects for currency union
Alternative Names
Cheung, Y.-W.

Cheung Yin-Wong

Yin-Wong Cheung economist (City University)

Yin-Wong Cheung Wirtschaftswissenschaftler (Schwerpunkte: Ökonometrie, Wechselkursdynamik, Asset pricing; tätig am Crown College; City Univ. of Hong Kong)

English (234)

German (1)

China and Asia : economic and financial interactionsAsia and China in the global economyThe evolving role of Asia in global finance