隨著人民幣國際化的穩定步伐，本報告提出台灣為下一個有潛力的離岸人民幣中心。我們回顧香港成功背後的動力及確立台灣為何能跟隨香港的腳步的因素。

Author(s): Alicia García-Herrero, Yingyi Tsai and Xia Le

Number: 12/06

Keywords: RMB Internationalization, Offshore RMB market..

JEL Code: F33, F36, F42.

Along with the steady pace of RMB internationalization, this paper proposes Taiwan as a potential candidate to become the next RMB offshore center.

Author(s): Alicia García-Herrero, Yingyi Tsai and Xia Le

Number: 12/06

Keywords: RMB Internationalization, Offshore RMB market..

JEL Code: F33, F36, F42.

This paper investigates the trend and characteristics of trade in services in two fertile regions where different forms of trade integration have taken place: East Asia and Latin America.

Author(s): Nathalie Aminian (University of Le Havre, France) , K.C. Fung (University of California, Santa Cruz and University of Hong Kong), Alicia García-Herrero (BBVA Hong Kong) and Francis NG (The World Bank)

Number: 12/04

Keywords: Service trade, East Asia, Latin America, foreign direct investment.

JEL Code: F14, F15, O53, O54, O57.

A fair-wage model with inertia in fairness perceptions provides a plausible explanation for the observed negative correlation between changes in productivity growth and equilibrium unemployment

Author(s): George Chouliarakis and Mónica Correa-López

Number: 12/03

Keywords: Fairnesss; Unemployment; Skill Premium; Fair Wage-Effort Hypothesis; Inequity Aversion; mployment; Skill Premium; Fair Wage-Effort Hypothesis; Inequity Aversion; Personnel Management.

JEL Code: D03; E24; J31; M12

This study estimates the effect of the mortgage rate spread between long- and short-term loans on property purchasers’ choice of loan length.

Author(s): Guoying Deng, Zhigang Li, Guangliang Ye

Number: 12/02

Keywords: Mortgage rates; Loan decision; Quasi-experiment; China housing market.

JEL Code: E58, R21, R28

We propose a fundamentals-based econometric model for the weekly changes in the euro-dollar rate with the distinctive feature of mixing economic variables quoted at different frequencies

Author(s): Marcos Dal Bianco, Máximo Camacho, Gabriel Pérez-Quiros

Number: 12/01

Keywords: Euro-dollar rate, Exchange rate forecasting, State-space model, Mixed frequencies.

JEL Code: F31, F37, C01, C22

An ongoing reform in China mandates employers to contribute significant amounts to employee pension funds. The current study estimates the impact of this reform on the wage, employment and performance of firms using data from over 140,000 medium and large manufacturers in China during 2004 and 2006.

Author(s): Zhigang Li, Minqin Wu

Number: 11/38

JEL Code: H32 H55 J26

Latin America is enjoying a period of extensive growth. If this trend is to continue into the coming years, the key insufficiencies that could limit total factor productivity will have to be dealt with in order to prevent bottlenecks. One of these insufficiencies is the infrastructure gap.

Author(s): Enestor Dos Santos, Diego Torres and David Tuesta

Number: 11/37

Keywords: Infrastructure, Private Pensions, Pension Funds.

JEL Code: O180, J320, G230

Please click here to access the Spanish version (WP 11/36)

The expansion of the Brazilian capital markets over recent years has been impressive. Stock and private bond markets reached 93% of GDP in 2010 in comparison to 33% in 2002.

Author(s): Enestor Dos Santos

Number: 11/35

Keywords: capital market, Brazil, development, stock market, bond market, securities.

JEL Code: G18, G19

This paper documents stylized facts of international medium-term business cycles by exploring the pattern of comovement between a catching-up economy, Spain, and each of the obvious candidate countries to technological leadership of the 1950-2007 period, the U.S., France, Germany, Italy and the U.K.

Author(s): Mónica Correa-López, Beatriz de Blas

Number: 11/32

Keywords: Medium-term business cycles; Stylized facts; International comovement; Technology diffusion..

JEL Code: E32; F41; F44; O3