Tham khảo tài liệu 'new frontiers in banking services emerging needs and tailored products for untapped markets_7', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Hong Kong 173 FIGURE . Price gap Hong Kong and mainland China and residential property price indices as well as the price gap. However the price gap volatility is due in large part to the once-over Renminbi devaluation in 1994. Table also shows that highest correlations of inflation are with rates of growth of unit labor costs and property prices followed closely by the output gap. Finally Table shows a strong correlation between the growth rates of the share price and the residential property price indices. In many studies relating to monetary policy and overall economic activity bank lending appears as an important credit channel for assessing inflationary or deflationary impulses. Gerlach and Peng 2003 examined the interaction between banking credit and property prices in Hong Kong. They found that property prices are weakly exogenous and determine bank lending while bank lending does not appear to influence property prices Gerlach and Peng 2003 p. 11 . They argued that changes in bank lending cannot be regarded as the source of the boom and bust cycle in Hong Kong. They hypothesized that changing beliefs about future economic prospects led to shifts in the demand for property and investments. With a higher inelastic supply schedule this caused price swings and with rising demand 174 7. Inflation and Deflation Hong Kong and Japan TABLE . Statistical Summary of Data Hong Kong Quarterly Data 1985-2002 Inflation Price Gap Output Gap Imp Price Growth Property Price Growth HSI Growth ULC Growth Mean Std. Dev. Correlation Matrix Property Price Output Imp Price Price HSI ULC Inflation Gap Gap Growth Growth Growth Growth Inflation Price Gap Output Gap Imp Price Growth Property Price Growth HSI Growth ULC Growth for loans .
