01760cas a2200241 a 4500 AALejournalIMF002792 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451875911 1018-5941 BD-DhAAL BD-DhAAL N'Diaye, Papa. Determinants of Deflation in Hong Kong SAR / Papa N'Diaye. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (28 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper presents a comprehensive econometric analysis of the determinants of deflation in Hong Kong SAR. The analysis helps to determine the relative contributions of factors such as increased productivity, scarce money supply, and excess capacity in determining deflation. The main conclusion is that the effects of permanent shocks, such as productivity shocks and shocks related to changes in the money supply and price convergence with trading partners, have become more important in explaining deflation. In addition, the effects of temporary shifts in aggregate demand have been perpetuated by negative wealth and balance-sheet effects in the corporate and household sectors arising from asset-price declines over the past five years. Mode of access: Internet IMF Working Papers; Working Paper ; No. 2003/250 Full text available on IMF http://elibrary.imf.org/view/journals/001/2003/250/001.2003.issue-250-en.xml IMF e-Library