THREE ESSAYS ON GLOBAL FINANCIAL CYCLE AND MACROECONOMIC MANAGEMENT

Abstract

This dissertation consists of three Essays examining the policy regime choices and effectiveness of regulatory measures in international financial and capital markets. Essay 1 revisits the monetary trilemma versus dilemma debate and investigates the interest rate policy independence for a sample of 88 countries including both advanced economies and emerging market and developing economies over the period 1973-2014. Essay 2 examines property price synchronicity by investigating the extent to which domestic property prices co-move with global property prices for a panel of nine East Asia and Pacific economies over the period 2001:1-2017:4. Essay 3 is a comparative case study that analyses the impact of macroprudential policies on the property markets in two global cities, Hong Kong SAR and Singapore. Overall, this dissertation adds an important dimension to the central banks’ policy making and provides implications for effective regime choices to better manage macroeconomic challenges in the era of financial globalization.