Acknowledgments

The authors thank Ying Bai, Yichuan Hu, Kang Shi, Zhibo Tan, Giorgio Valente, Haichun Ye, Chong Kee Yip, and the anonymous referee for their helpful comments. Remaining errors are ours. The views expressed in this chapter are those of the authors, and do not necessarily reflect those of the Hong Kong Monetary Authority, Hong Kong Institute for Monetary and Financial Research and, its Council of Advisers or Board of Directors.