The housing ladder and Hong Kong housing market\u27s boom and bust cycle

This paper presents evidence, based on the recent Hong Kong experience, for the existence of a “housing ladder effect.” An increase of housing equity at the bottom of the ladder tends to translate into a trading up activity that will both increase housing market turnover and buoy up the entire housing market. Based on a natural experiment through the introduction of a public housing privatization scheme, this papers presents evidence supporting this story using a logit model and a price-volume causality test

Privatization of public housing : did it cause the 1998 recession in Hong Kong?

This paper finds evidence that a public housing privatization program produced adverse effects on housing transactions and the economy in Hong Kong. A scheme announced in December 1997, offering tenants an opportunity to buy their units at deeply discounted prices, reduced public housing tenants’ bids for private homes and adversely affected home transactions. This effect is more pronounced than the effects of the Asian Financial Crisis. An effect on housing prices is also indirectly demonstrated though a demonstration that a structural break in the housing price relationship occurred at the time the privatization program is introduced. Declines in housing prices further eroded employment and set off a vicious circle

The nexus between housing and the macro economy : Hong Kong as a case study

This paper presents the theory and the evidence showing the close relationship between the performance of the macroeconomy and housing. Focusing on the Hong Kong experience, it is found that exports and the interest rate were two key variables that can explain the movement of housing prices over a long period. A structural break is identified in the first quarter of 1998. Using the cointegration framework, the paper highlights the importance of housing to both the economic health of the domestic sector and the fiscal health of the economy

A Suspended Nanogap Formed by Field-Induced Atomically Sharp Tips

A sub-nanometer scale suspended gap (nanogap) defined by electric field-induced atomically sharp metallic tips is presented. A strong local electric field (\u3e109 V=m) across micro/nanomachined tips facing each other causes the metal ion migration in the form of dendrite-like growth at the cathode. The nanogap is fully isolated from the substrate eliminating growth mechanisms that involve substrate interactions. The proposed mechanism of ion transportation is verified using real-time imaging of the metal ion transportation using an in situ biasing in transmission electron microscope (TEM). The configuration of the micro/nanomachined suspended tips allows nanostructure growth of a wide variety of materials including metals, metal-oxides, and polymers. VC 2012 American Institute of Physics

The effect of trade on wage inequality : the Hong Kong case

The dramatic increase in the wage gap between skilled and unskilled workers observed in many developed countries has received much attention from economists in recent years. A similar rise of wage gap has now been observed for some newly developed economies, such as Hong Kong. However, few empirical studies have been carried out to explain the growing wage gap in these newly developed economies. This study uses the time series data to investigate the impact of increased outward processing trade with the Chinese Mainland on the wage inequality of Hong Kong. We found that there is a significant positive association between the volume of outward processing trade and the wage premium of university graduates over primary school graduates and university graduates over secondary school graduates. Moreover, our econometric analysis also shows that it is the increased outward processing trade that causes the widening of skill wage gap not vice versa. Furthermore, the increase of outward processing trade both increases the pay for well-educated people and at the same time decreases the pay for less well-educated people, thereby widening the wage gap in Hong Kong

Accretion-induced Collapse of Dark Matter-admixed Rotating White Dwarfs: Dynamics and Gravitational-wave Signals

We present two-dimensional hydrodynamic simulations of the accretion-induced collapse (AIC) of rotating white dwarfs admixed with an extended component of dark matter (DM) comprising of sub-GeV degenerate fermionic DM particles. We find that the DM component would follow the collapse of the normal matter (NM) component to become a bound DM core. Thus, we demonstrate how a DM-admixed neutron star could form through DM-admixed AIC (DMAIC) for the first time, with the dynamics of DM taken into account. The gravitational-wave (GW) signature from the DMAIC shows distinctive features. In the diffusive DM limit, the DM admixture indirectly suppresses the post-bounce spectral peak of the NM GWs. In the compact DM limit, the collapse dynamics of the DM in a Milky Way event generate GWs that are strong enough to be detectable by Advanced LIGO as continuous low-frequency ($< 1000$ Hz) signals after the NM core bounce. Our study not only is the first-ever computation of GW from a collapsing DM object but also provides the key features to identify DM in AIC events through future GW detections.Comment: 14 pages, 13 figure

Congestion pricing and public transport

In this paper, we study the problem of optimal road pricing, incorporating public transport into our analysis. We find that when public transport and private transport are substitutes, the welfare implications of optimal road pricing are very different from those when public transport is neglected. In particular, road pricing may lead to Pareto improvement even in the absence of redistribution of toll revenues to road users. We also explain why our result is compatible with the prevalence of opposition to an increase in road toll in everyday experience

Development and Validation of an Attitudinal-Profiling Tool for Patients With Asthma

This study was supported and funded by Mundipharma Pte Ltd. Online survey and statistical analysis were performed by Pei-Li Teh, Rachel Howard, Tsin-Li Chua and Jie Sun of Research Partnership Pte Ltd. Medical writing support was provided by Sen-Kwan Tay of Research2Trials Clinical Solutions Pte Ltd. The authors received honoraria from Mundipharma for their participation in the REALISE Asia Working Group meetings and discussions. Prof Price has Board membership with Mundipharma; and had received consultancy and speaker fees, grants and unrestricted funding support from Mundipharma; and payment for manuscript preparation and travel/accommodations/meeting expenses from Mundipharma. Profs Liam and David-Wang are members of the Asia-Pacific Advisory Board of Mundipharma. Profs Cho and David-Wang had received speaker fees from Mundipharma in the past. Dr Neira was an employee of Mundipharma Pte Ltd, Singapore. Ms Teh is an employee of Research Partnership Pte Ltd which conducted the REALISE Asia survey for Mundipharma. Prof Cho is a member of the Editorial Board of Allergy, Asthma & Immunology.Peer reviewedPublisher PD