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The Credibility of the PRC Commitment to a Market Economy in Hong Kong: Hypotheses and Evidence

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  • D. Newman
  • D. L. Weimer

Abstract

How credible is China's commitment to a market economy in Hong Kong after 1997? Events signaling changes in commitment and the movement of time closer to 1997 should reduce the relative prices of immobile assets if commitment is not fully credible. Several factors may offset these effects: anticipatory adaption, growing dependence on China‐related trade, and Chinese investment in Hong Kong. Analysis of data on incorporation and investment decisions, the relative sensitivity of the stock prices of firms with different asset mobility to political events, and the market for office space most strongly support hypotheses about credibility, adaption, and demand augmentation.

Suggested Citation

  • D. Newman & D. L. Weimer, 1997. "The Credibility of the PRC Commitment to a Market Economy in Hong Kong: Hypotheses and Evidence," Economics and Politics, Wiley Blackwell, vol. 9(3), pages 251-280, November.
    • Handle: RePEc:bla:ecopol:v:9:y:1997:i:3:p:251-280
    DOI: 10.1111/1468-0343.00033
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    Cited by:

    1. Ho, Peter, 2018. "Institutional function versus form: The evolutionary credibility of land, housing and natural resources," Land Use Policy, Elsevier, vol. 75(C), pages 642-650.

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