Ka Yui Charles Leung

Qualifications

BSSc (The Chinese University of Hong Kong) PhD (University of Rochester)

Biography

Charles Ka Yui Leung received his B.S.Sc. at the ChineseUniversity of Hong Kong in 1991 and Ph.D. at University of Rochester in 1996. He has taught at the ChineseUniversity of Hong Kong (Department of Economics). He received the Fulbright Scholarship (Research) in year 2004-5 and has been a visiting scholar at FisherCenter for Real Estate and Urban Economics at Haas School of Business, University of California, Berkeley (2004-5); Hoover Institution, Stanford University (several times); Wisconsin School of Business, University of Wisconsin-Madison (2013 Fall); Institute of Social and Economic Research, Osaka University (2015 Spring). Since 2012, Dr. Leung also serves as a research associate of the Globalization and Monetary Policy Institute, Federal Reserve Bank of Dallas, a (non-resident) visiting research fellow of ISER, Osaka University (May 2015 ~ March 2019), a research associate of IREFIM (June 2018 ~).

Research Areas

• Real Estate
• Urban Economics
• Macroeconomics

Professional Qualifications

Post Doctoral Honoree Weimer School of Advanced Studies of Real Estate and Land Economics

Professional Activities

2009 - Now Hong Kong Institute of Monetary Research China (Hong Kong) Member, Council of Advisors

1/2017 - 12/2018 Chinese Economic Association in North America (CEANA) United States of America Vice President

External Academic Activities

2008 - Now Global Chinese Real Estate Congress China Member, Board of Directors

2007 - Now Asian Real Estate Society United States of America Member, Board of Directors

2006 - Now International Real Estate Review United States of America Member, Editorial Board

3/2016 - 2/2019 Pacific Economic Review China (Hong Kong) Associate Editor

1/2017 - 12/2018 Chinese Economic Association in North America United States of America Vice President

8/2014 - 7/2016 Taiwan Economic Review Taiwan Member, Editorial Board

Publications

Journal Publications and Reviews

Gong, Yifan; Leung, Charles Ka Yui / When education policy and housing policy interact: Can they correct for the externalities?. December 2020; In: Journal of Housing Economics. Vol. 50

LEUNG, Charles Ka Yui; NG, Joe Cho Yiu; TANG, Edward Chi Ho / Why is the Hong Kong housing market unaffordable? Some stylized facts and estimations. March 2020; In: 中央銀行季刊. Vol. 42, No. 1, pp. 5-58

Leung, Charles Ka Yui; Ng, Joe Cho Yiu; Tang, Edward Chi Ho / What do we know about housing supply? The case of Hong Kong SAR. 2020; In: ECONOMIC AND POLITICAL STUDIES-EPS. Vol. 8, No. 1, pp. 6-20

Huang, Daisy J.; Leung, Charles Ka Yui; Tse, Chung-Yi / What Accounts for the Differences in Rent-Price Ratio and Turnover Rate? A Search-and-Matching Approach. October 2018; In: Journal of Real Estate Finance and Economics. Vol. 57, No. 3, pp. 431–475

Leung, Charles Ka Yui / Special issue on housing and financial stability: An introduction. August 2017; In: Pacific Economic Review. Vol. 22, No. 3, pp. 273-275

Leung, Charles Ka Yui; Chen, Nan-Kuang / A special issue on housing, credit markets, and the macroeconomy: An introduction. March 2017; In: Taiwan Economic Review. Vol. 45, No. 1, pp. 1-3

Leung, Charles Ka Yui; Tse, Chung-Yi / Flipping in the housing market. March 2017; In: Journal of Economic Dynamics and Control. Vol. 76, pp. 232-263

Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui / Losing Track of the Asset Markets: the Case of Housing and Stock. December 2016; In: International Real Estate Review. Vol. 19, No. 4, pp. 435-492

Tang, Sam Hak Kan; Leung, Charles Ka Yui / The Deep Historical Roots of Macroeconomic Volatility. December 2016; In: Economic Record. Vol. 92, No. 299, pp. 568-589

Chen, Dong; Gao, Yanmin; Kaul, Mayank; Leung, Charles Ka Yui; Tsang, Desmond / The Role of Sponsors and External Management on the Capital Structure of Asian-Pacific REITs: The Case of Australia, Japan, and Singapore. 2016; In: International Real Estate Review. Vol. 19, No. 2, pp. 197-221

Huang, Daisy J.; Leung, Charles K.; Qu, Baozhi / Do bank loans and local amenities explain Chinese urban house prices?. July 2015; In: China Economic Review. Vol. 34, pp. 19-38

Kwan, Yum K.; Leung, Charles Ka Yui; Dong, Jinyue / Comparing consumption-based asset pricing models: The case of an Asian city. June 2015; In: Journal of Housing Economics. Vol. 28, pp. 18-41

Leung, Charles Ka Yui / Error correction dynamics of house prices: An equilibrium benchmark. September 2014; In: Journal of Housing Economics. Vol. 25, pp. 75-95

Hanushek, Eric A.; Leung, Charles Ka Yui; Yilmaz, Kuzey / Borrowing constraints, college aid, and intergenerational mobility. 2014; In: Journal of Human Capital. Vol. 8, No. 1, pp. 1-41

Leung, Charles Ka Yui; Shi, Song; Ho Tang, Edward Chi / Commodity house prices. November 2013; In: Regional Science and Urban Economics. Vol. 43, No. 6, pp. 875-887

Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui / In the Shadow of the United States: The International Transmission Effect of Asset Returns. February 2013; In: Pacific Economic Review. Vol. 18, No. 1, pp. 1-40

Leung, Charles Ka Yui; Sarpa, Sinan; Yilmaz, Kuzey / Public housing units vs. housing vouchers: Accessibility, local public goods, and welfare. December 2012; In: Journal of Housing Economics. Vol. 21, No. 4, pp. 310-321

Chu, Angus C.; Leung, Charles K.Y.; Tang, Edward / Intellectual property rights, technical progress and the volatility of economic growth. September 2012; In: Journal of Macroeconomics. Vol. 34, No. 3, pp. 749-756

Leung, Charles Ka Yui; Lubik, Thomas A. / Introduction: Dynamic stochastic general equilibrium modelling and the study of asia-pacific economies. May 2012; In: Pacific Economic Review. Vol. 17, No. 2, pp. 204-207

Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui / The dynamics of housing returns in Singapore: How important are the international transmission mechanisms?. May 2012; In: Regional Science and Urban Economics. Vol. 42, No. 3, pp. 516-530

Jin, Yi; Leung, Charles K.Y.; Zeng, Zhixiong / Real Estate, the External Finance Premium and Business Investment: A Quantitative Dynamic General Equilibrium Analysis. March 2012; In: Real Estate Economics. Vol. 40, No. 1, pp. 167-195

Chang, Kuang-Liang; Chen, Nan-Kuang; Leung, Charles Ka Yui / Monetary Policy, Term Structure and Asset Return: Comparing REIT, Housing and Stock. July 2011; In: Journal of Real Estate Finance and Economics. Vol. 43, No. 1, pp. 221-257

Leung, Charles Ka Yui; Teo, Wing Leong / Should the optimal portfolio be region-specific? A multi-region model with monetary policy and asset price co-movements. May 2011; In: Regional Science and Urban Economics. Vol. 41, No. 3, pp. 293-304

Leung, Charles Ka Yui; Chow, Kenneth K.; Yiu, Matthew S.; Tam, Dickson C. / House Market in Chinese Cities: Dynamic Modeling, In-Sample Fitting and Out-ofSample Forecasting. 2011; In: International Real Estate Review. Vol. 14, No. 1, pp. 85-117

Leung, Charles Ka Yui; Chen, Nan-Kuang / Stock price volatility, negative autocorrelation and the consumption-wealth ratio: The case of constant fundamentals. May 2010; In: Pacific Economic Review. Vol. 15, No. 2, pp. 224-245

LEUNG, Ka Yui; Chen, Nan Kuang / Stock Price Volatility, Negative Autocorrelation and the Consumption–Wealth Ratio: The Case of Constand Fundamentals. 2010; In: Pacific Economic Review. Vol. 15, No. 2, pp. 224 - 245

Tang, Sam Hak Kan; Groenewold, Nicolaas; Leung, Charles Ka Yui / The link between institutions, technical change and macroeconomic volatility. December 2008; In: Journal of Macroeconomics. Vol. 30, No. 4, pp. 1520-1549

Chen, Nan-Kuang; Leung, Charles Ka Yui / Asset price spillover, collateral and crises: With an application to property market policy. November 2008; In: Journal of Real Estate Finance and Economics. Vol. 37, No. 4, pp. 351-385

Yui Leung, Charles Ka; Quigley, John M. / Special issue on macroeconomics, regulation, and housing introduction. June 2007; In: Journal of Housing Economics. Vol. 16, No. 2, pp. 99-101

Leung, Charles Ka Yui / Equilibrium correlations of asset price and return. February 2007; In: Journal of Real Estate Finance and Economics. Vol. 34, No. 2, pp. 233-256

Leung, Charles Ka Yui; Tang, Sam Hak Kan; Groenewold, Nicolaas / Growth volatility and technical progress: A simple rent-seeking model. August 2006; In: Journal of Economics/ Zeitschrift fur Nationalokonomie. Vol. 88, No. 2, pp. 159-178

Leung, Charles K.Y.; Chen, N. K. / Intrinsic cycles of land price: A simple model. July 2006; In: Journal of Real Estate Research. Vol. 28, No. 3, pp. 293-320

Leung, Charles Ka Yui; Leong, Youngman Chun Fai; Wong, Siu Kei / Housing price dispersion: An empirical investigation. May 2006; In: Journal of Real Estate Finance and Economics. Vol. 32, No. 3, pp. 357-385

Leung, Charles Ka Yui; Feng, Dandan / What drives the property price-trading volume correlation? Evidence from a commercial real estate market. September 2005; In: Journal of Real Estate Finance and Economics. Vol. 31, No. 2, pp. 241-255

Leung, Charles / Macroeconomics and housing: A review of the literature. December 2004; In: Journal of Housing Economics. Vol. 13, No. 4 SPEC.ISS., pp. 249-267

Bardhan, Ashok Deo; Edelstein, Robert H.; Leung, Charles / A note on globalization and urban residential rents. November 2004; In: Journal of Urban Economics. Vol. 56, No. 3, pp. 505-513

Kan, Kamhon; Kwong, Sunny Kai-Sun; Leung, Charles Ka-Yui / The dynamics and volatility of commercial and residential property prices: Theory and evidence. February 2004; In: Journal of Regional Science. Vol. 44, No. 1, pp. 95-123

Hanushek, Eric A.; Leung, Charles Ka Yui; Yilmaz, Kuzey / Redistribution through education and other transfer mechanisms. November 2003; In: Journal of Monetary Economics. Vol. 50, No. 8, pp. 1719-1750

Leung, Charles Ka Yui / Economic growth and increasing house prices. June 2003; In: Pacific Economic Review. Vol. 8, No. 2, pp. 183-190

Tse, Chung Yi; Leung, Charles Ka Yui / Increasing wealth and increasing instability: The role of collateral. 2002; In: Review of International Economics. Vol. 10, No. 1, pp. 45-52

Tse, Chung Yi; Leung, Charles Ka Yui; Chan, Weslie Yuk Fai / Unemployment and vacancy in the Hong Kong labour market. 2002; In: Applied Economics Letters. Vol. 9, No. 4, pp. 221-229

Yui Leung, Charles Ka / Productivity growth, increasing income inequality and social insurance: The case of China?. December 2001; In: Journal of Economic Behavior and Organization. Vol. 46, No. 4, pp. 395-408

Leung, C. K Y / Relating international trade to the housing market. 2001; In: Review of Development Economics. Vol. 5, No. 2, pp. 328-335

Leung, Charles Ka Yui; Tse, Chung Yi / Technology choice and saving in the presence of a fixed adoption cost. 2001; In: Review of Development Economics. Vol. 5, No. 1, pp. 40-48

Leung, Charles Ka Yui; Zhang, Guang-Jia / Inflation and capital gains taxes in a small open economy. July 2000; In: International Review of Economics and Finance. Vol. 9, No. 3, pp. 195-208

Kwong, Sunny Kai Sun; Leung, Charles Ka Yui / Price Volatility of Commercial and Residential Property. 2000; In: Journal of Real Estate Finance and Economics. Vol. 20, No. 1, pp. 25-36

Leung, Charles Ka Yui / Income tax, property tax, and tariff in a small open economy. August 1999; In: Review of International Economics. Vol. 7, No. 3, pp. 541-554

Leung, Charles Ka Yui; Quah, Danny T. / Convergence, endogenous growth, and productivity disturbances. December 1996; In: Journal of Monetary Economics. Vol. 38, No. 3, pp. 535-547

Conference Papers

Leung, Charles; Ng, Joe / Macro Aspects of Housing. July 2018; 2018 Asian Real Estate Society Annual International Conference, 2018 AsRES, 08/07/2018 - 11/07/2018, Incheon, Korea, Republic of.

Working Papers

Leung, Charles Ka Yui ; Ng, Joe Cho Yiu; Tang, Edward Chi Ho / Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations. March 2020;

Chapters, Conference Papers, Creative and Literary Works

Leung, Charles Ka Yui; Ng, Cho Yiu Joe / Macroeconomic Aspects of Housing. August 2019; Oxford Research Encyclopedia of Economics and Finance.

Leung, Charles K Y; TANG, Chi Ho / Comparing two financial crises: the case of Hong Kong real estate markets. October 2011; Global housing markets: crises, policies, and institutions. pp. 377-398

Chang, Kuang Liang; Chen, Nan Kuang; LEUNG, Ka Yui / Monetary policy, asset return dynamics and the general equilibrium effect. February 2010; Model risk: identification, measurement and management. pp. 93-136

Ben-Shahar, Danny; Leung, Charles Ka Yui; Ong, Seow Eng / Preface. February 2009; Mortgage Markets Worldwide. pp. xi-xv

Scholarly Books, Monographs, Reports and Case Studies

Ben-Shahar, Danny; Leung, Charles Ka Yui; Ong, Seow Eng / Mortgage Markets Worldwide. February 2009;