2
Income Distribution and Sovereign Credibility in Emerging Market Countries
Hye Jee Cho,
Assistant Prof. of Social Science
Understanding Demand for Counterfeit Products in Developing Nations
Amy Dalton,
Assistant Prof. of Marketing
A Study of User Behavior in using Search Engine for Locating Infringing Digital Media in
Emerging Markets
Kai Lung Hui and James S.H. Kwok,
Associate Prof. and Adjunct Associate Prof.
of Information Systems, Business Statistics,
and Operations Management
Relatedness Between Industries and Industrial Relocation: Evidence from Chinese Firms Amber Li,
Assistant Prof. of Economics
Corporate Risk Management in Emerging Markets: Challenges and Opportunities
Peter MacKay,
Associate Prof. of Finance
Private Sector Financial Contract Design to Overcome Public Sector Inefficiencies in
Emerging Markets
Abhiroop Mukherjee,
Assistant Prof. of Finance
Preemption and Defense: Strategy of International Patenting in Emerging Economies
Naubahar Sharif,
Associate Prof. of Social Science
Workshop on Pathways to Sustainable Urbanization in Emerging Economies
Jimin Zhao,
Associate Prof. of Social Science
Reverse Migration and Technology Transfer in Emerging Market Societies
David Zweig,
Chair Prof. of Social Science
HKUST IEMS RESEARCH GRANTS AWARDED IN 2013
In December 2013, Nobel Prize Laureate Sir Christopher
Pissarides delivered a luncheon speech at the Island Shangri-La
Hong Kong, on “Europe in Crisis: Lessons for China”. The event
was co-organized by HKUST Jockey Club Institute for Advanced
Study, HUKST Institute for Emerging Market Studies (IEMS), School
of Business and Management, and Leadership and Public Policy
Executive Education Programs Office.
In the speech Prof. Pissarides pointed out that Germany and
other northern European countries are growing again, whereas
Southern Europe is in prolonged recession, creating fundamental
tensions among Eurozone members about where Europe will
go next. Because of the unified currency, Southern countries
are unable to allow their currencies to depreciate which could
help boost exports and support recovery. At the same time,
richer European countries lack the political will to provide large
transfers to bail out poorer members and stimulate recovery.
This combination reveals inherent internal inconsistency of the
current arrangement and leads to debt crises as investors realize
that rich countries are not willing to back the debts of the poorer
countries. Prof. Pissarides pointed out similarities to the situation
in China, where fiscal decentralization has led local authorities
to borrow excessively, leading to mounting debts and non-
performing loans. China must decide whether to rescue local
banks to support growth keeping in mind how this affects the
incentives of local governments to act responsibly.
SIR CHRISTOPHER PISSARIDES DISCUSSES EUROPE AND CHINA
(2013.12.3)
Another issue that Prof. Pissarides discussed is population aging and
pensions. European nations are aging societies with early retirement
ages but high life expectancy and generous pension benefits. He
pointed out that this could be a time bomb threatening the public
pension system, government finances, and the ability to sustain
economic growth. In view of the European situation, China should
re-set its retirement age by tying it to life expectancy, re-think its
one-child policy, and reform the pension system so as to achieve
sustainable development during the course of population aging.
Prof. Christopher Pissarides
