Contact
Address: Department of Economics, Lingnan
University, Tuen Mun
Phone: (852) 26167178
Fax: (852)
28917940
Email: lsho@ln.edu.hk
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Profile
Education
Ph.D.(l98l) University of Toronto
M.A.(l974) University of Toronto
B.Soc.Sc.(Hon.)(l972) University of Hong Kong
Research Areas
Urban and Environmental Economics, Health Economics, Public Finance,
Manpower Policy, Social Security, Macroeconomic Theory and Policy, International Finance
Major Original Contributions to Economic Policy
1.
World Currency Unit: This is an indexed unit of account that represents
a stable unit of purchasing power over a “global basket of goods and services.”
My 2000 World Economy paper explains how it is computed and how it can improve
capital market efficiency and reduce financial market risks when financial
instruments are denominated in the WCU. A follow-up paper is still being
refined and will be backed by more simulation exercises to show that it can
serve as an anchor for currencies. The original idea is traced back to Irving
Fisher (1911); my proposal is the first one to operationalize the concept.
2.
Excessive Burden Insurance: I demonstrate that it is far more efficient
(i.e., welfare enhancing) to require users of health care services pay the full
direct costs but cap annual eligible health care expenditures and thus insuring
each person against having to face excessive financial burdens. The concept was
first introduced in my 1997 book on health care reform and further expanded in
my 2000 Kluwer book and can also be applied to legal aid.
3.
Cohort-based Social Security: In my 1997 Contemporary Economy Policy
paper I demonstrated that social security can be fully funded yet can allow
longevity risk pooling if each cohort contributes to and draws from the same
fund.
4.
Fractional Deposit Insurance: In my 1991 HK Institute for Asian Pacific
Studies occasional paper and my 1992 contribution to a Chartered Institute of
Bankers volume, I proposed a concept of deposit insurance that protects deposits
100% of their checking account deposits, 80% of savings account deposits, and
50% of other deposits that are more of an investment character. This is in
contrast to the common practice of offering a fixed dollar limit protection per
depositor per bank. I demonstrated that this sufficiently deals with the moral
hazard problem and removes the need for depositors to split their deposits among
a number of banks in order to enjoy protection.
5.
Ex Ante Utility: In my 2000 Kluwer book, I introduced the concept of
ex ante utility as distinct from the von Neumann-Morgenstern concept of
expected utility. It refers to the ex ante subjective assessment of a prospect
with uncertain outcomes. This explains why the damage from the SARS episode was
so huge even though the chances of contracting the disease are so small. When
people are scared utility is immediately reduced ex ante, even though they are
actually not physically affected by SARS. The expected utility paradigm, which
just focuses on the idea of the mathematical expectation of ex post utilities
for the “well” and “not well” states of the world, ignores the fear or anxiety
factor. My approach implores policy makers to consider the benefits and costs
of ex ante utility gains and losses from policies.
6.
Human nature and public policy: In my 2000 paper in the International
Journal of Social Economics and 2000 Kluwer book, I argued that public policy
must take full account of human nature. This is a much more generalized and
more positive version of the Lucas Critique, which argues that policies often
have unintended consequences because they fail to take account of the
behavioural responses of people to the policies themselves.
7.
Universal Wage Subsidy: In my 2000 paper in Policy Sciences, I
proposed the idea of giving all full time workers a common wage subsidy, to be
financed by an increase in the progressivity of income tax. This effectively
redistributes incomes from high income earners to low income earners. This is
an improvement over Milton Friedman’s negative income tax, because it is
conditional on full time employment, while Friedman’s proposal would bias
incentives against work.
Scholarships and Honours
Lambda Alpha International Fraternity Scholarship in land economics (1976/77)
University of Toronto Doctoral Fellowship, l975/76,74/75
Sir Robert Black Trust Fund Scholarship, l973/74
Professional Experience (Full Time)
Professor,
Department of Economics, Director, Centre for Public Policy Studies, Lingnan
University (from November 1, 1995 ), and Chair, Institute of Humanities and
Social Sciences, Lingnan University(2004/5, 2005/6)
Convenor, Programme Assessment Panel, 2005-2006, Chair, RPSP, 2005/06; Convenor,
Sexual Harrassment Investigation Panel, 2004, Had served as Department Head up
to 2004 and Acting Dean of Social Sciences numerous occasions in 1996/97; member
of Academic Board/Senate (up to Aug.2004), Staff Development Committee,
Postgraduate Studies Committee, Examinations Committee, Academic Planning and
Development Committee, Task Force on Research Centres, Task Force on
Institutional Review, Director of Centre for Public Policy Studies; Advisory
Board member for APIAS and for CAPS, and Advisory Board member for HK Institute
of Business Studies, Chairman, Catering Committee (2003-4), member of Academic
Staff Review Committee (August 2004-5)
Senior Lecturer, Dept. of Economics, Chinese University of Hong Kong,
Aug. 1993-Oct.1995( Lecturer, Sept. 1983-July 93)
Program Director of the Environmental Education, Policies, and Laws program of
the Centre for Environmental Studies of the CUHK (June 1991-1995)
Board Secretary, Board of Studies in Economics, CUHK (August 1993-August 1995) ;
Chairman, Library Committee, Economics Department (Sept. 1992-August 1993;
Sept.-December 1994) ; Member of the Committee on Student Affairs, United
College(l988‑1991). Served on the Graduate Studies Panel, the Seminar/Lecture
Committee, the Staff‑student Consultative Committee and the Executive Committee
of the Board of Studies in Economics. Member of the Board of the Faculty of
Social Sciences and a member on the Senate Committee on Final Scholastic
Assessment. Member in the thesis committees of several M.Phil.students.
External Supervisor of a Ph.D. student in HK Polytechnic University
(Environmental Economics) Coordinator for the Policy & Management Group in the
Project on Special Economic Zones and China's Open Door Policy, Centre for
Contemporary Asian Studies and convenor for the working group on social
services, Centre for Hong Kong Studies(1984-85). Coordinator for United
College in economics from l983 to l988.
Research Officer, Ontario Economic Council, Toronto, August l98l‑August
l983 (Principal area: industrial policy)
Responsibilities include research, managing projects commissioned by the Ontario
Economic Council, liaison with prospective researchers for OEC projects,
preparation of research solicitation documents
Economist, Economic Policy Branch, Ministry of Treasury & Economics,
Queen's Park, Toronto, Sept.l979‑August 1981
Responsibilities include economic forecasting and policy simulation, preparation
of briefing notes, and policy advice. Research areas included inflation and
unemployment, manpower policies, energy, inter‑governmental relations, etc.
Demonstrator in Economics, University of Hong Kong, July 1, 1972 to June
30, 1973
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List of
Publications
Refereed and Professional Journals
|
2008 |
"The Nexus between Housing and the Macro economy: The Hong Kong Case,” Pacific Economic Review, with Gary Wong,
13(2), pp. 223-239 |
|
2006 |
"The Role of Fiscal and Monetary Policy",
Pacific Economic Review, 11(1) February, pp. 121-127. |
|
2005 |
"The Effect of Outward Processing Trade on Wage
Inequality: The Hong Kong Case", with Xiangdong Wei and Wai Chung Wong,
Journal of International Economics, September 2005, 67, pp. 241-257. |
|
2000 |
"Towards a New International Monetary
Order: The World Currency Unit and the Global Indexed Bond", The World Economy,
Vo. 23, No.7, pp. 939-950. |
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1998 |
"Country of Origin Rules: Its Origin, Nature,
and Directions for Reform", Pacific Economics Review (UK), Vol. 3, No. 2,
June 1998, pp. 161-166. |
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1997 |
"Hong Kong in the 21st Century", New Asia,
Yoido Society for New Asia (Korea), 4(2), pp. 88-98. |
|
1993 |
"Regional Balance of
Payments: an Interpretation," Regional Studies (U.K.), Vol. 27, No.5, 1993,
pp.457-466. |
|
1990 |
"A
Proposal for an Adaptive Linked Exchange Rate System," Hong Kong Economic Papers, 20, pp. 89-96. |
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1988 |
"Government Deficit
Financing and Stabilization," Journal of Economic Studies (U.K.),Vol.15,
no.5, 1988, pp. 34-44. |
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1987 |
"Productivity-based Real
Incomes Policy," Journal of Economics and International Relations, Vol.
1,
No.4, pp. 343-353. |
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1982 |
"The Underlying Inflation Rate: a note," Atlantic
Economic Journal, March 1982. |
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2008 |
"Economy", in Hong Kong Special
Administrative Region in Its First Decade, edited by Joseph Cheng,
City University of Hong Kong Press, forthcoming. |
|
2005 |
"Housing as a Mover of the Domestic Economy",
in Joseph Cheng, The July 1 Protest Rally: Interpreting a Historic Event,
City University of HK Press. |
| |
"In Search of Excellence - An Introduction to
the Volumn", in Ho, et.al. (eds.)", Education Reform and the Quest for
Excellence: The Hong Kong Story, HK: Hong Kong University Press. |
| |
"Education Reform: A Socio-Economic
Perspective", in Ho, Paul Morris and Yue Ping Chung (eds.), Education
Reform and the Quest for Excellence: The Hong Kong Story, HK: Hong Kong
University Press. |
| |
"The Way to Build World Class Universities in
Hong Kong", in Ho, Paul Morris and Yue Ping Chung (eds.), Education
Reform and the Quest for Excellence: The Hong Kong Story, HK: Hong Kong
University Press. |
| |
"Education Reform in Hong Kong: What are the
Lessons", in Ho, Paul Morris and Yue Ping Chung (eds.), Education Reform
and the Quest for Excellence: The Hong Kong Story, HK: Hong Kong
University Press. |
|
2002 |
"Policy Blunder of the Century Threatens Hong
Kong's Economic Future", in Lau Sai Kai (ed.), The First Tung Chee Hwa
Administration: the First Five Years of the Hong Kong Special Administrative
Region, HK: Chinese University of Hong Kong. |
|
2001 |
"The Political Economy of the HKSAR's Fiscal
Policy", in Joseph Cheng (ed.), Political Development in the HKSAR,
HK: City University of Hong Kong Press. |
|
1999 |
"Hong Kong in the Midst of a Currency Crisis,” in Hong Kong: the
Superparadox: Life after Revision to China, edited by James Hsiung, NY: St. Martin's
Press, pp. 59-74. |
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1998 |
"The Rise and Fall of the Hong Kong Economy,” The Other Hong
Kong Report, HK: Chinese University of HK Press, pp. 139-153. |
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1996 |
"The Political Economy of Labour Market Policies" in Managing
the New Hong Kong Economy (ed. by David Mole), New York: Oxford University Press,
76-94. |
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1995 |
"Inflation: New Risks for the Hong Kong Economy," in The
Other Hong Kong Report, HK:CUHK Press, pp.183-195. |
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1994 |
"The Economy,"(in Chinese) in Graphic Trends: Hong Kong,
HK: Commercial Press, pp.28-49. |
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1993 |
"The Economy,"(in Chinese/and separately in English with title Hong
Kong in Focus) in Graphic Trends: Hong Kong, HK: Commercial Press, 1993,
pp.23-26. |
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"Economics of social security," Hong Kong in Transition,
One Country Two Systems Economic Research Institute (in Chinese) 1993, pp.582-593. |
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"International Labour Migration: the Case of Hong Kong" (with
P.W.Liu andK.C.Lam), International Labour Migration in East Asia, Tokyo: United
Nations University. |
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1992 |
"Towards Better Deposit Protection for Hong Kong," in Y.C. Jao
(ed.)Deposit Insurance: Issues and Evaluation, Hong Kong: The Chartered Institute
of Bankers, July, pp.39-51. |
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"The Purpose and Nature of Social Security" (in Chinese), in The
Future of Social Welfare, edited by the Federation of Hong Kong Social Work
Students(1992). |
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"Labour and Employment" in The Other Hong Kong Report,
pp.197-212, Chinese University Press, ed. by Joseph Cheng and Paul Kwong. |
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"Economic Cooperation between China and Hong Kong," in Collected
Essays from the Conference on Beijing-Hong Kong Enterprise Development, September(in
Chinese) |
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1991 |
"Labour and Employment" in The Other Hong Kong Report,
Chinese University Press, ed. by Y.W.Sung and M.K.Lee. |
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"The Role of the Government and the Vigor of the Private
Sector," in Joseph Cheng(ed.) Creating a New Era for Hong Kong,H.K.:Breakthrough,
1991(in Chinese) |
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1989 |
"The Role of Government", in Reiitsu Kojima(ed.) Focus on
Asia: Industrialisation of Hong Kong, Institute of Developing Economies, Tokyo,
l989(in Japanese). |
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"The State of the Economy," in T.L.Tsim and Bernard Luk(ed.)The
Other Hong Kong Report, Chinese University of Hong Kong Press, pp.63-98. |
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1986 |
"The Hong Kong Economy: a l985 Review," in Kwan & Chan(ed.)Hong
Kong Society: A Reader, Hong Kong: Writers & Publishers Co-operative, pp.45-69. |
|
2006 |
“A Sustainable Currency Regime for Hong Kong
and the Mainland,” in Lok Sang Ho and Robert Ash (eds.), China, Hong
Kong, and the World Economy: Studies on Globalization,
Palgrave-Macmillan, pp. 101-118. |
|
2006 |
“Introduction,”(with Robert Ash) in Lok Sang
Ho and Robert Ash (eds.), China, Hong Kong, and the World Economy:
Studies on Globalization, Palgrave-Macmillan, pp. 101-118. |
|
1998 |
"China's Road to Exchange Rate
Liberalisation, in Joseph Cheng(ed.) China in the Post-Deng Era, Chinese University
Press, 453-470. |
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1996 |
Fiscal Relations between Shanghai and the Central
Government,"(with K.Y.Tsui)in Yue-man Yeung and Yun-wing Sung(ed.): Shanghai:
Transformation and Modernation under China's Open Door Policy, HK: Chinese University
Press, pp.153-169. |
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1995 |
"An Exploration of Fiscal Relations between
Shanghai and Central," in Pan MinShang, Sung Yun-wing, Dong Xinbao, and Yu Zhong
Gen(ed.) Hu Jing Gang Zhuanjia Zhonglun Shanghai Fazhan(Shanghai's Development:
Views of Experts from Shanghai, Beijing, and Hong Kong), Shanghai People's Press,
pp.118-128. |
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1995 |
"Environmental Management in South China,"
in Wong, Chu, Chen, and Ma(ed.) Environmental Research in Pearl River and Coastal Area,
Guangzhou: Guangdong Higher Education Press. |
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1994 |
"Financial Restructuring" in China
Review 1994,(ed. by Lo Chi-kin and Maurice Brosseau, HK: Chinese University Press,
1994,pp.10.1-10.15. |
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1993 |
"Central-provincial fiscal relations" in
Joseph Cheng and Maurice Brossau(ed.) China Review, CUHK Press. |
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"China and Hong Kong: Economic
Partnership", (with Y.W.Sung), in The Chinese Economy in the 1990s, the
Institute of Developing Economies, Japan, pp.77-88. |
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"An Evaluation of China's Monetary System &
Policy," co-authored with He Xiang-wei of Beijing, in Yu Jing-yuan, Shi Ruo-hua, and
Hsueh tien-tung(ed.) Economic Reform and Development in China, Hong Kong: Chinese
University Press(N.Y.:St Martin's Press) (Chinese version pubished by Commercial Press in
Beijing, 1990) |
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"A Mathematical Model of China's Monetary
System," co-authored with He Xiang-wei, & He Lin, ibid. |
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"Introduction,"(with Y.C.Jao and Victor
Mok) in Jao,Mok, and Ho(ed.) Economic Development in Chinese Societies: Models and
Experiences, HK University Press. |
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"Whither China's Foreign Exchange
Controls?" in Joseph Cheng(ed.)China: Modernization in the l989s, H.K: Chinese
University of Hong Kong Press; N.Y: St.Martin's Press, l989, pp.461-494. |
|
2006 |
“Introduction: Happiness as the Only Ultimate
Objective of Public Policy,” in Happiness and Public Policy: Theory,
Cases, and Implications, edited by Yew-Kwang Ng and Lok Sang Ho,
Palgrave Macmillan, pp. 47-66. |
| |
“The Three Happinesses and Public Policy,” in
Happiness and Public Policy: Theory, Cases, and Implications, edited
by Yew-Kwang Ng and Lok Sang Ho, Palgrave Macmillan, pp. 47-66. |
|
2002 |
"The Logistics Industry in Hong Kong", with
Thomas Voon, Hong Kong in Focus: Political and Econmic Issues, in S.G.
Rioni (ed.), Nova Science Publishers. |
| |
"Introduction", Exchange Rate Regimes and
Macroeconomic Stability, joint editor with Chi-wa Yuen), Boston: Kluwer
Academic Publishers, pp. 1-5. |
| |
"Bringing about Realistic Exchange Rates: a
Post-Asian Financial Crisis Perspective", Exchange Rate Regimes and
Macroeconomic Stability, joint editor with Chi-wa Yuen), Boston: Kluwer
Academic Publishers, pp. 133-144. |
| |
"An Exploratory Essay on the Economics of
Chinese Medicine", Chinese Medicine in Modern Society, in Frank
Fu (ed.), HK: Baptist University (a refereed publication of the Dr. Stephen
Hui Research Centre for Physical Recreation and Wellness, pp. 22-28. |
|
2001 |
"Realistic
Exchange Rates: A Post-Financial Crisis Perspective," in James Hsiung
and Brian Bridges (eds.), 21st Century World Order & the Asia
Pacific, NY: Palgrave, pp. pp. 329-339. |
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"A
Multiple Country Rule of Origin to Help Resolve Trade Disputes," (in
English) in Y.Y. Kueh and W. M. Zheng (eds.), Economic Globalization
and Sino-American Trade Relation (Jingji Quanqiuhua yu Zhong-mei Jingmou
Guanxi), Bejing: Social Science Literature Publishers (Shehui Kexue
Wenxian Chubanshe), pp. 325-337. |
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1995 |
"Is there a link among Confucianism,
institutions, and economic performance?"(with T.B.Lin) in Confucianism and
Economic Development, ed. by Tzong-shian Yu and Joseph Lee, Taipei: Chung-Hua
Institution for Economic Research, pp.345-367. |
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1992 |
"Government Policy for the Taxicab
Industry,"(in Chinese) in L.C.Chau and Y.C.Tse(ed) A New Perspective on Economics(Jingjixue
Xinlun), HK: Commercial Press. |
|
1990 |
"Forward," in John Naisbitt and Patricia
Aburdene, Megatrends 2000, Publications(Holdings)Ltd. |
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Academic Papers