Academic Profile

Dr. Yip is currently an Associate Professor in Economics at the School of Humanities and Social Sciences. He obtained his first degree from the University of Hong Kong, and his Master degree and Ph.D. degree from the London School of Economics. Before returning to NTU in late 1999, he gained extensive central banking and financial experience with the Hong Kong Monetary Authority, the Bank of China and the Bank of East Asia. In addition to his extensive publications in economics, finance and management journals, such as the Academy of Management Journal, the Journal of Banking and Finance, and the International Review of Economics and Finance, he has made important exchange rate and macroeconomic policy recommendations on China, Singapore and Hong Kong. In particular, he has made enormous influential recommendations on China’s exchange rate system reform, banking reform, monetary policies, anti-asset inflation measures, gradual squeezing of stock market bubble, adoption of housing policy similar to that of Singapore, trade and capital account policies, fiscal policies and anti-recession measures. These recommendations have made him a very famous academic economist within the policy circle in China. He has also published widely on the exchange rate systems of China, Singapore and Hong Kong. His book on “The Exchange Rate Systems in Hong Kong and Singapore: Currency Board vs Monitoring Band” has up to now had five reprints. After his latest journal paper on China’s exchange rate system reform, he is now planning to write a book on the exchange rate system reform and the latest macroeconomic issues in China.
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Assoc Prof Yip Sau Leung
Associate Professor, School of Social Sciences

Research Interest
1. International Monetary Economics
2. Foreign direct investments
3. Applied Econometrics in Economics, Finance and Management Studies
4. Exchange rate systems and macroeconomic policies in China, Singapore and Hong Kong

Journal Papers

1. Tsang Eric W. K., Yip Paul S. L. and Toh M. H. 2008, The Impact of R&D on Value Added for Domestic and Foreign Firms in a Newly Industrialized Economy, International Business Review (United States), Vol. 53, No. 3.

2. Yip Paul S.L., Tan K.C., 2008, Impacts of Ageing Population on Monetary and Exchange Rate Management in Singapore, Singapore Economic Review (Singapore), Vol. 53, No. 2.

3. Tsang Eric W.K., Yip Paul S.L., 2008, Competition, Agglomeration, and Performance in Beijing Hotels, The Service Industries Journal (United Kingdom), Vol. 29, No. 2.

4. Tsang Eric W.K., Yip Paul S.L., 2007, Economic Distance and Survival of Foreign Direct Investments, Academy of Management Journal (United States), 50(5), 1156-1168.

5. Yip Paul S.L., 2007, China's Exchange Rate System Reform, Singapore Economic Review (Singapore), 52( 3), 363-402.

6. Yip Paul S.L., Tsang Eric W.K., 2007, Interpreting Dummy Variables and Their Interaction Effects in Strategic Research, Strategic Organization (Canada), 5(1), 13-30.

7. Yip Paul S.L., 2007, Editorial Overview: Important Lessons from Some Major Exchange Rate and Monetary Experiences in Asia, Singapore Economic Review (Singapore), 52(3), 269-283.

8. Yip Paul S.L., Yao S.T., 2006, Removing Foreign Direct Investment's Exchange Rate Risk in Developing Economies, International Review of Economics and Finance (United States), 15(3), 294-315.

9. Tse Y.K., Yip Paul S.L., 2006, Exchange Rate Systems and Interest Rate Behavior: The Experience of Hong Kong and Singapore, International Review of Economics and Finance (United States), 15(2), 212-227.

10. Yip Paul S.L., 2005, On the Maintenance Costs and Exit Costs of the Peg in Hong Kong, Review of Pacific Basin Financial Markets and Policies (United States), 8(3), 377-403.

11. Tse Y.K., Yip Paul S.L., 2003, The Impacts of Hong Kong's Currency Board Reforms on the Interbank Market, Journal of Banking and Finance (Netherlands), 27(12), 2273-2296.

12. Yip Paul S.L., 2003, A Restatement of Singapore's Monetary and Exchange Rate Policies, Singapore Economic Review (Singapore), 48(2), 201-212.

13. Yip Paul S.L., Wang R.F., 2002, Is Price in Hong Kong That Flexible? Evidence from the Export Sector, Asian Economic Journal (Japan), 16(2), 193-208.

14. Yip Paul S.L., 2002, A Note on Singapore's Exchange Rate Policy: Empirical Foundations, Past Performance and Outlook, Singapore Economic Review (Singapore), 47(1), 173-182.

15. Yip Paul S.L., Wang R.F., 2001, On the Neutrality of Exchange Rate Policy in Singapore, ASEAN Economic Bulletin (Singapore), 18(2), 251-262.

16. Yip Paul S.L., 1999, The Speculative Attack in Hong Kong Amid the Asian Financial Crisis, Asian Pacific Journal of Finance (Singapore), 2(1), 79-92. [Extended from an anti-crisis proposal against the speculative attack and interest rate hike in Hong Kong in 1997-98.]

17. Driver, D., Yip Paul S.L., Dakhil, N., 1996, Large Company Capital Formation and Effects of Share Turbulence: Micro-data Evidence from the PIMS Data Base, Applied Economics (United Kingdom), 28(6), 641-651.

18. Yip Paul S.L., Yeo H.H., Tan T.M., Tan C.H., 1996, The Asian Consumer Durable Market: With Special Reference to China, ASEAN Economic Bulletin (Singapore), 12(3), 380-396.


1. Yip Paul S. L., 2008, The Exchange Rate Systems and Policies in Asia, World Scientific.

2. Yip Paul S. L., 2005, The Exchange Rate Systems in Hong Kong and Singapore: Currency Board vs Monitoring Band, Prentice Hall.
  • Yan F.L. and YIp P.S.L. (2019). Nonlinear Adjustment of Exchange Rate and Exchange Rate Policy: Lessons from Singapore. International Journal of Finance and Economics, .

  • Yip Paul S. L. (2019). From the Global Financial Tsunami to the Property Bubbles in Asia: Lessons for Macroeconomic Policy Management. World Scientific.

  • Yip Paul S. L. (2018). Some Important Characteristics of Asset Bubbles and Financial Crises. Modern Economy, .

  • Yip Paul S. L. (2016). China's Exchange Rate System Reform: Two Potential Mistakes and the Recommended Long-Term System. The Singapore Economic Review, 61(2), 51.

  • Yip Paul S. L. (2014). The Risk of Property Bubbles in Hong Kong and Singapore: Another Aftershock Crisis of the Global Financial Tsunami?. The Singapore Economic Review, 59(2).