The Macao Monetary Research Bulletin contains research articles prepared by academics in the fields of economics and finance, invited specialists and staff economists in the AMCM. The Editor also welcomes paper contributions to this Bulletin. Please send manuscript copies by e-mail to . The views expressed in the articles of this Bulletin are those of the authors and do not represent those of the Monetary Authority of Macao. Reprinting of any figures or statements contained herein is permitted provided that proper attribution is given to the Macao Monetary Research Bulletin.