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  "documentTitle": "Hong Kong Dollar / Hong Kong Monetary Authority (HKMA) (HKD)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2011-09-14 00:00:00",
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  "notes": "The slide highlights the decoupling of productivity and wage growth.",
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      "kind": "callout",
      "text": "Gains from economic growth have not been evenly spread. Average wages have been flat for many years despite very low unemployment and strong productivity growth",
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      "text": "Real Wages",
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      "text": "Source: “Real Wages” - Bloomberg. “Census and Statistics Department” Hong Kong SAR Government, Productivity Index, table 103.",
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      "text": "Real Wages in Hong Kong – Indexed to 2003 = 100",
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