Hong Kongs Exchange Rate Regimes In The Twentieth Century

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Hong Kong's Exchange Rate Regimes in the Twentieth Century

Author : Tony Latter
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Hong Kong's Exchange Rate Regimes in the Twentieth Century by : Tony Latter

Download or read book Hong Kong's Exchange Rate Regimes in the Twentieth Century written by Tony Latter and published by . This book was released on 2007 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The three key changes to Hong Kong's monetary framework in the twentieth century are examined. In the first half of the 1930s, the rising price of silver caused mounting difficulties for China and Hong Kong, both then operating a silver standard. Consideration of a possible regime change in Hong Kong spread over a number of years, but it was always decided not to move before China. Eventually, when China left silver in 1935, Hong Kong left too and adopted what was effectively a sterling-based currency board. This is judged to have been the correct decision, although a case may be argued that the change should have taken place a couple of years earlier. In 1972, prompted by disenchantment with the weakness of sterling and the UK government's decision to let it float, the Hong Kong government abandoned both the sterling link and, in apparent ignorance of its fundamental monetary importance, the currency board principle. This propelled Hong Kong, which had no central bank at the time, into an era of monetary indeterminacy, where stability was dependent essentially on consensus and mutuality of interests between government and the principal banks. The system was destined to crack if ever market pressures exerted too great a strain, which they finally did in 1983. The currency board was then re-instituted, on this occasion based on the US dollar, and has succeeded in maintaining a stable exchange rate ever since. Various refinements in the years since 1983, including the establishment of the Monetary Authority in the role of a central bank, have made the system more robust. With a central bank, Hong Kong now has the capacity to operate an alternative monetary policy framework, should it so wish. For each of the three regime changes, this paper explores the background, both political and economic, the options which were considered and the reasons for the eventual decisions.

Exchange Rate Regimes and Macroeconomic Stability

Author : Lok Sang Ho
Publisher : Springer Science & Business Media
ISBN 13 : 1461510414
Total Pages : 258 pages
Book Rating : 4.4/5 (615 download)

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Book Synopsis Exchange Rate Regimes and Macroeconomic Stability by : Lok Sang Ho

Download or read book Exchange Rate Regimes and Macroeconomic Stability written by Lok Sang Ho and published by Springer Science & Business Media. This book was released on 2011-06-28 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian crisis of 1997-1998 was a major influence on macroeconomic thinking concerning exchange rate regimes, the functioning of international institutions, such as the IMF and the World Bank, and international contagion of macroeconomic instability from one country to another. Exchange Rate Regimes and Macroeconomic Stability offers perspectives on these issues from the viewpoints of two Nobel Laureates, an IMF economist, and Asian economists. This book contributes new ideas to the ongoing debate on the role of domestic monetary authorities and international institutions in reducing the likelihood of international financial crises, as well as the problems associated with various exchange rate regimes from the standpoint of macroeconomic stability. Overall, the chapters contained in this volume offer interesting perspectives, which have been stimulated by the recent events in the foreign exchange market. They provide a useful reference for anyone interested in the development of exchange rate regimes, and represent considerable reflection by economists half a century after Bretton Woods.

Hong Kong's Money

Author : Tony Latter
Publisher : Hong Kong University Press
ISBN 13 : 9622098762
Total Pages : 164 pages
Book Rating : 4.6/5 (22 download)

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Book Synopsis Hong Kong's Money by : Tony Latter

Download or read book Hong Kong's Money written by Tony Latter and published by Hong Kong University Press. This book was released on 2007-08-01 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since 1983 Hong Kong has pegged its currency to the US dollar through a currency board system that is unique among the world's advanced economies. In this first comprehensive book about Hong Kong's monetary system, Tony Latter draws on his considerable experience in central banking generally, and with the Hong Kong Monetary Authority in particular, to give a detailed account of how the system operates; why it was introduced; what are the important differences from other monetary regimes; and how it has performed. After a brief overview of Hong Kong's currency board system, two chapters explain the key features of mainstream monetary policy as practised in most economies and how the currency board differs. Then three chapters deal with the history of money in Hong Kong from the mid-1930s, describing the salient events and changes of the period up to the 1983 crisis and the consequent re-adoption of the currency board. Descriptions of the functioning of the system after 1983 and its evolution to the present day then follow. The book concludes with assessments of the performance of the currency board since 1983 and of the Hong Kong economy more widely. This book is designed both to inform lay readers and to provide substance for monetary economists. Given the key role of monetary policy in providing a stable foundation for a strong economy, the book is of importance for all business people in Hong Kong, while the more analytical sections provide essential reading for all students of economics.

Choosing an Exchange Rate Regime for a Sub-National Economy from an Optimum Currency Area Perspective

Author : Sau San Chan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Choosing an Exchange Rate Regime for a Sub-National Economy from an Optimum Currency Area Perspective by : Sau San Chan

Download or read book Choosing an Exchange Rate Regime for a Sub-National Economy from an Optimum Currency Area Perspective written by Sau San Chan and published by . This book was released on 2014 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong is a unique case in the world history of exchange systems. As a territory under British administration for more than 150 years, it has maintained a floating exchange rate relationship with its sovereignty power in a separate currency area for more than a century. This exchange arrangement once existed with a peculiar institutional setting that the government had no control over the monetary base. In the post-1997 era, the survival of this "one country, two currencies" model depends on whether the authorities will continue to allow the HK dollar to float against the Renminbi. Based on the theory of optimum currency areas, this paper, with the ultimate objective to identify the optimal choice of exchange rate regime for HK, explores the economic rationale behind these interesting phenomena. The two inter-related issues--the choice of fixed versus floating exchange rate regimes and the optimal target of link currency--are addressed. It is argued that the structural characteristics and the development of monetary institutions have been the crucial determinants of the optimal exchange system for the sub-national economy. Our findings provide new interpretations regarding the monetary crisis in October 1983 and the monetary reforms since July 1988 and delineate policy implications for the exchange arrangements before and after 30 June 1997. It is suggested that HK should stay in the U.S. currency area, which has a floating exchange rate relationship with the currency area of the Territory's sovereignty power. The "one country, two currencies" model should be intact as long as the structural characteristics of HK remain unchanged. This paper also adds value to the empirical studies of optimum currency areas, which have been dominated traditionally by the verification of the diversified choices between fixed and floating exchange rate regimes and contemporarily by the justification for the EMU. It represents the first effort to deal with a model of many currencies for one country since R. Mundell introduced the idea that the domain of optimum currency areas should be defined by structural characteristics rather than national boundary in 1961.

Hong Kong SAR Monetary and Exchange Rate Challenges

Author : C. Schenk
Publisher : Springer
ISBN 13 : 0230594743
Total Pages : 211 pages
Book Rating : 4.2/5 (35 download)

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Book Synopsis Hong Kong SAR Monetary and Exchange Rate Challenges by : C. Schenk

Download or read book Hong Kong SAR Monetary and Exchange Rate Challenges written by C. Schenk and published by Springer. This book was released on 2008-11-28 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong SAR is now highly unusual as a large economy running a currency board system that pegs the Hong Kong Dollar to the US Dollar. This volume explores the origins and persistence of this system, presenting the viewpoint of several of the main protagonists in the operation of the currency board since 1983 as well as new research by academics.

Options on Foreign Exchange

Author : David F. DeRosa
Publisher : John Wiley & Sons
ISBN 13 : 9780471316411
Total Pages : 256 pages
Book Rating : 4.3/5 (164 download)

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Book Synopsis Options on Foreign Exchange by : David F. DeRosa

Download or read book Options on Foreign Exchange written by David F. DeRosa and published by John Wiley & Sons. This book was released on 2000-01-18 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt: Your A to Z Guide to the World's Largest Option Market "A clearly written manual that flows smoothly. Whether you have 20 years of experience in the FX options markets or none, you will learn something interesting from reading this book. Highly recommended for both traders and non-traders." * Adam Kreysar, Global Head FX Options Warburg Dillon Read "DeRosa presents technical material with a minimum of technical fuss. Filtered through his scholarship and practical trading experience, up-to-date topics such as exotic options, forward volatilities, and the volatility smile become accessible. The book will be extremely useful to asset managers and risk managers." * Allan M. Malz, Partner The RiskMetrics Group "This new edition of Options on Foreign Exchange provides an exhaustive review of the literature on currency options, in addition to covering the practical aspects of the business. It is greatly pedagogical and well written-as can be expected from David DeRosa." * Nassim Taleb, President Empirica Capital LLC

Exchange Rate Regimes in the Modern Era

Author : Michael W. Klein
Publisher : MIT Press
ISBN 13 : 0262258331
Total Pages : 267 pages
Book Rating : 4.2/5 (622 download)

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Book Synopsis Exchange Rate Regimes in the Modern Era by : Michael W. Klein

Download or read book Exchange Rate Regimes in the Modern Era written by Michael W. Klein and published by MIT Press. This book was released on 2012-08-24 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence. The exchange rate is sometimes called the most important price in a highly globalized world. A country's choice of its exchange rate regime, between government-managed fixed rates and market-determined floating rates has significant implications for monetary policy, trade, and macroeconomic outcomes, and is the subject of both academic and policy debate. In this book, two leading economists examine the operation and consequences of exchange rate regimes in an era of increasing international interdependence. Michael Klein and Jay Shambaugh focus on the evolution of exchange rate regimes in the modern era, the period since 1973, which followed the Bretton Woods era of 1945–72 and the pre-World War I gold standard era. Klein and Shambaugh offer a comprehensive, integrated treatment of the characteristics of exchange rate regimes and their effects. The book draws on and synthesizes data from the recent wave of empirical research on this topic, and includes new findings that challenge preconceived notions.

Swiss Monetary History since the Early 19th Century

Author : Ernst Baltensperger
Publisher : Cambridge University Press
ISBN 13 : 1108191444
Total Pages : 267 pages
Book Rating : 4.1/5 (81 download)

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Book Synopsis Swiss Monetary History since the Early 19th Century by : Ernst Baltensperger

Download or read book Swiss Monetary History since the Early 19th Century written by Ernst Baltensperger and published by Cambridge University Press. This book was released on 2017-08-03 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book describes the remarkable path which led to the Swiss Franc becoming the strong international currency that it is today. Ernst Baltensperger and Peter Kugler use Swiss monetary history to provide valuable insights into a number of issues concerning the organization and development of monetary institutions and currency that shaped the structure of financial markets and affected the economic course of a country in important ways. They investigate a number of topics, including the functioning of a world without a central bank, the role of competition and monopoly in money and banking, the functioning of monetary unions, monetary policy of small open economies under fixed and flexible exchange rates, the stability of money demand and supply under different monetary regimes, and the monetary and macroeconomic effects of Swiss Banking and Finance. Swiss Monetary History since the Early 19th Century illustrates the value of monetary history for understanding financial markets and macroeconomics today.

Hong Kong on the Move

Author : Carola McGiffert
Publisher : CSIS
ISBN 13 : 9780892065172
Total Pages : 258 pages
Book Rating : 4.0/5 (651 download)

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Book Synopsis Hong Kong on the Move by : Carola McGiffert

Download or read book Hong Kong on the Move written by Carola McGiffert and published by CSIS. This book was released on 2008 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Hong Kong

Author : Stephen Chiu
Publisher : Routledge
ISBN 13 : 1134600631
Total Pages : 234 pages
Book Rating : 4.1/5 (346 download)

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Book Synopsis Hong Kong by : Stephen Chiu

Download or read book Hong Kong written by Stephen Chiu and published by Routledge. This book was released on 2009-06-09 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong is a small city with a big reputation. As mainland China has become an 'economic powerhouse' Hong Kong has taken a route of development of its own, flourishing as an entrepot and a centre of commerce and finance for Chinese business, then as an industrial city and subsequently a regional and international financial centre. This volume examines the developmental history of Hong Kong, focusing on its rise to the status of a Chinese global city in the world economy. Chiu and Lui's analysis is distinct in its perspective of the development as an integrated process involving economic, political and social dimensions, and as such this insightful and original book will be a core text on Hong Kong society for students.

The New International Monetary System

Author : Charles Wyplosz
Publisher : Routledge
ISBN 13 : 1135163820
Total Pages : 198 pages
Book Rating : 4.1/5 (351 download)

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Book Synopsis The New International Monetary System by : Charles Wyplosz

Download or read book The New International Monetary System written by Charles Wyplosz and published by Routledge. This book was released on 2010-02-25 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt: Edited by and with an introduction from Charles Wyplosz, this book brings together some of the key international people in the field of monetary policy, central banking and exchange rate regimes to discuss contemporary international monetary issues.

Unlocking the World

Author : John Darwin
Publisher : Penguin UK
ISBN 13 : 0141992808
Total Pages : 496 pages
Book Rating : 4.1/5 (419 download)

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Book Synopsis Unlocking the World by : John Darwin

Download or read book Unlocking the World written by John Darwin and published by Penguin UK. This book was released on 2020-10-01 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the acclaimed historian of global empire, the dramatic story of how steam power reshaped our cities and our seas, and forged a new world order Steam power transformed our world, initiating the complex, resource-devouring industrial system the consequences of which we live with today. It revolutionized work and production, but also the ease and cost of movement over land and water. The result was to throw open vast areas of the world to the rampaging expansion of Europeans and Americans on a scale previously unimaginable. Unlocking the World is the captivating history of the great port cities which emerged as the bridgeheads of this new steam-driven economy, reshaping not just the trade and industry of the regions around them but their culture and politics as well. They were the agents of what we now call 'globalization', but their impact and influence, and the reactions they provoked, were far from predictable. Nor were they immune to the great upheavals in world politics across the 'steam century'. This book is global history at its very best. Packed with fascinating case histories (from New Orleans to Montreal, Bombay to Singapore, Calcutta to Shanghai), individual stories and original ideas, Darwin's book allows us, for better or worse, to see the modern age taking shape.

Profits, Politics and Panics

Author : Leo Goodstadt
Publisher : Hong Kong University Press
ISBN 13 : 9789622098961
Total Pages : 340 pages
Book Rating : 4.0/5 (989 download)

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Book Synopsis Profits, Politics and Panics by : Leo Goodstadt

Download or read book Profits, Politics and Panics written by Leo Goodstadt and published by Hong Kong University Press. This book was released on 2007-10-01 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: Goodstadt brilliantly weaves a tapestry that resolves major puzzles about Hong Kong's growth as an international financial centre during this pivotal fifty-year period. This is a devastating expose of the consequences of the British colonial government's failure to effectively regulate banking and manage monetary policy."--David Meyer, Washington University. St. LouisLeo F. Goodstadt is adjunct professor in the School of Business Studies at Trinity Colletge, University of Dublin. He was formerly deputy editor of the Far Eastern Economic Review.

A History of China in the 20th Century

Author : Lü Peng
Publisher : Springer Nature
ISBN 13 : 9819907349
Total Pages : 1743 pages
Book Rating : 4.8/5 (199 download)

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Book Synopsis A History of China in the 20th Century by : Lü Peng

Download or read book A History of China in the 20th Century written by Lü Peng and published by Springer Nature. This book was released on 2023-08-14 with total page 1743 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides readers with rich context and detailed description leading to new perspectives on major historical events in China. Positioned as a thought leader and highly acclaimed arts professional in China, the author is able to give a historical account of China’s twentieth century that is richly informed by its valent fields of political economy and cultural studies. Western readers' knowledge of China’s twentieth century remains based on pioneering research of modern scholars such as Fairbank and Jonathan Spence. In recent years, however, it is rare to see a complete history of China spanning the nineteenth and twentieth centuries which also includes the first two decades of the twenty-first century. This book contributes new narrative and perspective to this span of history. Now, as the Sino-US trade conflict makes dramatic impact on a post-COVID global economy, readers have the need for a fresh understanding of how China came to be what it is today. The author’s groundbreaking work provides new insight provided by newly uncovered sources explaining how China came to be what it is today from a cultural and sociological perspective, in a historical mode.

Evolution and Performance of Exchange Rate Regimes

Author : Mr.Kenneth Rogoff
Publisher : International Monetary Fund
ISBN 13 : 1451875843
Total Pages : 85 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis Evolution and Performance of Exchange Rate Regimes by : Mr.Kenneth Rogoff

Download or read book Evolution and Performance of Exchange Rate Regimes written by Mr.Kenneth Rogoff and published by International Monetary Fund. This book was released on 2003-12-01 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as economies mature, the value of exchange rate flexibility rises. For countries at a relatively early stage of financial development and integration, fixed or relatively rigid regimes appear to offer some anti-inflation credibility gain without compromising growth objectives. As countries develop economically and institutionally, there appear to be considerable benefits to more flexible regimes. For developed countries that are not in a currency union, relatively flexible exchange rate regimes appear to offer higher growth without any cost in credibility.

Twentieth Century Colonialism and China

Author : Bryna Goodman
Publisher : Routledge
ISBN 13 : 1136450394
Total Pages : 274 pages
Book Rating : 4.1/5 (364 download)

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Book Synopsis Twentieth Century Colonialism and China by : Bryna Goodman

Download or read book Twentieth Century Colonialism and China written by Bryna Goodman and published by Routledge. This book was released on 2012-07-26 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: Colonialism in China was a piecemeal agglomeration that achieved its greatest extent in the first half of the twentieth century, the last edifices falling at the close of the century. The diversity of these colonial arrangements across China’s landscape defies systematic characterization. This book investigates the complexities and subtleties of colonialism in China during the first half of the twentieth century. In particular, the contributors examine the interaction between localities and forces of globalization that shaped the particular colonial experiences characterizing much of China’s experience at this time. In the process it is clear that an emphasis on interaction, synergy and hybridity can add much to an understanding of colonialism in Twentieth Century China based on the simple binaries of colonizer and colonized, of aggressor and victim, and of a one-way transfer of knowledge and social understanding. To provide some kind of order to the analysis, the chapters in this volume deal in separate sections with colonial institutions of hybridity, colonialism in specific settings, the social biopolitics of colonialism, colonial governance, and Chinese networks in colonial environments. Bringing together an international team of experts, Twentieth Century Colonialism and China is an essential resource for students and scholars of modern Chinese history and colonialism and imperialism.

Evolution of Exchange Rate Regimes

Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451946945
Total Pages : 38 pages
Book Rating : 4.4/5 (519 download)

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Book Synopsis Evolution of Exchange Rate Regimes by : International Monetary Fund

Download or read book Evolution of Exchange Rate Regimes written by International Monetary Fund and published by International Monetary Fund. This book was released on 1988-12-09 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.