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The Analysis Of The Linked Exchange Rate System In Hong Kong And Its Comparison With The Currency Board Monetary System
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Book Synopsis The Analysis of the Linked Exchange Rate System in Hong Kong and Its Comparison with the Currency Board Monetary System by : Kwok-wa Lo (Wallace)
Download or read book The Analysis of the Linked Exchange Rate System in Hong Kong and Its Comparison with the Currency Board Monetary System written by Kwok-wa Lo (Wallace) and published by . This book was released on 1998 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Money And Finance In Hong Kong: Retrospect And Prospect by : East Asian Institute
Download or read book Money And Finance In Hong Kong: Retrospect And Prospect written by East Asian Institute and published by World Scientific. This book was released on 1998-05-13 with total page 78 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong's reunification with China on July 1, 1997 after 156 years of British rule was a historic event of worldwide significance. While the transition to Chinese sovereignty has so far been smoother than expected, there are lingering doubts concerning three interrelated issues: whether the Hong Kong dollar can continue to exist, whether the linked exchange rate can survive and whether Hong Kong can retain its role as an international financial centre. These issues are analyzed and discussed objectively in the first article of this book.The second article confines itself to the workings of the currency board. In addition, the future of the system after Hong Kong's historic reunification with China is briefly discussed.
Book Synopsis Hong Kong's Currency Board and Changing Monetary Regimes by : Yum K. Kwan
Download or read book Hong Kong's Currency Board and Changing Monetary Regimes written by Yum K. Kwan and published by . This book was released on 1996 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper discusses the historical background and institutional details of Hong Kong's currency board. We argue that its experience provides a good opportunity to test the macroeconomic implications of the currency board regime. Using the method of Blanchard and Quah (1989), we show that the parameters of the structural equations and the characteristics of supply and demand shocks have significantly changed since adopting the regime. Variance decomposition and impulse response analyses indicate Hong Kong's currency board is less susceptible to supply shocks, but demand shocks can cause greater short-term volatility under the system. The decent performance of Hong Kong's currency board is due mainly to the stable fiscal policy of its government. Counter-factual exercises also show that three-fourths of the reduction in observed output volatility and two-thirds of that in observed inflation volatility are explained by the adoption of the currency board, while the remainder is explained by changes in the external environment. The improvement in stability does not rule out the possibility of monetary collapse, however.
Book Synopsis Is the Linked Exchange Rate System Still Viable in Hong Kong by : Kristy Zhu
Download or read book Is the Linked Exchange Rate System Still Viable in Hong Kong written by Kristy Zhu and published by . This book was released on 2019 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis applies the theory of optimum currency area (OCA) to the case of two small, open economies, Hong Kong and Singapore to see if a fixed exchange rate functions as the best exchange rate regime for them. It examines the costs and benefits of the linked exchange rate system which was established in Hong Kong in 1983 by applying a list of selected OCA criteria. This thesis further provides a comparative analysis on the economic implications of the two distinctive exchange rate systems in Hong Kong and Singapore: while Hong Kong has adopted a pegged exchange rate regime under a currency board system, Singapore operates a managed-float system that links its target rate to a basket of currencies of its major trading partners. The findings suggest that the managed-float system in Singapore has not only allowed for greater monetary autonomy during economic cycles, but also offered greater flexibility to cushion external shocks.
Book Synopsis Monetary Operations Under the Currency Board System by : Hong Kong Monetary Authority
Download or read book Monetary Operations Under the Currency Board System written by Hong Kong Monetary Authority and published by . This book was released on 2014 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents the major policy reforms to Hong Kong's Linked Exchange Rate System (LERS) that have enabled it to evolve into the highly credible, efficient, and transparent system it is today. It discusses the operating mechanism of the system in adjusting capital flows, and the role the Hong Kong Monetary Authority plays in maintaining the smooth functioning of the LERS. It shows that the LERS has stood the test of two major financial crises, large cross-border capital flows, and occasional scepticism over its sustainability and suitability for the Hong Kong economy over the past three decades.Full publication: "http://ssrn.com/abstract=2420030" Market Volatility and Foreign Exchange Intervention in EMEs: What Has Changed?
Book Synopsis Hong Kong’s Link to the US Dollar by : John Greenwood
Download or read book Hong Kong’s Link to the US Dollar written by John Greenwood and published by Hong Kong University Press. This book was released on 2022-03-07 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong’s Link to the US Dollar covers the origins of the city’s currency crisis in 1983, the initial resolution of the crisis by creation of a traditional currency board, the subsequent problems leading to the Asian financial crisis of 1997–98, and the later reforms. A new final chapter traces monetary developments in Hong Kong between 2005 and 2020. This valuable compendium of articles, originally written in the bimonthly journal Asian Monetary Monitor between 1981 and 1989, includes the key article that formed the basis for the Hong Kong government’s decision in 1983 to peg the currency to the US dollar, as well as other important documents of historical record. The main contribution of the book is its detailed monetary analysis of Hong Kong’s unique financial system before and after the currency crisis of 1983. The book explains the collapse of the floating Hong Kong dollar under the pressure of capital outflows during the Sino-British negotiations (1982–84) over the future of Hong Kong, the fascinating story of the introduction of the linked rate system pegging the Hong Kong dollar to the US dollar, and the subsequent gradual process of reform and refinement of the currency board mechanism (1988–2020). Hong Kong’s Link to the US Dollar will enable readers to obtain a comprehensive picture of why the linked rate system was put in place, how it works, and how it has been strengthened over the years. The second edition extends the discussion to 2020. Hong Kong’s Link to the US Dollar covers the origins of the city’s currency crisis in 1983, the initial resolution of the crisis by creation of a traditional currency board, the subsequent problems leading to the Asian financial crisis of 1997–98, and the later reforms. A new final chapter traces monetary developments in Hong Kong between 2005 and 2020. This valuable compendium of articles, originally written in the bimonthly journal Asian Monetary Monitor between 1981 and 1989, includes the key article that formed the basis for the Hong Kong government’s decision in 1983 to peg the currency to the US dollar, as well as other important documents of historical record. The main contribution of the book is its detailed monetary analysis of Hong Kong’s unique financial system before and after the currency crisis of 1983. The book explains the collapse of the floating Hong Kong dollar under the pressure of capital outflows during the Sino-British negotiations (1982–84) over the future of Hong Kong, the fascinating story of the introduction of the linked rate system pegging the Hong Kong dollar to the US dollar, and the subsequent gradual process of reform and refinement of the currency board mechanism (1988–2020). Hong Kong’s Link to the US Dollar will enable readers to obtain a comprehensive picture of why the linked rate system was put in place, how it works, and how it has been strengthened over the years. The second edition extends the discussion to 2020.
Download or read book Money in Hong Kong written by Y. C. Jao and published by . This book was released on 1990 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Exchange Rate Systems in Hong Kong and Singapore by : Paul Sau-Leung Yip
Download or read book The Exchange Rate Systems in Hong Kong and Singapore written by Paul Sau-Leung Yip and published by . This book was released on 2005 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Book Synopsis Real Exchange Rate Behaviour Under Hong Kong's Linked Exchange Rate System by : Zhichao Zhang
Download or read book Real Exchange Rate Behaviour Under Hong Kong's Linked Exchange Rate System written by Zhichao Zhang and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In a behavioural equilibrium exchange rate model, this study investigates the movements of the real exchange rate of the Hong Kong dollar under the currency board arrangement from 1984 to 1998. Cointegration analysis based on Johansen approach is applied to derive the equilibrium real exchange rate in behavioural sense for the Hong Kong dollar. Evidence shows that during the period under investigation, the Hong Kong dollar was initially undervalued when the currency board arrangement was installed. It moved in closer line with the equilibrium rate after 1985 and generally remained moderately undervalued until 1993. Then the currency became overvalued following the upsurge of domestic demand and lingered into 1995 before an adjustment took place latter that year. But except for a few quarters, the overvaluation was not substantial and chronic. On the whole, the Hong Kong dollar seemed to have performed well in the period under examination. In most cases, the currency was actually undervalued. When the Asian financial crisis broke out, the currency was in effect already in a process of adjustment, depreciating form an overvalued level.
Book Synopsis Hong Kong's Currency Board System - an Analysis by : Goeksen Iyikoey
Download or read book Hong Kong's Currency Board System - an Analysis written by Goeksen Iyikoey and published by . This book was released on 2007 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2005 in the subject Economics - Case Scenarios, grade: 2,3, University of Hamburg (Arbeitsbereich Makrookonomie und Quantitative Wirtschaftspolitik), course: Seminar "Economic Growth and Development in China," 24 entries in the bibliography, language: English, abstract: Currency Boards are extensions of Fixed Exchange Rate Regimes in which the domestic currency is pegged to a foreign currency. After Currency Boards have been largely replaced by central banks in the middle of last century, the system regained popularity in the 1980s and especially 1990s again. In this book, pros and cons of adopting a Currency Board System and the macroeconomic effects of the system on inflation, growth and unemployment are presented and discussed. Furthermore, the Hong Kong Currency Board (HKCB) is being analyzed as a main case including the following issues: description of tasks of the HKCB, difficulties in operating the system, predictability of US-Dollar purchases by the board and an analysis of the HKCB performance in the past.
Book Synopsis The Hong Kong Linked Rate Mechanism by : Christopher L. Culp
Download or read book The Hong Kong Linked Rate Mechanism written by Christopher L. Culp and published by . This book was released on 2013 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: A currency board is a monetary institution that issues notes and coins which are fully convertible into a reserve currency at a fixed rate on demand. Reserves are equal to 100 per cent, or slightly more, of a board's notes and coins. There have been over seventy currency boards and all have maintained convertibility, even during civil wars. Although successful, currency boards fell victim to changing economic fashions, and most were replaced by central banks after World War II. Hong Kong has one of the few remaining currency board systems, although that system remains largely unknown, even to monetary specialists. An analysis of the evolution and working of Hong Kong's system is presented in this text. Strengths and weaknesses of the current system are discussed, and measures to correct weaknesses are suggested. The desirability of the currency board system for developing countries, particularly those making the transformation from socialism to capitalism, is also examined.
Book Synopsis The Hong Kong Financial System by : Simon S. M. Ho
Download or read book The Hong Kong Financial System written by Simon S. M. Ho and published by Oxford University Press, USA. This book was released on 2004 with total page 536 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a comprehensive and up-to-date description of the financial system of Hong Kong, a system which has undergone immense changes in recent years. The book, written by scholars and profesionals in the finance sector, covers all aspects of the financial system--commercial banking and non-depository institutions, the major financial markets, monetary policy, international financial relations, and information technology.
Book Synopsis An Alternative Approach to Defending the Hong Kong Dollar by : Leonard Kwok-Hon Cheng
Download or read book An Alternative Approach to Defending the Hong Kong Dollar written by Leonard Kwok-Hon Cheng and published by . This book was released on 1999 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hong Kong Output Dynamics by : Yin-Wong Cheung
Download or read book Hong Kong Output Dynamics written by Yin-Wong Cheung and published by . This book was released on 2001 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Hong Kong Economic Papers written by and published by . This book was released on 1989 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
