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.
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.
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.
Download or read book Hong Kong in China written by Gungwu Wang and published by Cavendish Square Publishing. This book was released on 1999 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dramatic handover of Hong Kong to the People's Republic of China on July 1, 1997, amid much tension and speculation, closes one significant colonial chapter in Asia. At the same time, it also sets the stage for new political and economic possibilities with China closely involved with a key financial center in Asia. Hong Kong in China comprises a collection of papers evaluating the situation in Hong Kong SAR over the last two years. The handing over of Hong Kong to China presents a challenge to the legal system which is intrinsically and delicately linked to the political vision of one country, two systems. While politicians and legalists seek to work out the model, the people of Hong Kong confront the dilemma of an identity crisis, on top of the contentious social problems presented by the immigration of Chinese mainlanders.
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 Hong Kong SAR written by Mr. William Lee and published by International Monetary Fund. This book was released on 2004-02-12 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Occasional Paper provides an overview of the main challenges facing Hong Kong SAR as it continues to become more closely integrated with the mainland of China. Section I provides an overview of recent macroeconomic developments and the main policy issues in Hong Kong SAR. Section II examines various aspects of the ongoing integration with the mainland, and the associated implications for the structure of the economy, and for macroeconomic and structural policies. Section III examines the medium-term fiscal outlook under different policy scenarios and discusses alternative policy options to restore fiscal balance. Section IV reviews recent developments in the real estate sector and their macroeconomic impacts. Section V presents an econome tric analysis of deflation and its determinants. Section VI examines the factors behind, and the implications of, rising wage inequality in Hong Kong SAR. Section VII presents an overview of recent developments in the financial sector and provides an assessment of Hong Kong SAR’s prospects as an international financial center.
Download or read book People s Republic of China Hong Kong Special Administrative Region Selected Issues and Statistical Appendix written by and published by . This book was released on 2005 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book People s Republic of China Hong Kong Special Administrative Region written by International Monetary Fund and published by International Monetary Fund. This book was released on 2001-08-17 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper analyzes the long-term fiscal policy in Hong Kong Special Administrative Region (SAR) and the anticipated structural changes in the economy. The paper examines the factors that contributed to the stability of the banking system in Hong Kong SAR by assessing the roles played by banks, equity markets, and debt markets. The study describes a procedure to extract the probability distribution of future exchange rate movements based on currency option data. The paper also provides a statistical appendix report of the country.
Download or read book Market Volatility and Foreign Exchange Intervention in EMEs written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book Liquidity Management under Fixed Exchange Rate with Open Capital Account written by Mariam El Hamiani Khatat and published by International Monetary Fund. This book was released on 2019-03-18 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces a theoretical framework for liquidity management under fixed exchange rate arrangement, derived from the price-specie flow mechanism of David Hume. The framework highlights that the risk of short-term money market rates un-anchoring from the uncovered interest rate parity due to money and foreign exchange market frictions could jeopardize financial stability and market development. The paper then discusses operational solutions that stabilize money market rates close to the level implied by the Uncovered Interest Rate Parity (UIP). Liquidity management under fixed exchange rate with an open capital account presents specific challenges due to: (1) the larger liquidity shocks induced by foreign reserve swings that challenge the development of money markets; and (2) more complicated liquidity forecasts. The theoretical framework is empirically tested based on the estimate of “offset” coefficients for Denmark and Hong Kong SAR.
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?
Download or read book People s Republic of China Hong Kong Special Administrative Region written by International Monetary Fund and published by International Monetary Fund. This book was released on 2002-05-15 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Selected Issues paper examines the economic integration between Hong Kong Special Administrative Region (SAR) and the Mainland of China. Hong Kong SAR’s economic links with the Mainland expanded rapidly in the 1980s and in the first part of the 1990s, with Hong Kong SAR becoming the most important trade and international fundraising center for the Mainland. Since Hong Kong SAR’s return to China’s sovereignty, integration between the two economies has deepened, notwithstanding the Asian crisis.
Download or read book The Influence of External Factors on Monetary Policy Frameworks and Operations written by and published by . This book was released on 2011 with total page 347 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book People s Republic of China Hong Kong Special Administrative Region written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2019-01-24 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hong Kong SAR’s economy benefitted from a strong cyclical upswing through the first half of 2018, supported by the continued global recovery, buoyant domestic sentiment, and the booming property market. However, near-term risks have significantly increased – including those from trade tensions, tighter global financial conditions, and capital outflows from emerging markets. Also, long-term challenges, including from aging, elevated inequality, and the persistent housing shortage, need to be tackled. Prudent macroeconomic policies and ample buffers are in place to help smoothen the transition and ensure continued stability.
Download or read book Hong Kong in the Cold War written by Priscilla Roberts and published by Hong Kong University Press. This book was released on 2016-08-01 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Cold War was a distinct and crucial period in Hong Kong's evolution and in its relations with China and the rest of the world. Hong Kong was a window through which the West could monitor what was happening in China and an outlet that China could use to keep in touch with the outside world. Exploring the many complexities of Cold War politics from a global and interdisciplinary perspective, Hong Kong in the Cold War shows how Hong Kong attained and honed a pragmatic tradition that bridged the abyss between such opposite ideas as capitalism and communism, thus maintaining a compromise between China and the rest of the world. The chapters are written by nine leading international scholars and address issues of diplomacy and politics, finance and economics, intelligence and propaganda, refugees and humanitarianism, tourism and popular culture, and their lasting impact on Hong Kong. Far from simply describing a historical period, these essays show that Hong Kong's unique Cold War experience may provide a viable blueprint for modern-day China to develop a similar model of good governance and may in fact hold the key to the successful implementation of the One Country Two Systems idea. “This is a timely collection of essays on the role of Hong Kong in a global context and its multifaceted relationship with mainland China. It is emerging at a particularly appropriate moment when the local community has been provoked to reflect on its common fate under the notion of ‘one country, two systems.’” —Ray Yep, City University of Hong Kong “Hong Kong, the ‘Berlin of the East,’ was transformed by the Cold War, an existential conflict between capitalism and communism. Consequently, this fine volume is a must-read for political, cultural, and economic historians of Hong Kong. International historians should also add this collection of essays and cutting-edge empirical studies to their reading lists: it will enrich their understandings of the Global Cold War.” —David Clayton, University of York
Download or read book New Issues in Financial Institutions Management written by F. Fiordelisi and published by Springer. This book was released on 2015-12-17 with total page 309 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines new issues in financial markets and institutions raised by the global economic crisis that began in 2007. The four main themes are: management, innovation and technology in banking; efficiency and productivity; consolidation; and corporate governance issues.
