Download or read book Hong Kong s Linked Exchange Rate System written by Wensheng Peng and published by . This book was released on 2004 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Study of the Linked Exchange Rate System in Hong Kong written by Sai Tuen Wong and published by . This book was released on 1994 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy in Hong Kong Under the Linked Exchange Rate System written by Ching-Man Betty Poon and published by Open Dissertation Press. This book was released on 2017-01-27 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Monetary Policy in Hong Kong Under the Linked Exchange Rate System" by Ching-man, Betty, Poon, 潘靜敏, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3197670 Subjects: Monetary policy - China - Hong Kong Foreign exchange administration - China - Hong Kong Monetary policy Foreign exchange Linked exchange rate system Dollar, Hong Kong
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 Linked Exchange Rate System written by Hong Kong Hong Kong Monetary Authority and published by . This book was released on 2000 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 s Linked Exchange Rates System written by Hong Kong Monetary Authority and published by . This book was released on 2000 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary Policy in Hong Kong Under the Linked Exchange Rate System written by Ching-man Poon (Betty) and published by . This book was released on 1991 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 A Study of the Linked Exchange Rate System and Policy Options for Hong Kong written by Shu-ki Tsang and published by . This book was released on 1999 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Download or read book EVALUATION OF THE LINKED EXCHA written by Siu-Yin Ho and published by Open Dissertation Press. This book was released on 2017-01-26 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "An Evaluation of the Linked Exchange Rate System" by Siu-yin, Ho, 何少燕, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3197654 Subjects: Foreign exchange administration - China - Hong Kong Monetary policy - China - Hong Kong Foreign exchange Monetary policy Linked exchange rate system Dollar, Hong Kong
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.
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.
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 Currency Board and Changing Monetary Regimes written by Yum K. Kwan and published by . This book was released on 1996 with total page 46 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.
Download or read book An Evaluation of the Linked Exchange Rate System written by Siu-yin Ho and published by . This book was released on 1991 with total page 184 pages. Available in PDF, EPUB and Kindle. Book excerpt:
