Hong Kong SAR's monetary and exchange rate challenges : historical perspectives / edited by Catherine R. Schenk.

Format:

Book

Contributor:

Schenk, Catherine R. (Catherine Ruth), 1964-

Series:

Palgrave Macmillan studies in banking and financial institutions

Language:

English

Subjects (All):

Foreign exchange--China--Hong Kong.

Foreign exchange.

Finance--China--Hong Kong.

Finance.

Monetary policy.

China--Hong Kong.

Monetary policy--China--Hong Kong.

Physical Description:

xiii, 201 pages : illustrations ; 23 cm.

Place of Publication:

Basingstoke [England] ; New York : HKIMR/Palgrave Macmillan, 2009.

Summary:

Hong kong SAR is now highly unusual as a wealthy economy running a currency board system that pages the Hong Kong Dollar to the US Dollar While usually credited with providing stability and prosperity for Hong Kong, the system has become controversial since the decline of the US Dollar sine 2002 and the adoption of a flexible basket peg system for the Renminbi in 2005. Why was this system adopted in the first place? Why did Hong Kong go back to a currency board in 1983 after a decade of floating exchange rates? This volume explores the origins and persistence of the system in the context of the long term monetary integration with mainland China and presents the viewpoint of several of those involved in the restoration of the currency board system in 1983. It also explains the changes made since the 1990s and looks to Hong Kong’s future prospects.

Contents:

Part I Historical Perspectives 1

Chapter 1 Hong Kong’s Monetary Challenges in Historical Perspective / Catherine R. Schenk 3

Chapter 2 Historical Dimensions of the Hong Kong- Guangdong Financial & Monetary Links: Three Cases in Politico - Economic Interactive Dynamics, 1912 - 1935 / Ming K. Chan 15

Chapter 3 Banking and Exchange Rate Relations between Hong Kong and Mainland China in Historical Perspective: 1965-75 / Catherine R. Schenk 45

Part II The Currency Board 73

Chapter 4 Laissez-faire’s Limitations: The Evolution of Monetary Policy in Hong Kong, 1935-80 / Leo Goodstadt 75

Chapter 5 Rules Versus Discretion in Managing the Hong Kong Dollar, 1983-2007 / Tony Latter 95

Chapter 6 The Origin and the Evolution of Hong Kong’s Currency Board I / John Greenwood 125

Chapter 7 The Origin and Evolution of Hong Kong’s Currency Board II / Joseph Yarn 145

Part III The Future of the International Financial Centre 159

Chapter 8 Hong Kong’s Transformation as a Financial Center / David R. Meyer 161.

Notes:

Includes bibliographical references (pages 189-196) and index.

ISBN:

9780230209466

0230209467

OCLC:

232981151