Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212665 
Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
BOFIT Discussion Papers No. 21/2009
Verlag: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Zusammenfassung: 
Hong Kong's currency is pegged to the US dollar in a currency board arrangement. In autumn 2003, the Hong Kong dollar appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake of this appreciation, the monetary authorities revamped the one-sided currency board mechanism into a symmetric two-sided system with a narrow exchange rate band. This paper reviews the characteristics of the new currency board arrangement and embeds a theoretical soft edge target zone model typifying many intermediate regimes, to explain the notable achievement of speculative peace and credibility since May 2005.
Schlagwörter: 
currency board arrangement
target zone model
credibility
Hong Kong
JEL: 
C61
E42
F31
F32
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-997-3
Dokumentart: 
Working Paper

Datei(en):
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