Credibility of Hong Kong’s Currency Board: The Role of Institutional Arrangements

Yum K. KWAN; Francis T LUI; Leonard K. CHENG

Credibility of Hong Kong’s Currency Board: The Role of Institutional Arrangements

Yum K. KWAN, Francis T LUI, Leonard K. CHENG

Research output: Book Chapters | Papers in Conference Proceedings › Book Chapter › Research › peer-review

Abstract

Since its introduction in Mauritius in 1849, the currency board as a form of monetary institution has generally been neglected in the economics literature. This is probably due to the fact that currency boards were mainly adopted in relatively small and unimportant economies. In recent years, the situation has changed. Argentina’s readoption of the currency board in 1991 and its subsequent impressive economic growth record has
contributed to its credibility as a useful monetary system. Its subsequent adoption in Estonia, Lithuania, and Bulgaria further indicates its increasing popularity. Indeed, during the recent global financial turmoil, the currency board had been prescribed for the battered economies of Russia and Indonesia

Original language	English
Title of host publication	Regional and Global Capital Flows: Macroeconomic Causes and Consequences
Editors	Takatoshi ITO, Anne O. KRUEGER
Publisher	University of Chicago Press
Chapter	7
Pages	233-259
Number of pages	27
ISBN (Print)	0226386767
Publication status	Published - Jan 2001
Externally published	Yes

Publication series

Name	NBER-East Asia Seminar on Economics
Publisher	NBER
Volume	10

Access to Document

http://www.nber.org/chapters/c10736

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title = "Credibility of Hong Kong{\textquoteright}s Currency Board: The Role of Institutional Arrangements",

abstract = "Since its introduction in Mauritius in 1849, the currency board as a form of monetary institution has generally been neglected in the economics literature. This is probably due to the fact that currency boards were mainly adopted in relatively small and unimportant economies. In recent years, the situation has changed. Argentina{\textquoteright}s readoption of the currency board in 1991 and its subsequent impressive economic growth record hascontributed to its credibility as a useful monetary system. Its subsequent adoption in Estonia, Lithuania, and Bulgaria further indicates its increasing popularity. Indeed, during the recent global financial turmoil, the currency board had been prescribed for the battered economies of Russia and Indonesia",

author = "KWAN, {Yum K.} and LUI, {Francis T} and CHENG, {Leonard K.}",

year = "2001",

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booktitle = "Regional and Global Capital Flows: Macroeconomic Causes and Consequences",

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Credibility of Hong Kong’s Currency Board: The Role of Institutional Arrangements. / KWAN, Yum K.; LUI, Francis T; CHENG, Leonard K.

Regional and Global Capital Flows: Macroeconomic Causes and Consequences. ed. / Takatoshi ITO; Anne O. KRUEGER. University of Chicago Press, 2001. p. 233-259 (NBER-East Asia Seminar on Economics; Vol. 10).

Research output: Book Chapters | Papers in Conference Proceedings › Book Chapter › Research › peer-review

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