By Guillermo E. Perry, Guillermo A. Calvo, W. Max Corden, Stanley Fischer, Alan Walters, John Williamson
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Extra resources for Currency boards and external shocks: how much pain, how much gain?
Perhaps the biggest shock was the "tequila crisis" in 1994. But the effect on Hong Kong was very short-lived. The effect on the exchange rate was small and limited to the first few days of 1995. True, there was a slowdown in activity levels and some increase in unemployment, but this had little to do with the Mexican crisis. The cause was almost entirely due to the monetary squeeze being imposed in the PRC. The PRC Effect The susceptibility of Hong Kong to gyrations in the PRC is obvious. One might think that the switches in policy in the PRC would be the main cause of instability in Hong Kong.
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6 percent between 1979 and 1983. The Working of the Currency-Board Link The fix resulted in the supply of money being largely determined by the demand. Interest rates were very closely related to those in the United States. The HKMA allowed the three issuing banks to supply whatever notes were demanded. A common misperception is that with a fixed exchange rate the rate of inflation in Hong Kong should be very near to that of the United States. Clearly this has not occurred in the 19831995 periodmore than 12 years.
Currency boards and external shocks: how much pain, how much gain? by Guillermo E. Perry, Guillermo A. Calvo, W. Max Corden, Stanley Fischer, Alan Walters, John Williamson