Suchergebnisse

This paper studies China's foreign exchange market before and after the 1994 unification of the official and swap exchange rates. Examining segmentation as well as linkages among the foreign exchange adjustment centers (FEACs) reveals that the linkages were not strong enough to eliminate or narrow price differentials among FEACs. Hence, improving the foreign exchange market's efficiency requires a reform to unify the swap rates. This paper discusses the unification's implications for inflation, monetary policy, and current account convertibility.

Mole, David: Introduction. Wong, Teresa Y. C.: Going up-market. An industrial policy for Hong Kong in the 1990s. Tang Shu-hung: Reforming Hong Kong's fiscal system. Huang Guobo: The linked exchange rate and macroeconomic policy. Ho Lok Sang: Labour market in a changing political economy. Shui, Pamela Chan Wong: Protecting Hong Kong consumers. Blundell, Chris: Housing. Getting the priorities right. Barron, William: The environment and the political economy of Hong Kong