Author: Ms.Hong Liang
Publisher: International Monetary Fund
ISBN: 1451850182
Category : Business & Economics
Languages : en
Pages : 18
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Book Description
The paper explores the behavior of the long-run real exchange rate (RER) of Hong Kong SAR and China by testing the generalized-purchasing power parity hypothesis (G-PPP). The hypothesis argues that if the fundamental variables determining RERs are sufficiently integrated, as in a currency area, the RERs should share common trends. The findings of this study suggest (1) at present, Hong Kong SAR and China do not satisfy the conditions necessary for forming an optimal currency area by themselves; (2) when Japan and the United States are added to the group, common trends can be found; and (3) the long-run elasticity between the RERs of Hong Kong SAR and China is negative.
Author: Hong Liang
Publisher:
ISBN:
Category : Econometric models
Languages : en
Pages : 17
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Book Description
Explores the behavior of the long-run real exchange rate (RER) fo Hong Kong SAR and China by testing the generalized-purchasing power parity hypothesis.
Author: Shu-ki Tsang
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Book Description
After the political unification of Hong Kong with China, Hong Kong is supposed to function as a separate economic entity under the framework of one country, two systems. However, the increasingly close ties between the two economies, particularly in recent years, have raised the possibility of full economic integration despite political constraints, and even of monetary union as the Chinese currency progresses towards full convertibility. This paper employs the theory of optimum currency area (OCA) and adopts two techniques over a range of economic variables to test whether Mainland China and Hong Kong constitute an OCA. The historical results presented in this paper are very sceptical of a positive answer. Empirical findings based on disaggregated data show some signs of nominal and real convergence only between Hong Kong and parts of Eastern China, driven by trade. This seems to be consistent with the actual trajectory of economic integration. However, all other results, even those based on higher frequency price data, point to a lack of evidence that Hong Kong and Mainland China as a whole as yet constitute an OCA.
Author: Chun Kwok Lei
Publisher: Routledge
ISBN: 1134077181
Category : Business & Economics
Languages : en
Pages : 263
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Book Description
Although China's economy has grown rapidly in recent decades, there are still very large differences between the economies of mainland China and those of Hong Kong, Macau and Taiwan. This book considers how far economic convergence between these four territories has occurred, and the prospects for increased convergence in the future.
Author:
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 444
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Book Description
Author:
Publisher:
ISBN:
Category : Asia
Languages : en
Pages : 292
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Book Description
Author: Jianjun Wei
Publisher:
ISBN:
Category : Monetary policy
Languages : en
Pages : 342
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Book Description
Author: International Monetary Fund
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 440
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Book Description
Author:
Publisher:
ISBN:
Category : Asia, Central
Languages : en
Pages : 280
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Book Description
Covers the key policy issues and policy processes in the transition countries of Europe and Central Asia (and emerging market economies, such as China and India, somewhat, as well), offers analyses and lessons across countries, and presents interdisciplinary work in fields such as economics, law, and politics.
Author: Laurent Ferrara
Publisher: Springer
ISBN: 3319790757
Category : Business & Economics
Languages : en
Pages : 300
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Book Description
This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
