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N° 280 |
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| July-August 2008 |
| The Price of Virtue: 25 Years of the Currency Board in Hong Kong |
| David Khoudour-Castéras |
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| Adopted in October 1983, the currency board has allowed Hong Kong to face the economic storms and to maintain the
markets' confidence in one of the world's main financial centres. However, exchange rate stability has not been achieved
without hitches. The adjustment costs related to this system are high, like they were during the Asian crisis of 1997, and the
economic performance of Hong Kong tends to be lower than that of its neighbours. In a context of international financial
instability and growing integration to an increasingly more open Chinese economy, what is the assessment of the 25 years
of operation of this regime and what are the prospects? |
Abstract |
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