| Papers on Currency
Boards: |
Date |
File format |
| "The
Clearing and Settlement of Renminbi in Hong Kong" |
26 March 2014 |
PDF |
| "Modern Currency
Boards as Embedded Options" |
1 June 2012 |
PDF |
| "Stabilisation
of the Exchange Rate" ( A historical memo for the
Hong Kong Government to deliberate about the link back in 1983.
The proposal was "neither novel nor untried".) |
1983 |
PDF |
| "A
target-zone model with two types of assets" (with Yue Ma,
Matthew S. Yiu, and Wai-Yip
Alex Ho) |
December 2010 |
PDF |
| "An
Analytical Framework for the Hong Kong Dollar Exchange Rate
Dynamics under Strong Capital Inflows" (with Matthew S. Yiu, Wai-Yip
Alex Ho and Yue Ma) |
26 July 2010 |
PDF |
| "Reading Krugman and realising my AEL model was superior" |
21 March 2010 |
PDF |
| "Currency
Board Systems and Hong Kong's Evolving Arrangements" |
29 September 2009 |
PPT |
| "The convertibility zone and operations to remove market anomalies" |
6
June 2005 |
PDF |
| "A
quick note on multiple equilibria under a currency board
regime" |
26
May 2005 |
PDF |
| "Optimum
Currency Area for Mainland China and Hong Kong? Variance and
Shocks Decomposition
Tests" (For an
earlier working paper version at the HKIMR, click
here.)
|
March
2004 |
PDF |
| "Fiscal
deficit, bonds and currency board" (3/3/03)
"Addendum" (5/3/03) "Postscript" (25/3/03) |
3
March 2003 |
MS Word PDF |
| "How a
Currency Board Fixes the Exchange Rate in a Crisis", with Yue Ma (A
paper presented in Session G "Financial Crises, Policy
Responses and Reforms" of
the Second Biennial Conference of the Hong Kong Economic Assoication, Hong
Kong Baptist University , 16-17 December 2002. ) |
16
December 2002 |
PDF |
| "Currency
Boards on the Way to Monetary Unions: The Doubly Unplanned
Case of Hong Kong " (in
Urmas Sepp, Martti Randveer (editors ) Alternative Monetary Regimes in Entry to EMU,
Bank of Estonia.) |
November
2002 |
PDF |
| "From
"One Country, Two Systems" to Monetary
Integration?" |
September
2002 |
PDF |
| "Liquidity management, two-way CU and deposit reserves with
averaging provisions: A technical note" (See
also a later short piece:
"Buffers for the link: A graphical note"
(15 October 2003).) |
2 December 2001 |
PDF |
| "Objectives, Governance and Accountability of Central
Banks" ( a
presentation at a training course of the
HKMA) |
21 November 2001 |
PDF |
| "One
Country, Two Monetary Systems: An Eclectic Essay" (For the
PowerPoint presentation I used at the conference, click
here. For a report on the conference in
the October 8 issue of the IMF Survey, click
here and read pages
318-320. The paper was subsequently published as "One country, two monetary systems: Hong
Kong and China", in Suthiphand Chirathivat, Emil-Maria Claassen and Jurgen Schroeder (eds.),
East Asia's Monetary Future:
Integration in the Global Economy, Edward Elgar
Publishing, December 2004, pp.42-60.) |
6 September 2001 |
PDF |
| "The
Evolution and Prospects of the Hong Kong CBA" (Any yawning reader by
now has my full sympathy.) |
8 May 2000 |
PDF |
| "Commitment to and Exit
Strategies from a CBA" (Oh, Tallinn! Here I return.) |
6 May 2000 |
PDF |
| "The Currency Board Arrangement
in Hong Kong, China: Viability and Optimality Through the
Crisis (part of a report of the Asian Development
Bank)" |
1999 |
PDF |
| "The HKMA's Convertibility
Undertaking is Not an Insurance Instrument" (If I may, just a simple remark at the "real"
beginning of new millennium, 30 January 2001 to be
exact, (and quite a long time after the one-way CU rate
converged to 7.80 on 12 August 2000): I wonder how, with the
expiry of an alleged "legal time contract" which in my view
had never existed, one could still regard the present reformed
exchange rate system to be consistent with the Chan-Chen
model, the late Merton Miller's vision, or an intertemporal CB
of any sort, Any further response and proposal from my
academic friends at the HKU, the HKUST and the City University
to fix the system, with the disappearance of what they called
the "eighth measure"? Or did it, the completed 500-day, "one
pip a calendar day", sliding depreciation programme really
matter? I consider it as a side-show at best; but remain open
minded.) |
15 October 1999 |
PDF |
| "The Robustness of Hong Kong's
Linked Exchange Rate System as a Currency Board Arrangement" ,
with Chor-yiu Sin and Yuk-shing Cheng,
paper presented in the 54th European Meeting of the
Econometric Society held at Santiago de Compostela, Spain on
29 August - 1 September 1999. (You may
appreciate my predicament in Madrid, before flying to that
deeply religious and enchanting town, if you don't mind having
dinner at 11:00pm with the outside temperature just falling
below 40 degrees C. There would be plenty of cool white wine
though.) |
August 1999 |
PDF
|
| "Legal Frameworks of Currency
Board Regimes" |
August 1999 |
PDF |
| "The November 1998 Conference:
Some Pertinent Points" |
12 March 1999 |
PDF |
| "Technical Note on the Seven
Technical Measures" |
14 November 1998 |
HTML |
| "A Critical Comment on
Government-sponsored Dollarization as a Rescue" (Health warning: it was an off-hand piece
on a controversial subject that was not intended for
formalities outside the cyberspace. I spent only two nights on
it. Somehow very respectable scholars and analysts
thought it's worth quoting. So if you prefer to see it
in other more elegant formats, try Roubini, Geocities, or
Ceri-sciencespo For a comment in Spanish from an editorial in El
Salvador, click here. ) |
26 October 1998 |
HTML |
| "HKMA Adviser Sees Lending
Window As Key Change In System" (Dow Jones
Newswires) |
25 September 1998 |
HTML |
| "Welcome on Board the AEL Model,
Hong Kong, but ......" (Don't smile yet,
Argentina.) |
14 September 1998 |
HTML |
| "Fixing the Exchange Rate
through a Currency Board Arrangement: Efficiency Risk,
Systemic Risk and Exit Cost" (Wonderful Kitakyushu, which narrowly
missed the US atomic bombs half of a century ago. But I worked
so hard to react to the unfolding great monetary event in Hong
Kong, pen-wise and via the IDD and the fax machine (and thanks
for impeccable Japanese efficiency and courtesy), that I
missed a lunch and a few sessions of the
conference.) |
4-5 September 1998 |
PDF |
| "Why I Support the Hong Kong
Government's Stock Market Intervention"
(before the cliff-hanger in the last trading day of
that terrifying August. See a press comment on Asiaweek quoting supporting and critical
views.) |
25 August 1998 |
HTML |
| "Handling Credit Crunch under
Hong Kong's Currency Board System" |
6 August 1998 |
HTML |
| "Is a Currency Board System
Optimal for Hong Kong?" (I know it was "heretical", and probably
socially sub-optimal, during that very difficult time.
But I made some amends later without compromising my
conscience.) |
18 May
1998 |
HTML |
| "The Hong Kong Government's
Review Report: An Interpretation and a Response "
"Report on Financial Market Review" Thank
you, HKU Library, for preserving historical records outside
official efforts. |
4 May 1998 |
HTML |
| " Indonesian Currency Board? Two
Questions to Answer" (Two years after our (me and my wife's)
first trip to this incredibly attractive but somewhat
unsettling and mysterious land. Joanne had a sun-stroke on the
Christmas day, before flying to Bali! Our geographic and
climatic presumptions were literally thrown out of the
window. Well, these have nothing to do with currency
board economics. ) |
16 February 1998 |
HTML |
| "How Credible was the Hong Kong
Link in the East Asian Crisis?" |
11 February 1998 |
PDF |
| "Currency Board Complications:
the AEL Model for Hong Kong?" |
9 February 1998 |
HTML |
| "Currency Board the Answer to
Rate Stability" |
31 October 1997 |
HTML |
| "A Study of the Linked Exchange
Rate System and Policy Options for Hong Kong: Executive
Summary" (The origin of it all, in English
at least. The first Chinese (and less knowledgeable) version
was as early as 1983, and there were several related comments.
I still couldn't figure out why I had not put my ideas in
English earlier.) |
October 1996 |
HTML |
|
| 有關貨幣局制度之中文文章 |
日期 |
檔案類型 |
| "香港联系汇率制度的前世、今生与末来" |
2005年12月17日 |
PDF |
| "內地及香港的匯率制度與經濟發展" |
2003年12月5日 |
PDF |
| "財赤、債券與貨幣局制度" |
2003年3月10日 |
MS Word
PDF |
| "貨幣發行局制度的法律架構" |
1999年8月 |
PDF |
| "超越AEL模式的貨幣局制度--浸大國際研討會後記" |
1998年12月21日 |
HTML |
| "穩定金融第一步──初評金管局七大措施" (寫於日本北九州市的原文文稿) |
1998年9月6日 |
HTML |
| "香港貨幣局制度的命運" |
1998年9月2日 |
HTML PDF |
| "通過貨幣局制度來鎖定匯率" |
1998年8月21日 |
PDF |
| "從亞洲金融危機看香港及內地對應之道" |
1998年5月12日 |
HTML |
| "東亞金融風暴與香港聯繫匯率" |
1998年3月21日 |
MS Word |
| "套戥、保險與改制成本" |
1998年2月16日 |
HTML |
| "衝擊聯繫匯率？何懼之有？---現代貨幣局制度的神話故事" |
1997年8月4日 |
MS Word |
| "金融風暴，誰主浮沉？" |
1997年10月31日 |
HTML |
| "香港聯繫匯率制度檢討與改革建議: 報告摘要" |
1996年10月 |
PDF |
| "聯繫匯率衝擊的教訓" |
1984年7月9日 |
PDF |
| "聯繫匯率制度的運作機能" |
1984年7月 |
PDF |
| "固定匯率與黃金本位" |
1984年2月 |
PDF |
| "最近修訂的匯率制度與香港經濟" |
1984年1月 |
PDF |
| "評現鈔固定匯率制度"(我最"早"的一篇有關貨幣局的中文文章) |
1983年11月 |
PDF |
|