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Non-Exchange Rate Adjustments in the Asian Crisis: The People's Republic of China and Hong Kong

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Authors
Luk, Y. F.
Issue Date
1998
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 11 (No. 4 1998): 505-533
Keywords
vis-a-vis the U.S. dollar; Chinese financial system; asian crisis
Abstract
Most Asian economies had their currencies depreciated visa-vis the U.S. dollar during the recent financial crisis. The People's Republic of China and Hong Kong, however, tried hard to maintain the exchange value of the reminbi and the Hong Kong dollar. As a result, their experience and adjustments in the crisis were quite different from their neighbours. This paper discusses the main experience and policy responses in the two economies. While other Asian economies suffered the consequences of financial fragility, the Chinese financial system is still very much closed and has a lot to learn from others in the crisis. On the other hand, Hong Kong demonstrates how a liberal and well managed financial system could be subjected to major financial shocks, especially with incorrect policy responses.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1145
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.11(4) (Winter 1998)
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