On the sustainability of currency boards : evidence from Argentina and Hong Kong : [Version: September 2008]
- This paper examines the sustainability of the currency board arrangements in Argentina and Hong Kong. We employ a Markov switching model with two regimes to infer the exchange rate pressure due to economic fundamentals and market expectations. The empirical results suggest that economic fundamentals and expectations are key determinants of a currency board’s sustainability. We also show that the government’s credibility played a more important role in Argentina than in Hong Kong. The trade surplus, real exchange rate and inflation rate were more important drivers of the sustainability of the Hong Kong currency board.
Verfasserangaben: | Chun-Yu Ho, Wai-Yip Alex Ho |
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URN: | urn:nbn:de:hebis:30-70504 |
URL: | http://www.imfs-frankfurt.de/fileadmin/user_upload/pdf/Working%20Paper%202009_20_Ho_Ho.pdf |
Titel des übergeordneten Werkes (Deutsch): | Working paper series / Institute for Monetary and Financial Stability ; 20 |
Schriftenreihe (Bandnummer): | Working paper series / Institute for Monetary and Financial Stability (20) |
Dokumentart: | Arbeitspapier |
Sprache: | Englisch |
Jahr der Fertigstellung: | 2009 |
Jahr der Erstveröffentlichung: | 2009 |
Veröffentlichende Institution: | Universitätsbibliothek Johann Christian Senckenberg |
Datum der Freischaltung: | 17.09.2009 |
GND-Schlagwort: | Argentinien; Hongkong; Currency Board |
Ausgabe / Heft: | Version: September 2008 |
HeBIS-PPN: | 218601034 |
Institute: | Wissenschaftliche Zentren und koordinierte Programme / Institute for Monetary and Financial Stability (IMFS) |
DDC-Klassifikation: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
Lizenz (Deutsch): | Deutsches Urheberrecht |