TY  - UNPD
A1  - Ho, Chun-Yu
A1  - Ho, Wai-Yip Alex
T1  - On the sustainability of currency boards : evidence from Argentina and Hong Kong : [Version: September 2008]
T2  - Working paper series / Institute for Monetary and Financial Stability ; 20
N2  - 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.
T3  - Working paper series / Institute for Monetary and Financial Stability - 20 
KW  - Argentinien
KW  - Hongkong
KW  - Currency Board
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7034
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-70504
UR  - http://www.imfs-frankfurt.de/fileadmin/user_upload/pdf/Working%20Paper%202009_20_Ho_Ho.pdf
IS  - Version: September 2008
ER  -