The evolution of the Hong Kong currency board during global exchange rate instability, 1967-1973

Schenk, C.R. (2009) The evolution of the Hong Kong currency board during global exchange rate instability, 1967-1973. Financial History Review, 16(2), pp. 129-156. (doi:10.1017/S0968565009990059)

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Abstract

Hong Kong SAR is well known as one of the few economies to operate a form of currency board as the basis of its monetary system. This system arose out of colonial status and has been retained except for a period of floating from 1975-83 to the present day, with some amendments. This article explores the evolution of the Exchange Fund during a period of global exchange rate instability showing that the abandonment of the monetary anchor in 1975 was part of a series of innovations to the use of the Fund as the colonial government sought to manage the exchange rate risks posed by the collapse of the Bretton Woods system.

Item Type:Articles
Status:Published
Refereed:Yes
Glasgow Author(s) Enlighten ID:Schenk, Professor Catherine
Authors: Schenk, C.R.
Subjects:H Social Sciences > HC Economic History and Conditions
College/School:College of Social Sciences > School of Social and Political Sciences > Economic and Social History
Journal Name:Financial History Review
Publisher:Cambridge University Press on behalf of the European Association for Banking and Financial History
ISSN:0968-5650
ISSN (Online):1474-0052
Published Online:16 September 2009
Copyright Holders:Copyright © 2009 European Association for Banking and Financial History
First Published:First published in Financial History Review 16(2):129-156
Publisher Policy:Reproduced in accordance with the copyright policy of the publisher

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Project CodeAward NoProject NamePrincipal InvestigatorFunder's NameFunder RefLead Dept
413411The experience of exchange rate regime change among developing countries 1968-78Catherine SchenkEconomic & Social Research Council (ESRC)ES/D001064/1Economic and Social History