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)

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

Project Code	Award No	Project Name	Principal Investigator	Funder's Name	Funder Ref	Lead Dept
41341	1	The experience of exchange rate regime change among developing countries 1968-78	Catherine Schenk	Economic & Social Research Council (ESRC)	ES/D001064/1	Economic and Social History