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

• 발행기관: 서울대학교 경제연구소
• 저자명: Y. F. Luk
• 간행물 정보: 『Seoul Journal of Economics』Seoul Journal of Economics Volume 11 No.4, 505~532쪽, 전체 27쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 1998.12.31

영문 초록

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.

목차

Abstract

Ⅰ. Introduction

Ⅱ. Experience and Adjustment in the PRC

Ⅲ. Experience and Adjustment in Hong Kong

Ⅳ. Conclusion

References