English, Article edition: Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Band (Singapore)? Ramkishen S. Rajan; Reza Siregar

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Bookmark: http://trove.nla.gov.au/version/166507
Physical Description
  • article
Language
  • English

Edition details

Title
  • Choice of Exchange Rate Regime: Currency Board (Hong Kong) or Monitoring Band (Singapore)?
Author
  • Ramkishen S. Rajan
  • Reza Siregar
Physical Description
  • article
Notes
  • Following the East Asian crisis, a number of observers have advocated that small and open economies in Asia adopt an irrevocably fixed regime. Such a hard peg, it is argued, signals greater commitment to rule out arbitrary exchange rate adjustments as well as the authorities' willingness to subordinate domestic policy objectives such as output and employment growth to the maintenance of the pegged exchange rate. But is this a reasonable position to adopt? In order to answer this question, we consider and contrast the experiences of Hong Kong and Singapore. While both of these economies share a number of broad similarities, the former operates a US dollar-linked currency board arrangement and the latter maintains an adjustable peg in the form of a monitoring band arrangement with the central parity based on an undisclosed trade-weighted currency basket. Copyright Blackwell Publishers Ltd/​University of Adelaide and Flinders University of South Australia 2002.
  • RePEc:bla:ausecp:v:41:y:2002:i:4:p:538-556
Language
  • English
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