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A Tale of Two Currencies: the Asian Crisis and the Exchange Rate Regimes of Hong Kong and Singapore

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Michael B. Devereux (University of British Columbia, Canada)

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Abstract

Hong Kong has maintained a pegged exchange rate since 1983, while Singapore has been on a floating regime since the early 1970s. This paper provides an interpretation of the different performance of the Hong Kong and Singapore economy that could be attributable to the differences in their exchange rate regime. We develop a model that can help to interpret the differences in both the longer run trends in inflation and real exchange rates in Hong Kong and Singapore as well as the short differences in macroeconomic and real exchange rate volatility. The difference in the response of the two economies to the Asian crisis is also consistent with our model. Copyright Blackwell Publishing Ltd. 2003

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Article provided by Blackwell Publishing in its journal Review of International Economics.

Volume (Year): 11 (2003)
Issue (Month): 1 (February)
Pages: 38-54
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Handle: RePEc:bla:reviec:v:11:y:2003:i:1:p:38-54

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  1. Stefan Gerlach & Petra Gerlach-Kristen, 2006. "Monetary policy regimes and macroeconomic outcomes: Hong Kong and Singapore," BIS Papers chapters, in: Bank for International Settlements (ed.), Monetary policy in Asia: approaches and implementation, volume 31, pages 40-64 Bank for International Settlements. [Downloadable!]
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  2. Fabio Ghironi, 2000. "Macroeconomic Interdependence under Incomplete Markets," Boston College Working Papers in Economics 471, Boston College Department of Economics, revised 07 Feb 2003. [Downloadable!]
    Other versions:
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