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The role of entrepôt trade in the choice of a nominal anchor for Hong Kong

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Author Info
Kam-Ki Tang

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Abstract

This paper adds a new perspective to the literature of monetary standard by establishing a link between re-exports and the choice of nominal anchor. The model developed is applied to address the controversy over the US dollar versus the renminbi as the nominal anchor for Hong Kong, in the context of its considerable amount of entrepôt trade with the US and China. It is found that the distinct trade structure of the US-Hong Kong-China triangle significantly reduces Hong Kong's opportunity cost of choosing between the two currencies, its nominal anchor.

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Publisher Info
Article provided by Taylor and Francis Journals in its journal Journal of International Trade & Economic Development.

Volume (Year): 11 (2002)
Issue (Month): 2 (June)
Pages: 189-206
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Handle: RePEc:taf:jitecd:v:11:y:2002:i:2:p:189-206

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Related research
Keywords: Entrepot Trade; Re-EXPORTS; Nominal Anchor; Exchange Rate Regime;

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  1. Robert C. Feenstra et al., 1999. "Discrepancies in International Data: An Application to China-Hong Kong Entrepot Trade," American Economic Review, American Economic Association, vol. 89(2), pages 338-343, May. [Downloadable!] (restricted)
  2. Wan, Henry Y, Jr & Weisman, Jason, 1999. "Hong Kong: The Fragile Economy of Middlemen," Review of International Economics, Blackwell Publishing, vol. 7(3), pages 410-30, August.
  3. Jeffrey A. Frankel, 1999. "No Single Currency Regime is Right for All Countries or At All Times," NBER Working Papers 7338, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Robert C. Feenstra & Wen Hai & Wing T. Woo & Shunli Yao, 1998. "The US-China Bilateral Trade Balance: Its Size and Determinants," NBER Working Papers 6598, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Argy, V. & Mckibbin, W. & Siegloff, E., 1989. "Exchange Rate Regimes For Small Economy In A Multi-Country World," Princeton Studies in International Economics 67, International Economics Section, Departement of Economics Princeton University,.
  6. Fung, K. C. & Lau, Lawrence J., 2001. "New Estimates of the United States-China BilateralTrade Balances," Journal of the Japanese and International Economies, Elsevier, vol. 15(1), pages 102-130, March. [Downloadable!] (restricted)
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This page was last updated on 2009-11-14.

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