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The evolution of the Hong Kong currency board during global exchange rate instability, 1967–19731

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  • Schenk, Catherine R.

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.

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  • Schenk, Catherine R., 2009. "The evolution of the Hong Kong currency board during global exchange rate instability, 1967–19731," Financial History Review, Cambridge University Press, vol. 16(2), pages 129-156, October.
    • Handle: RePEc:cup:fihrev:v:16:y:2009:i:02:p:129-156_99
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    Cited by:

    1. Ito, Hiro & McCauley, Robert N., 2019. "A key currency view of global imbalances," Journal of International Money and Finance, Elsevier, vol. 94(C), pages 97-115.
    2. Robert N McCauley & Tracy Chan, 2014. "Currency movements drive reserve composition," BIS Quarterly Review, Bank for International Settlements, December.
    3. Ito, Hiroyuki & McCauley, Robert N. & Chan, Tracy, 2015. "Currency composition of reserves, trade invoicing and currency movements," Emerging Markets Review, Elsevier, vol. 25(C), pages 16-29.
    4. Asa Malmstrom Rognes & Catherine R. Schenk, 2023. "One country, two currencies: The adoption of the Hong Kong currency board, 1983," Economic History Review, Economic History Society, vol. 76(2), pages 477-497, May.

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