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Title: |
Free Banking in Hong Kong |
| Author: |
Rossiter, R. D. |
| Author
Affiliation: |
OH U |
| Source: |
International Economic Journal, Spring 1994, v. 8, no. 1, pp. 39-51 |
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Publication Date: |
Spring 1994 |
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Abstract: |
Hong Kong has
no central bank and its paper currency is issued by two private
commercial banks. Cointegration tests and an error-correction model are
used to examine the stability of the money supply process under pegged
and floating exchange rates. Empirical evidence suggest feedback between
the price level and money supply during the floating rate period but
stability under a pegged rate. |
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