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Hong Kong's Link to the US DollarOrigins and Evolution$
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John Greenwood

Print publication date: 2007

Print ISBN-13: 9789622098909

Published to Hong Kong Scholarship Online: September 2011

DOI: 10.5790/hongkong/9789622098909.001.0001

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(p.1) Introduction
Hong Kong's Link to the US Dollar

John Greenwood

Hong Kong University Press

This book concentrates on Hong Kong's monetary crisis and its solution during the decade of the 1980s. It traces the initial resolution of the crisis via the restoration of a currency board mechanism in October 1983, and the immediate aftermath as the economy adjusted to the fixed exchange rate. It also highlights some of the shortcomings of the new mechanism, which later caused serious difficulties for Hong Kong during the Asian Financial Crisis of 1997–98. It also deals with the package of measures introduced in July 1988, and the subsequent response of the restored currency board system to the Tiananmen Square crisis of June 1989. Finally, it examines Hong Kong's monetary developments between 1990 and 2005.

Keywords:   Hong Kong, monetary crisis, currency board mechanism, fixed exchange rate, Asian Financial Crisis, Tiananmen Square, monetary developments

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