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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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Monetary Downturn Compounds Trade Woes

Monetary Downturn Compounds Trade Woes

May–June 1982

Chapter:
(p.36) (p.37) Chapter 3 Monetary Downturn Compounds Trade Woes
Source:
Hong Kong's Link to the US Dollar
Author(s):

John Greenwood

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789622098909.003.0004

The global recession in 1980–82 led to a sharp downturn in Hong Kong's external trade. Together with the delayed adjustments in Hong Kong Association of Banks (HKAB) interest rates, these conditions explain the sharp downswing in Hong Kong's money growth in 1982. This chapter discusses three main avenues of approach to the problem of controlling monetary growth: (1) direct control of bank reserves; (2) managing the exchange rate; and (3) controlling interest rates.

Keywords:   economic recession, trade, Hong Kong Association Banks, HKAB, interest rates, monetary growth, bank reserves, exchange rate

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