Monetary Downturn Compounds Trade Woes
Monetary Downturn Compounds Trade Woes
May–June 1982
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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