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Fixing Inequality in Hong Kong$
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Yue Chim Richard Wong

Print publication date: 2017

Print ISBN-13: 9789888390625

Published to Hong Kong Scholarship Online: January 2018

DOI: 10.5790/hongkong/9789888390625.001.0001

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Greece and Hong Kong

Greece and Hong Kong

Fiscal Opposites, Same Politics

(p.255) 35 Greece and Hong Kong
Fixing Inequality in Hong Kong

Yue Chim Richard Wong

Hong Kong University Press

Both Greece and Hong Kong have unified exchange rate regimes. Greece, as a member of the Eurozone, uses the euro as its local monetary unit. Hong Kong, under the linked exchange rate regime, uses a local monetary unit with its currency fully backed by the US dollar at a fixed rate. As a consequence, both economies have surrendered monetary independence to an external monetary authority. Both have committed to not using currency devaluation or revaluation as a policy tool for stabilizing their economies when they are struck by financial and economic shocks. The only way they could regain monetary independence would be, in Greece’s case, exiting the Eurozone and reissuing the drachma, and in Hong Kong’s case, breaking the linked exchange rate and putting in place an alternative monetary arrangement for issuing the Hong Kong dollar. An economy that has joined a unified exchange rate regime will face situations from time to time when the requirements of global economic integration will be in conflict with the requirements of a political democracy.

Keywords:   Global economic integration, Political democracy, Unemployment, Property

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