The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis

1 recurso en línea (páginas 87-113).

Autores:

Tipo de recurso:: article

Fecha de publicación:: 2019

Institución:: Universidad Pedagógica y Tecnológica de Colombia

Repositorio:: RiUPTC: Repositorio Institucional UPTC

Idioma:: eng

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network_name_str	RiUPTC: Repositorio Institucional UPTC
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dc.title.none.fl_str_mv	The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis El dólar chino vinculado al de Hong Kong durante la crisis global Hong Kong, ligado à moeda chinesa, durante a crise global
title	The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis
spellingShingle	The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis Quah, Chee Heong Cuestión monetaria - Hong Kong Política monetaria - China Convertibilidad de la moneda Crísis económica Asia Moneda Hong Kong China Dólar Renminbi Dinero
title_short	The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis
title_full	The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis
title_fullStr	The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis
title_full_unstemmed	The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis
title_sort	The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis
dc.creator.none.fl_str_mv	Quah, Chee Heong
author	Quah, Chee Heong
author_facet	Quah, Chee Heong
author_role	author
dc.subject.none.fl_str_mv	Cuestión monetaria - Hong Kong Política monetaria - China Convertibilidad de la moneda Crísis económica Asia Moneda Hong Kong China Dólar Renminbi Dinero
topic	Cuestión monetaria - Hong Kong Política monetaria - China Convertibilidad de la moneda Crísis económica Asia Moneda Hong Kong China Dólar Renminbi Dinero
description	1 recurso en línea (páginas 87-113).
publishDate	2019
dc.date.none.fl_str_mv	2019-05-10T16:17:40Z 2019-05-10T16:17:40Z 2019-02-07
dc.type.none.fl_str_mv	Artículo de revista http://purl.org/coar/resource_type/c_6501 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Text https://purl.org/redcol/resource_type/ART http://purl.org/coar/version/c_970fb48d4fbd8a85
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dc.identifier.none.fl_str_mv	Quah, C.H. (2019). The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis. Apuntes del CENES, 38(67), 87-113. DOI: https://doi.org/10.19053/01203053.v38.n67.2019.8502. http://repositorio.uptc.edu.co/handle/001/2574 Electrónico 2256-5779 0120-3053 http://repositorio.uptc.edu.co/handle/001/2574 10.19053/01203053.v38.n67.2019.8502
identifier_str_mv	Quah, C.H. (2019). The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis. Apuntes del CENES, 38(67), 87-113. DOI: https://doi.org/10.19053/01203053.v38.n67.2019.8502. http://repositorio.uptc.edu.co/handle/001/2574 Electrónico 2256-5779 0120-3053 10.19053/01203053.v38.n67.2019.8502
url	http://repositorio.uptc.edu.co/handle/001/2574
dc.language.none.fl_str_mv	eng
language	eng
dc.relation.none.fl_str_mv	Artis, M. & Zhang, W. (2002). Membership of EMU: A Fuzzy Clustering Analysis of Alternative Criteria. Journal of Economic Integration, 17(1), 54–79. Baxter, M. & Stockman, A. (1989). Business Cycles and the Exchange-rate Regime. Journal of Monetary Economics, 27(1), 377-400. Bayoumi, T. & Eichengreen, B. (1997). Ever Closer to Heaven? An Optimum-Currency- Area Index for European Countries. European Economic Review, 41, 761–770. Boreiko, D. (2003). EMU and Accession Countries: Fuzzy Cluster Analysis of Membership. International Journal of Finance and Economics, 8, 309–325. Chen, N. F. (2001). The Hong Kong Currency Board during the 1997–8 Crisis: Problems and Solutions. International Review of Finance, 2, 99–112. Devereux, M. B. (2003). A Tale of Two Currencies: The Asian Crisis and the Exchange Rate Regimes of Hong Kong and Singapore. Review of International Economics, 11, 38–54. Fleming, J. M. (1971). On Exchange Rate Unification. Economic Journal, 81, 467–88. Fung, L. & Yu, I. (2010). Dislocations in the FX Swap and Money Markets in Hong Kong SAR during the Global Credit Crisis of 2007–08. BIS Papers 54. Basel, Switzerland: Bank for International Settlement. Funke, M. & Paetz, M. (2013). Housing Prices and the Business Cycle: An Empirical Application to Hong Kong. Journal of Housing Economics, 22(1), 62-76. Gerlach, S. (1988). World Business Cycles under Fixed and Flexible Exchange Rates, Journal of Money, Credit and Banking. 20, 621–632. Gerlach-Kristen, P. (2009, June). Business Cycle and Inflation Synchronisation in Mainland. China and Hong Kong. International Review of Economics & Finance, 18(3), 404-418. Goodstadt, L. F. (2010) The Global Crisis: Why Laisser-Faire Hong Kong Prefers Regulation HKIMR Working Paper No.01/2010. Hong Kong: Hong Kong Institute for Monetary Research Imai, H. (2010), Hong Kong's Inflation and Deflation under the Us Dollar Peg: The Balassa-Samuelson Effect or Export Price Shocks? The Developing Economies, 48, 319–344. Kenen, P. (1969). A Theory of Optimum Currency Areas: An Eclectic View. In R. A. Mundell & A. K. Swoboda, (eds). Monetary Problems of the International Economy (pp. 41-60). Chicago: University of Chicago Press. Krugman, P. (1990). Policy Problems of a Monetary Union. In P. De Grauwe & L. Papademos, (eds.), The European Monetary System in the 1990s. Harlow: Longman. McKinnon, R. I. (1963). Optimum Currency Areas. American Economic Review, 53, 717–725. McKinnon, R. I. (2010). Rehabilitating the Unloved Dollar Standard, SCID Working Paper. Stanford, CA: Stanford Institute for Economic Policy Research, Stanford University. Mundell, R. (1961). A Theory of Optimum Currency Areas. American Economic Review, 51, 657–664. Nguyen, T. (2007). East Asian Currency Area: A Fuzzy Clustering Analysis of Homogeneity, Development and Policies Research Centre Working Paper No. 10. Vietnam: DPRC. Quah, C. H. (2014b). Revisiting Business Cycles in the Eurozone: A Fuzzy Clustering and Discriminant approach. Acta Oeconomica, 64(2), 161-180. Quah, C. H. (2016a). Economic Feasibility of a BRICS Monetary Union. Global & Local Economic Review, 20(2), 1-29. Quah, C. H. (2017). Exchange Rate Fixation between US, China, Japan and Eurozone. Margin: The Journal of Applied Economic Research, 11(2), 99-120. Quah, C. H. & Crowley, P. M. (2010). Monetary Integration in East Asia: A Hierarchical Clustering Approach. International Finance, 13(2), 283–309. Quah, C. H. & Crowley, P. M. (2012a). Which Country Should Be the Monetary Anchor for East Asia: the US, Japan or China? Journal of the Asia Pacific Economy, 17(1), 94-112 Quah, C. H. & Crowley, P. M. (2012b). China and the Dollar: An Optimum Currency Area View. Prague Economic Papers, 4, 391-411. Ran, J., Voon, J. P. & Li, G. (2010), How Do Oil Price Shocks Affect A Small Non- Oil Producing Economy? Evidence from Hong Kong. Pacific Economic Review, 15, 263–280. Tavlas, G. (1993). The “New” Theory of Optimum Currency Areas. The World Economy, 16, 663–685. Apuntes del CENES;Volumen 38, número 67 (Enero-Junio 2019)
dc.rights.none.fl_str_mv	Copyright (c) 2019 Universidad Pedagógica y Tecnológica de Colombia https://creativecommons.org/licenses/by-nc-sa/4.0/ info:eu-repo/semantics/openAccess Atribución-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) http://purl.org/coar/access_right/c_abf2
rights_invalid_str_mv	Copyright (c) 2019 Universidad Pedagógica y Tecnológica de Colombia https://creativecommons.org/licenses/by-nc-sa/4.0/ Atribución-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) http://purl.org/coar/access_right/c_abf2
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dc.publisher.none.fl_str_mv	Universidad Pedagógica y Tecnológica de Colombia
publisher.none.fl_str_mv	Universidad Pedagógica y Tecnológica de Colombia
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spelling	The Chinese Dollar Linked to the Hong Kong´s during the Global CrisisEl dólar chino vinculado al de Hong Kong durante la crisis globalHong Kong, ligado à moeda chinesa, durante a crise globalQuah, Chee HeongCuestión monetaria - Hong KongPolítica monetaria - ChinaConvertibilidad de la monedaCrísis económicaAsiaMonedaHong KongChinaDólarRenminbiDinero1 recurso en línea (páginas 87-113).Este artigo explora o nível de preços domésticos e a competitividade comercial de Hong Kong, além da compatibilidade desse quadro de moedas baseado no dólar com os critérios inspirados na teoria da área monetária ótima (OCA). No preço e na competitividade, as descobertas apontam que, durante a turbulência, Hong Kong não teve desempenho tão bom quanto no passado e uma razão aparente para isso é o influxo de capital quente do exterior, especialmente dos EUA, que alimentou o aumento dos preços dos imóveis. Em conformidade com os critérios da OCA, os resultados corroboram amplamente o regime de câmbio fixo com os EUA como o país âncora monetária, mas ao mesmo tempo a China aparece como um candidato em perspectiva aos EUA como âncora monetária. No longo prazo, em meio às fraquezas econômicas e monetárias prolongadas nos EUA, além do surgimento do renminbi como moeda global, Hong Kong também poderia unificar sua taxa de câmbio com o dinheiro chinês.This paper explores the domestic price level and trade competitiveness of Hong Kong in addition to the compatibility of this dollar-based currency board to the criteria inspired by the optimum currency area (OCA) theory. On price and competitiveness, findings point out that during the turmoil Hong Kong had not performed as well as that in the past and an apparent reason for this is the inflows of hot capital from abroad especially of the US that fuelled rising property prices. On conformity to the OCA criteria, the findings broadly corroborate the fixed exchange regime with the US as the monetary anchor country but at the same time China appears as a prospective contender to US as the monetary anchor. In the longer run, amidst the prolonged economic and monetary weaknesses in the US plus the emergence of renminbi as a global currency, Hong Kong might as well unify its exchange rate with the Chinese money.Este documento explora el nivel de precios internos y la competitividad comercial de Hong Kong, además de la compatibilidad de esta caja de conversión basada en el dólar con los criterios inspirados en la teoría de la zona monetaria óptima (ZMO). En cuanto al precio y la competitividad, los hallazgos señalan que durante la agitación Hong Kong no se había desempeñado tan bien como en el pasado y una razón aparente de esto son las entradas de capital proveniente del extranjero, especialmente de los Estados Unidos, que impulsaron el alza de los precios de las propiedades. En conformidad con los criterios de la ZMO, los hallazgos corroboran ampliamente el régimen de cambio fijo con los Estados Unidos como país ancla monetaria, pero, al mismo tiempo, China aparece como un posible candidato a contendor de Estados Unidos como ancla monetaria. A más largo plazo, en medio de la prolongada debilidad económica y monetaria en los Estados unidos, más el surgimiento del renminbi como moneda global, Hong Kong podría también unificar su tipo de cambio con el dinero chino.Bibliografía: páginas 112-113.Código de Clasificación de Journal of Economic Literature (JEL) : F31, F32, F41, F42, O53.Universidad Pedagógica y Tecnológica de Colombia2019-05-10T16:17:40Z2019-05-10T16:17:40Z2019-02-07Artículo de revistahttp://purl.org/coar/resource_type/c_6501info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionTexthttps://purl.org/redcol/resource_type/ARThttp://purl.org/coar/version/c_970fb48d4fbd8a85application/pdfapplication/pdfQuah, C.H. (2019). The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis. Apuntes del CENES, 38(67), 87-113. DOI: https://doi.org/10.19053/01203053.v38.n67.2019.8502. http://repositorio.uptc.edu.co/handle/001/2574Electrónico 2256-57790120-3053http://repositorio.uptc.edu.co/handle/001/257410.19053/01203053.v38.n67.2019.8502https://revistas.uptc.edu.co/index.php/cenes/article/view/8502/7613reponame:RiUPTC: Repositorio Institucional UPTCinstname:Universidad Pedagógica y Tecnológica de Colombiainstacron:Universidad Pedagógica y Tecnológica de ColombiaengArtis, M. & Zhang, W. (2002). Membership of EMU: A Fuzzy Clustering Analysis of Alternative Criteria. Journal of Economic Integration, 17(1), 54–79.Baxter, M. & Stockman, A. (1989). Business Cycles and the Exchange-rate Regime. Journal of Monetary Economics, 27(1), 377-400.Bayoumi, T. & Eichengreen, B. (1997). Ever Closer to Heaven? An Optimum-Currency- Area Index for European Countries. European Economic Review, 41, 761–770.Boreiko, D. (2003). EMU and Accession Countries: Fuzzy Cluster Analysis of Membership. International Journal of Finance and Economics, 8, 309–325.Chen, N. F. (2001). The Hong Kong Currency Board during the 1997–8 Crisis: Problems and Solutions. International Review of Finance, 2, 99–112.Devereux, M. B. (2003). A Tale of Two Currencies: The Asian Crisis and the Exchange Rate Regimes of Hong Kong and Singapore. Review of International Economics, 11, 38–54.Fleming, J. M. (1971). On Exchange Rate Unification. Economic Journal, 81, 467–88.Fung, L. & Yu, I. (2010). Dislocations in the FX Swap and Money Markets in Hong Kong SAR during the Global Credit Crisis of 2007–08. BIS Papers 54. Basel, Switzerland: Bank for International Settlement.Funke, M. & Paetz, M. (2013). Housing Prices and the Business Cycle: An Empirical Application to Hong Kong. Journal of Housing Economics, 22(1), 62-76.Gerlach, S. (1988). World Business Cycles under Fixed and Flexible Exchange Rates, Journal of Money, Credit and Banking. 20, 621–632.Gerlach-Kristen, P. (2009, June). Business Cycle and Inflation Synchronisation in Mainland. China and Hong Kong. International Review of Economics & Finance, 18(3), 404-418.Goodstadt, L. F. (2010) The Global Crisis: Why Laisser-Faire Hong Kong Prefers Regulation HKIMR Working Paper No.01/2010. Hong Kong: Hong Kong Institute for Monetary ResearchImai, H. (2010), Hong Kong's Inflation and Deflation under the Us Dollar Peg: The Balassa-Samuelson Effect or Export Price Shocks? The Developing Economies, 48, 319–344.Kenen, P. (1969). A Theory of Optimum Currency Areas: An Eclectic View. In R. A. Mundell & A. K. Swoboda, (eds). Monetary Problems of the International Economy (pp. 41-60). Chicago: University of Chicago Press.Krugman, P. (1990). Policy Problems of a Monetary Union. In P. De Grauwe & L. Papademos, (eds.), The European Monetary System in the 1990s. Harlow: Longman.McKinnon, R. I. (1963). Optimum Currency Areas. American Economic Review, 53, 717–725.McKinnon, R. I. (2010). Rehabilitating the Unloved Dollar Standard, SCID Working Paper. Stanford, CA: Stanford Institute for Economic Policy Research, Stanford University.Mundell, R. (1961). A Theory of Optimum Currency Areas. American Economic Review, 51, 657–664.Nguyen, T. (2007). East Asian Currency Area: A Fuzzy Clustering Analysis of Homogeneity, Development and Policies Research Centre Working Paper No. 10. Vietnam: DPRC.Quah, C. H. (2014b). Revisiting Business Cycles in the Eurozone: A Fuzzy Clustering and Discriminant approach. Acta Oeconomica, 64(2), 161-180.Quah, C. H. (2016a). Economic Feasibility of a BRICS Monetary Union. Global & Local Economic Review, 20(2), 1-29.Quah, C. H. (2017). Exchange Rate Fixation between US, China, Japan and Eurozone. Margin: The Journal of Applied Economic Research, 11(2), 99-120.Quah, C. H. & Crowley, P. M. (2010). Monetary Integration in East Asia: A Hierarchical Clustering Approach. International Finance, 13(2), 283–309.Quah, C. H. & Crowley, P. M. (2012a). Which Country Should Be the Monetary Anchor for East Asia: the US, Japan or China? Journal of the Asia Pacific Economy, 17(1), 94-112Quah, C. H. & Crowley, P. M. (2012b). China and the Dollar: An Optimum Currency Area View. Prague Economic Papers, 4, 391-411.Ran, J., Voon, J. P. & Li, G. (2010), How Do Oil Price Shocks Affect A Small Non- Oil Producing Economy? Evidence from Hong Kong. Pacific Economic Review, 15, 263–280.Tavlas, G. (1993). The “New” Theory of Optimum Currency Areas. The World Economy, 16, 663–685.Apuntes del CENES;Volumen 38, número 67 (Enero-Junio 2019)Copyright (c) 2019 Universidad Pedagógica y Tecnológica de Colombiahttps://creativecommons.org/licenses/by-nc-sa/4.0/info:eu-repo/semantics/openAccessAtribución-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0)http://purl.org/coar/access_right/c_abf22021-06-23T22:19:06Z

The Chinese Dollar Linked to the Hong Kong´s during the Global Crisis

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