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Hong Kong’s Currency Board System

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MSc International Economics, Banking & Finance Issues in Money, Banking & Finance, 2013 Assignment 1 Due by 14. 00 Friday 22 March to Room A04 Do one question (2000–2500 words) 1. The integration of China and India into the global economy has doubled the size of the worldwide labour force, according to Professor Richard Freeman. Does this change the rules of globalization and justify protectionism against China and India?

2.Is it economically or politically defensible for Central Banks to intervene, acting directly or through agents, in support of domestic equity prices? Under what circumstances would you reverse your conclusions? 3.

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Discuss the Institutional structure of the US Federal Reserve, European Central Bank and Bank of England and that of the central bank of your home country. What are the similarities in their rate setting institutions, regulatory responsibilities (if any) and government debt management responsibilities (if any)?

Which do you consider the best model and why? 4. What have been the costs and benefits of Hong Kong’s currency board system since 1983? Would it be wise to link the Hong Kong dollar to the Chinese renminbi by 2020? 5.

“Financial crisis will always be with us. ” Discuss methods by which Governments and regulatory authorities could reduce the effects of such crises, or even avoid crisis entirely. Explain fully any negative aspects to such a policy.

Suggested further reading Lecture 1 (David Smith) Smith David (2007) http://www. conomicsuk. com/blog/000493. html Smith David (2007), The Dragon and the Elephant: China, India and the New World Economic Order, Profile Books, UK Freeman, Richard B. (2004), ‘Doubling the Global Work Force: The Challenge of Integrating China, India, and the Former Soviet Bloc into the World Economy’. Presentation, Institute for International Economics, November 8 2004, www. iie. com Huang, Yasheng, and Khanna, Tarun (2003), ‘Can India Overtake China? ’, Foreign Policy, July-August 2003, Washington, http://www. hbs. du/faculty/tkhanna/docs/fp_india-china_june2003. pdf OECD (2005), Policy Brief – China http://www. oecd. org/dataoecd/10/25/35294862. pdf OECD (2006) Economic Outlook, India – http://www. oecd. org/dataoecd/52/11/36761627. pdf Restall, Hugo (2006), ‘India’s Coming Eclipse of China’, Far Eastern Economic Review, March 2006. Winters, L. Alan, and Yusif, Shahid (2006), Dancing With Giants, World Bank, Washington http://siteresources. worldbank. org/INTCHIINDGLOECO/Resources/CE_Ch01pp. 001-026_FINAL. pdf Lecture 2 (Peter Warburton)

Briault C, Haldane A and King M (1996), “Central Bank Independence and Accountability: Theory and Evidence, Bank of England Quarterly Bulletin, pp63-68, February Deane M and Pringle R (1995), The Central Banks, Viking Penguin, New York Goodhart C (1999), “Central Bankers and Uncertainty”, Bank of England Quarterly Bulletin, pp102121, February Mishkin F S (2007a), “Monetary Policy and the Dual Mandate”, US Federal Reserve Board, 10 April 2007, http://www. federalreserve. gov/newsevents/speech/mishkin20070410a. tm Mishkin F S (2007b), “Financial Instability and Monetary Policy”, US Federal Reserve Board, 5 November 2007 http://www. federalreserve. gov/newsevents/speech/mishkin20071105a. htm Smith V C (1990),

The Rationale of Central Banking and the Free Market Alternative, Liberty Press, Indianapolis Tinsley P A (1998), “Short Rate Expectations, Term Premiums and Central Bank use of Derivatives to Reduce Policy Uncertainty”, Discussion Paper, Federal Reserve Board, Washington DC, September 1998 http://www,federalreserve. ov/pubs/feds/1991/19914/19914pap. pdf Tucker P (2007), “Central Banking and Political Economy: the example of the UK’s Monetary Policy Committee” http://www. bankofengland. co. uk/publications/speeches/2007/speech312. pdf Warburton P J (1999), Debt and Delusion, Allen Lane The Penguin Press, London, (Also, paperback edition with updated material, January 2000, and reprinted 2005) White W R (2008), “Past financial crises, the current financial turmoil, and the need for a new macrofinancial stability framework”, conference speech, 3 March 2008. ttp://www. bis. org/speeches/sp080326. htm Lecture 3 (John Greenwood)

Schuler, K (1996) “Should Developing Countries Have Central Banks? ” Institute of Economic Affairs Research Monograph 52. Also refer to Kurt Schuler’s website on Currency Boards & Dollarisation http://users. erols. com/kurrency/index. html and read selections from items: Introduction to Currency Boards and Further reading, both on his home page. Schwartz Anna J (1992), “Do Currency Boards Have a Future? 22nd Wincott Memorial Lecture, Institute of Economic Affairs Occasional Paper 88 Walters A (1991), “Currency Boards”, in New Palgrave Dictionary of Economics, Vol. I (Eds. ) J Eatwell, M Milgate, and P Newman, Macmillan.

Also reprinted in The Economics and Politics of Money: The Selected Essays of Alan Walters (ed. ) Kent Matthews, Cheltenham: Edward Elgar Students should visit the website of the Hong Kong Monetary Authority http://www. info. gov. hk/hkma/ especially Policy Areas/Currency Board System http://www. info. gov. hk/hkma/eng/currency/link_ex/index. tm and Exchange Fund Balance Sheet (under Press Releases) http://www. info. gov. hk/hkma/eng/press/index. htm Balassa, Bela (1964) “The Purchasing Power Parity Doctrine: A Reappraisal” Journal of Political Economy, Dec pp 584-96 Lecture 4 (Trevor Williams) Taleb. , Nassim Nicholas, Fooled by Randomness: the hidden Role of Chance in Life and the Market, 2005 Taleb. , Nassim Nicholas, The Black Swan: the impact of the Highly Improbable, New York, 2007 Andrew Smithers, Wall Street, Imperfect Markets, and Inept Central Bankers, Wiley, 2009 John Kay, The Truth About Markets, 2003

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