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Off-the-Record Target Zones : Theory with an Application to Hong Kong's Currency Board
Chen, Yu-Fu - 2010
This paper provides a modelling framework for evaluating the exchange rate dynamics of a target zone regime with undisclosed bands. We generalize the literature to allow for asymmetric one-sided regimes. Market participants' beliefs concerning an undisclosed band change as they learn more about...
Persistent link: https://www.econbiz.de/10013143950
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The Regime-Dependent Evolution of Credibility : A Fresh Look at Hong Kong's Linked Exchange Rate System
Blagov, Boris - 2013
test the hypothesis of regime-dependent credibility of Hong Kong's linked exchange rate system. The model distinguishes two … credibility as a non-linear process with two distinct regimes …
Persistent link: https://www.econbiz.de/10013076266
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The Regime-Dependent Evolution of Credibility : A Fresh Look at Hong Kong S Linked Exchange Rate System
Blagov, Boris - 2019
test the hypothesis of regime-dependent credibility of Hong Kong's linked exchange rate system. The model distinguishes two … credibility as a non-linear process with two distinct regimes. Keywords: Markov-switching DSGE models, exchange rate regime … credibility, Hong Kong. JEL-Classification: E32, F41, C51, C52 …
Persistent link: https://www.econbiz.de/10012901366
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The credibility of Hong Kong’s currency board system : looking through the prism of MS-VAR models with time-varying transition probabilities
Blagov, Boris; Funke, Michael - 2014
Persistent link: https://www.econbiz.de/10010394395
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The credibility of Hong Kong's currency board system : looking through the prism of MS-VAR Models with time-varying transition probabilities
Blagov, Boris; Funke, Michael - In: Oxford bulletin of economics and statistics 78 (2016) 6, pp. 895-914
Persistent link: https://www.econbiz.de/10011579454
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A soft edge target zone model : theory and application to Hong Kong
Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole - 2009
speculative peace and credibility since May 2005. -- Currency Board Arrangement ; Target Zone Model ; Credibility ; Hong Kong …
Persistent link: https://www.econbiz.de/10003928260
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The credibility of Hong Kong's currency board system: Looking through the prism of MS-VAR models with time-varying transition probabilities
Blagov, Boris; Funke, Michael - 2014
so employs a Markov regime-switching VAR model to describe and analyse the time-varying credibility of Hong Kong … enables us to determine which changes in macroeconomic variables can trigger switches between the low and high credibility …. We find strong evidence of regime switching behaviour that portrays the timevarying nature of credibility in the …
Persistent link: https://www.econbiz.de/10012148732
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The credibility of Hong Kong’s currency board system: Looking through the prism of MS-VAR models with time-varying transition probabilities
Blagov, Boris; Funke, Michael - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
so employs a Markov regime-switching VAR model to describe and analyse the time-varying credibility of Hong Kong … enables us to determine which changes in macroeconomic variables can trigger switches between the low and high credibility …. We find strong evidence of regime switching behaviour that portrays the timevarying nature of credibility in the …
Persistent link: https://www.econbiz.de/10010945006
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Should Hong Kong switch to Taylor rule? : evidence from DSGE model
Meenagh, David; Minford, Patrick; Zhao, Zhiqi - 2021
This paper studies the economy of Hong Kong through the lens of a small open economy DSGE model with a currency board exchange rate commitment. It assumes flexible prices and a banking system that provides credit to entrepreneurial household-firms; the money supply is fully backed by reserves...
Persistent link: https://www.econbiz.de/10012591874
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Assessing the Credibility of the Convertibility Zone of the Hong Kong Dollar
Fung, Laurence - 2009
rates, to assess the credibility of the Convertibility Zone since it was introduced in May 2005. The empirical evidence … suggests that the Hong Kong Monetary Authority has been successful in building a high degree of credibility in maintaining the …
Persistent link: https://www.econbiz.de/10012719689