search query: @freeterm SPECULATIVE ATTACKS / total: 2
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| Author: | Tsang, S-K. Ma, Y. |
| Title: | Currency substitution and speculative attacks on a currency board system |
| Journal: | Journal of International Money and Finance
2002 : FEB, VOL. 21:1, p. 53-78 |
| Index terms: | CURRENCY SUBSTITUTION EXCHANGE RATES HONG KONG |
| Freeterms: | SPECULATIVE ATTACKS |
| Language: | eng |
| Abstract: | A currency board arrangement (CBA) is supposed to be robust against attacks. Currency substitution complicates life, with controversial implications for floating versus fixed exchange rate regimes. After reporting evidence of currency subsitution in Hong Kong, a monetary model incorporating currency substitution is used to estimate the shadow exchange rate and the probability of speculative attack on the Hong Kong dollar. |
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