Intervention to Save Hong Kong: Counter-Speculation in by Prof. Charles Goodhart,Dai Lu

By Prof. Charles Goodhart,Dai Lu

via August 1998, the Hong Kong economic system had develop into threatened not just by means of the ordinary outcomes of the Asian concern (1997-98), but additionally through waves of hypothesis, making a bet that the specialists will be pressured to desert the associated alternate price (to the U.S. dollar). whilst dealing with past speculative assaults (starting October 1997), the gurus had conventional regulations of elevating rates of interest. yet through August 1998, such rules had helped to batter asset markets; estate costs and output have been falling, and self assurance used to be low. furthermore, the speculators had constructed an creative 'double play', concurrently promoting either the foreign currencies marketplace and the hold Seng fairness marketplace brief; even if the specialists used an rate of interest safeguard, or deserted the 'link', the speculators may achieve both method. So, the experts selected a daring, unforeseen and unconventional reaction to studies of another assault. they'd adopt counter-intervention, back either within the fairness and foreign currency markets. This booklet offers a desirable tale in itself, and insights into what classes teachers and practitioners can examine from the turbulent occasions of the time.

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