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1、個人收集整理勿做商業(yè)用途TheCostofCurrencyStability:HongKong’sExperiencesChe-cheongPoonDecember2001香 港 樹 仁 學 院經(jīng) 濟 學 系WorkingPaperSeriesEconomicsDepartmentHongKongShueYanCollege資料個人收集整理，勿做商業(yè)用途個人收集整理勿做商業(yè)用途W(wǎng)orkingPaperSeriesDecember2001AllRightsReservedISBN:962-8719-27-0Copyright?2003byHongKongShueYan
2、CollegeInformationontheWorkingPaperSeriescanbefoundonthelastpage.Pleaseaddressanycommentsandfurtherinquiriesto:資料個人收集整理，勿做商業(yè)用途Mr.Wai-KeeYuenWorkingPaperCoordinatorDepartmentofEconomicsHongKongShueYanCollege10WaiTsuiCrescentBraemarHillRoadNorthPointHongKongFax:28068044Tel:25707110Email:
3、sklee@hksyc.eduTheCostofCurrencyStability:HongKong’sExperiences資料個人收集整理，勿做商業(yè)用途Che-cheongPoonDepartmentofEconomicsAbstractThisstudyprovidesanargumentagainsttheeconomicjustificationofthelinkedexchangeratesysteminHongKongbecausethecurrenteconomicenvironmentismuchdifferentfromthatin1983.Th
4、epaperconsistsoffivesections.Thefirsttwosectionsexaminetheempiricalaswellastheoreticalrelationshipbetweenexchangeratesandthekeymacroeconomicvariables.Thethirdsectionderivesaparadigmtoillustratethetransmissionprocessofeconomicforcesunderthesystem.Thefourthsectionsusetheparadigmtoanalyze
5、HongKong’seconomicperformancesincetheintroductionofthesystemandgiveanaccountforthecostofcurrencystability.Thefinalsectiongivesabriefconclusion.Keywords:PurchasingPowerparityTheorem;ExchangeEquation;InterestRateParityTheorem;個人收集整理勿做商業(yè)用途資料個人收集整理，勿做商業(yè)用途Fisher’sEquationofInterest;LinkedEx
6、changeRateSystem;DefensiveOperation;資料個人收集整理，勿做商業(yè)用途BeamBalanceParadigm;EastAsianFinancialCrisis;Negativeequity資料個人收集整理，勿做商業(yè)用途___________________________________________________________資料個人收集整理，勿做商業(yè)用途“Aparticularlysadfeatureofeconomiclifeisthat,nosoonerhavewecollectively資料個人收集整理，勿做商業(yè)用途a
7、chievedsomedegreeofunderstandingofcauseandeffect,thancircumstances資料個人收集整理，勿做商業(yè)用途changesoradicallythatthepainfullyacquiredknowledgeisalreadyoutofdate.”資料個人收集整理，勿做商業(yè)用途(Hogon&Pearce,pp.14)__________________________________________________________資料個人收集整理，勿做商業(yè)用途(A)THETHEORETICALRELATION
