Index “The Account” 229–32, 235–8, 261–2 accounting arrangements, July 1988 package 229–34, 242–7, 260 adjustment mechanism see automatic adjustment mechanism Allsopp, P.W. 26–8 AMM see Asian Monetary Monitor announcement, stopgap measure 143–6 arbitrage funds 189–91, 194 replaced by July 1988 package 227–47 see also cash arbitrage Artis, M.J. 131 Asian Financial Crisis 272–8 Asian Monetary Monitor (AMM) 1, 3–4 articles and comments adjusting to linked rate 203–16 currency depreciation 5–14 financial crisis 1982 51–99 July 1988 package 227–47 linked rate system, analysis of 183–202 monetary problems pre-1982 15–35 negative interest rates 217–25 operation of new exchange rate mechanism 169–81 rescue proposals 1983 101–35 stabilisation of HK$ 137–67 Tiananmen incident 249–57 trade recession 37–50 ceased publication 268 epilogue 259 author arrival in Hong Kong 1–2 experiences 1982–3 102, 104 meeting with Blye/Bremridge 16 overview of book 1–4 paucity of economic data 2 stabilisation plan, essential elements of 165–7 studies in Japan 101 automatic adjustment mechanism 73–92 business cycle and 76–8 under Colonial Currency Boards 80–3 diagram of 77 fixed exchange rates and 16–22, 78, 82, 86–8 how it operated 73 Hong Kong 1952–74 84–86 intervention as part of 28, 32 Japan and US 1949–74 83–4, 86–89 market forces in 125–8 options facing HK authorities 90–2 orthodox banking system, and 78–9, 83–4, 86–92 price levels linked by 81–3, 85, 88–9 rescue proposals 1983 121, 125–8 superficial view of 75–6 balance of payments adjustment under linked rate system 208–10 adjustment mechanism and 73–83, 87 294 Index convertibility and 189 equilibrium 179–80, 208 growth scenarios under alternate assumptions about 180–1 Japan 1971–4 87 monetary growth, impact on 48 monetary systems 20, 22–3, 27 balance sheets annotated 112–13 central bank vs Exchange Fund 232–3 Consolidated Balance Sheets 1983 109 Exchange Fund 15, 31, 232–3 Balassa-Samuelson effect 203, 265, 278, 285, 288, 290 Bank of China 250, 252, 254, 256 Bank Credit Analyst (BCA) 3 Bank of England 59, 61, 105, 146 Bank of Japan 2, 33, 83, 87 banks, banking system arbitrage with free market rate 154–5 Asian financial crisis and 275 balance of payments, impact on 20, 22–3, 27 balance sheets 15, 30–1, 109, 112–13, 232–3 Chinese banks 117, 119 clearing and settlement 116, 227, 229–30, 262, 269–70 competition among banks 154–5 determinant ratios of banks 121–5, 187, 215 discount window for 256 DTC crisis 1982–3 60–2 deficiencies of banking system 32–3 Exchange Fund accounts, relation of banks to 25 intervention by monetary authority in 16–17, 30–1 legislation 1978–80 53–8 lending 61, 66–7, 94, 125–6, 178 liquid assets 59–64 multiple contraction/expansion 17, 27–30, 40, 111 negative interest rates scheme 218–21 runs on banks 69, 150 Specified Rate Rule 218–21 threats to stability 69 three-tier system 53–4, 67 UK banking crisis 1973–4 60–2 see also banknotes; central banks; deposits; individual banks; licensed banks; orthodox banking system; reserves Banking Ordinance 54, 63–4, 68–9, 98 banknotes adjustment mechanism 81 change of issue mechanism 57 issuance by all banks 115 issuing banks 25, 114–15, 153, 155, 188, 290–1 orthodox banking system 78–9 rescue proposals 1983 114–15, 118, 122, 126 stabilisation plan 153–5 systems pre-1982 17, 19–20, 25, 33 base money 111–15, 117–18, 120–2, 125–6 see also banknotes basket of currencies 151, 191, 194, 289–90 BCA see Bank Credit Analyst Black Saturday (September 24th 1983) 138, 140, 143 Blye, Douglas 16, 144 Boeckh, Tony 3 borrowing scheme 70–2, 260 Boyd, Robert (Bertie) 3 Bremridge, John 16, 67, 71, 138, 157–8 Bretton Woods System 81, 83–5, 87–8, 239 A Brief History of the Exchange Fund (Nugee) 260 business cycle analysis of 52, 54–6 1983–89 263–7 inflation 265–7 secondary expansion 265 US-determined interest rates 263–4 1990–98 276–8 Asian crisis 277–8 US cycle 1990–97 276–7 1998–2005 283–5 divergence from US 283–4 synchronising with US 284–5 adjustment mechanism 76–8 interest rates, contributions of 142 post-2005 288–91...
OR
