港元联系汇率制度利弊析

Analysis on Advantage and Disadvantage of Pegged-exchange-rate System in Hong Kong

联系汇率制度是香港货币制度的基石 ,联汇制的特殊运行机制保证了香港金融经济在过去十多年中得以健康稳定发展。但亚洲金融风暴后 ,联汇制的制度安排引起了世界舆论。本文通过联汇制的运行机制 ,分析了联汇制的优缺点。并认为 :香港联汇制仍将继续存在 。

Pegged-exchange-rate ( PER ) system is the cornerstone of monetary system in Hongkong. The special machnism of PER operation has ensured a steady development in Hongkong's financial economy in the past ten years. After Asian financial crisis, the systematic arrangement of PER system once aroused debate. This paper will analyse the advantage and disadvantage of PER system through its operation. The author thinks that PER system will still be in operation in Hongkong but needs improvement.