This paper presents an empirical investigation on an important policy issue, namely, whether there is any evidence supporting monetary integration between the Chinese mainland and Hong Kong. We follow two lines of inq...This paper presents an empirical investigation on an important policy issue, namely, whether there is any evidence supporting monetary integration between the Chinese mainland and Hong Kong. We follow two lines of inquiry. First, we present a series of simple tests to find the extent to which trade and/or financial linkages exist between the two regions. Second, we use simple inflation and output differentials and structural VAR techniques to test for the degree of business cycle synchronization between the two regions. The results indicate that there is evidence supporting the existence of trade linkages and that there is also support for the possible synchronization of business cycles. We discuss the implications of this for monetary integration between Hong Kong and the mainland展开更多
Based on the theories of Optimum Currency Areas and Impossible Triangle,this article considers the practice analysis of the Euro and European Central Bank,and proposes the possibility of monetary integration in Arab G...Based on the theories of Optimum Currency Areas and Impossible Triangle,this article considers the practice analysis of the Euro and European Central Bank,and proposes the possibility of monetary integration in Arab Gulf countries.The author argues that at this stage,member states must collaborate closely,and coordinate fully among various conflicts.Only by doing this will they be able to create necessary conditions for upgrading the level of financial and monetary integration in Arabic Gulf countries.展开更多
文摘This paper presents an empirical investigation on an important policy issue, namely, whether there is any evidence supporting monetary integration between the Chinese mainland and Hong Kong. We follow two lines of inquiry. First, we present a series of simple tests to find the extent to which trade and/or financial linkages exist between the two regions. Second, we use simple inflation and output differentials and structural VAR techniques to test for the degree of business cycle synchronization between the two regions. The results indicate that there is evidence supporting the existence of trade linkages and that there is also support for the possible synchronization of business cycles. We discuss the implications of this for monetary integration between Hong Kong and the mainland
基金the interim achievement of plan funding project of SHISU“Theories and Practices of Regional Finance Integration”(KX191017).
文摘Based on the theories of Optimum Currency Areas and Impossible Triangle,this article considers the practice analysis of the Euro and European Central Bank,and proposes the possibility of monetary integration in Arab Gulf countries.The author argues that at this stage,member states must collaborate closely,and coordinate fully among various conflicts.Only by doing this will they be able to create necessary conditions for upgrading the level of financial and monetary integration in Arabic Gulf countries.
