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Le prix de la vertu : 25 ans de currency board à Hong Kong

Author

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  • David Khoudour-Castéras

Abstract

Adopté en octobre 1983, le currency board a permis à Hong Kong d'affronter les tourmentes économiques et de maintenir la confiance des marchés envers l'un des principaux centres financiers du monde. Pourtant, la stabilité des changes ne s'est pas faite sans heurts. Les coûts d'ajustement associés à ce système sont élevés, comme lors de la crise asiatique de 1997, et les performances économiques de Hong Kong tendent à être inférieures à celles de ses voisins. Dans un contexte d'instabilité financière internationale et d'intégration croissante à une économie chinoise de plus en plus ouverte, quel est le bilan des 25 ans de fonctionnement de ce régime et quelles en sont les perspectives ?

Suggested Citation

  • David Khoudour-Castéras, 2008. "Le prix de la vertu : 25 ans de currency board à Hong Kong," La Lettre du CEPII, CEPII research center, issue 280.
    • Handle: RePEc:cii:cepill:2008-280
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    More about this item

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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