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A Synthesized Discussion on the Macao Monetary Reform

Author

Listed:
  • Xinhua Gu

    (Faculty of Business Administration, University of Macau, Macao, China)

Abstract

The prolonged RMB appreciation affects Macao deeply and requires a major monetary reform without further delay. What we propose for Macao reform as an optimal choice includes shifting its monetary anchor to the strong RMB, revaluing its domestic currency to the original level, and setting up a sovereign wealth fund for autonomous growth. This proposal is based on Macao’s economic fundamentals such as trade competitiveness, business relations, real welfare, monetary stability, and genuine development. We also recommend a monetary union of Macao with Hong Kong as the 2nd-best choice of reform by introducing what we term the SAR dollar

Suggested Citation

  • Xinhua Gu, 2010. "A Synthesized Discussion on the Macao Monetary Reform," Frontiers of Economics in China-Selected Publications from Chinese Universities, Higher Education Press, vol. 5(4), pages 604-621, December.
    • Handle: RePEc:fec:journl:v:5:y:2010:i:4:p:604-621
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    File URL: http://journal.hep.com.cn/fec/EN/10.1007/s11459-010-0115-z
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    Cited by:

    1. Gu, Xinhua & Huang, Bihong, 2011. "A new approach to capital flows: Theory and evidence," Economic Modelling, Elsevier, vol. 28(3), pages 1050-1057, May.

    More about this item

    Keywords

    monetary reform; Macao; Hong Kong; the Mainland of China;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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