Contrasts the stability of Hong Kong’s currency with the fall of other Asian currencies during the 1997‐1998 crisis and asks whether a Hong Kong‐style currency board could help other Asian countries. Discusses the underlying causes of the crisis and compares it with the currency crises of the European Monetary System (1992‐1993) and Mexico (1994‐1995). Considers the advantages and disadvantages of a currency board but concludes that most Asian countries have insufficient foreign reserves, wage/price flexibility or prosperity to benefit from having one.
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