THE STUDY ON THE MONETARY SYSTEM OF HONG KONG AFTER THE RESTORATION TO CHINA
| Project/Area Number |
10630092
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Public finance/Monetary economics
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| Research Institution | HOSEI UNIVERSITY |
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Principal Investigator |
YOKOUCHI Masao HOSEI UNIVERSITY, FACULTY OF BUSINESS, PROFESSOR, 経営学部, 教授 (20166870)
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| Project Period (FY) |
1998 – 2000
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| Project Status |
Completed (Fiscal Year 2000)
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| Budget Amount *help |
¥1,800,000 (Direct Cost: ¥1,800,000)
Fiscal Year 2000: ¥400,000 (Direct Cost: ¥400,000)
Fiscal Year 1999: ¥500,000 (Direct Cost: ¥500,000)
Fiscal Year 1998: ¥900,000 (Direct Cost: ¥900,000)
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| Keywords | HONG KONG / HONG KONG MONEY MARKET / HONG KONG MONETARY AUTHORITY / JAPANESE BANK / EURO-YEN IMPACT LOAN / OFFSHORE MARKET / THE HONG KONG BASIC LAW / THREE-TIER BANKING SYSTEM / ジャパンプレミアム / 迂回融資 / オフショア取引 / 国際金融センター / インターバンク取引 / one building condition / カレンシーボード制 / ドルリンク制 / アジア通貨危機 / 香港金融管理局 / 香港特別行政区基本法 / arm's length system / relationship-based system / 香港ドル / 固定相場制度 |
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| Research Abstract |
After the restoration to China, Hong Kong faced two serious monetary problems. First, Linked Exchange Rate System was disturbed by the speculative attack to the Hong Kong Dollar in relation to the East Asian financial crisis and Hong Kong Monetary Authority defended the exchange rate system through the exceptional intervention to the money market. Second, there occurred the rapid decline of Japanese Bank's position in Hong Kong Money Market. In this study, this latter problem was mainly examined.
Hong Kong Japanese Banks occupied the dominant market share in Hong Kong money market in the early 1990's. Japanese Banks, especially Country Banks has competitively branched out into Hong Kong and in 1995 the number of Japanese Licensed Banks was forty six which was equivalent to a quarter of all Licensed Banks in Hong Kong. But, after 1997 Japanese Banks has withdrew from Hong Kong and in the end of 2000 only twenty two Japanese Licensed Banks remained. In addition to this withdrawal, Hong Kong Japanese Banks have reduced the roundabout loan through Japan Offshore Market and Hong Kong money market, so called Euro-yen Impact Loan which characterized the Japanese Banks' Hong Kong business.
This decline has been reflected of two factors. First factor was the depression of Hong Kong economy that was hit by East Asian crisis. Second factor was the banking crisis in Japan that has been urging the Japanese Banks to reduce their assets worldwidely and to reorganize the world branch networks. The Article 109 of the Hong Kong Basic Law say, the Government of the Hong Kong SAR should maintain the status of Hong Kong as an international financial centre. But, whether this pledge would be observed or not may be depend on the Japanese Banks.
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Report
(4 results)
Research Products
(7 results)
