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- Title
IS THERE LONG-RUN MONEY NEUTRALITY UNDER DIFFERENT EXCHANGE RATE REGIMES?
- Authors
Ran, Jimmy
- Abstract
This paper tests the long-run money neutrality across different exchange rate regimes, empirically extending the concept of M. E. Fisher and J. J. Seater. Strong evidence shows the non-neutrality of two forms of money for the Hong Kong economy across the two regimes. While the Hong Kong M1 is marginally non-neutral under the float, it is clearly not neutral afterwards. The M2 is non-neutral both before and after the linked exchange rate.
- Subjects
HONG Kong (China); CHINA; FOREIGN exchange rates; FOREIGN exchange; MONETARY policy
- Publication
Pacific Economic Review, 2005, Vol 10, Issue 3, p361
- ISSN
1361-374X
- Publication type
Article
- DOI
10.1111/j.1468-0106.2005.00278.x