Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/9572
Title: A currency union for Hong Kong and Mainland China?
Authors: Xu, X 
Keywords: Business cycle synchronization
China
Hong Kong
State-space model
Structural VAR
Issue Date: 2006
Publisher: Pergamon Press
Source: Journal of international money and finance, 2006, v. 25, no. 6, p. 894-911 How to cite?
Journal: Journal of international money and finance 
Abstract: This paper investigates the degree and the evolution of business cycle synchronization between Hong Kong SAR and Mainland China, as well as Hong Kong SAR and the United States with a two-step procedure. A structural VAR model is first set up to capture the dynamics of shocks to different regions. Then a state-space model is used to gauge the degree of symmetry of regional shocks, and to examine whether business cycles have been more synchronized over time. Our results cast doubt on the feasibility of a currency union between Hong Kong and Mainland China in the foreseeable future.
URI: http://hdl.handle.net/10397/9572
ISSN: 0261-5606
EISSN: 1873-0639
DOI: 10.1016/j.jimonfin.2006.07.001
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