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On the reconstruction of Macao’s monetary system

Author: QuHuaAn
Tutor: DuJinZuo
School: Jinan University
Course: Finance
Keywords: Monetary system Monetary issue Structuer in circulationExchange rate system
CLC: F822.7
Type: Master's thesis
Year: 2000
Downloads: 76
Quote: 0
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Abstract


The Macao Pataca as the legal tender of Macao, although it has been issued foralmost ten decades, the Macao Ptuca has not yet became the current money in allover the world or even in a region, its circulation volume even 1ess than Hong Kong*dollar in here. According to the Currency Board System of Macao, the MacaoPataca is linked with Hong Kong Dollar, on the basis of pegged relationship betweenHong Kong Dollar and United States dolIar, even though it gives facilities to thedevelopment of investment and trading, and to push ahead the economic growtheffectively, but under the circumstance of shortage of adjustment mechanism inexchange ratcs and interest rates, the price of goods can easily be tUrned around, as arcsult, the long term economic growth will possibly be obsimcted eventually by thcimbalance of resources allocation in different industrial sectors. -After the 20,, December, 2000, the central government has resumed to executeits sovereign POwer over Macao, and cstablish the Macao Spec1al AdministrativeRegion. And is it necessary to adjust the monetary system and the exchange ratesystem to meet thc needs of the soc1al and economic development of Macao? I thinkthat it shall be a topic worthy of discussing. As fOllows, I will try to discuss thefeasible development routCs of reconsimcting the monetare system of Macao by theways of analySing theuevolution of monetary system, the--present situation of Macao’Smonetary system and the advantages and disadvantages of Linked exchange ratesystem and F1oating rate systCm. Eventually, on the topic of the reconsmiction ofMacao’s monetny systCm, the mechanism of standard system and exchange ratesystem will not be changed basically, and fhe dolledzation of Macau Pataca forHongkong dolIar wiIl be treated as the short-term feasible direction of reeonsmiction.

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CLC: > Economic > Fiscal, monetary > Currency > China's currency > Local currency
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