Hong Kong Monetary Authority

Press Release

The Hong Kong Institute for Monetary Research (HKIMR) held its inaugural conference on "Currency Arrangements in Asia: Post-Crisis Issues" today (Friday). Eight distinguished speakers, including Professor Ronald McKinnon of Stanford University, Professor Michael Dooley of University of California, Santa Cruz, Dr Morris Goldstein of Institute for International Economics, Professor Eisuke Sakakibara of Keio University, Dr Bijan Aghevli of Chase Manhattan Bank, Mr Glenn Stevens of Reserve Bank of Australia, Dr Ross McLeod of Australian National University and Mr Scott Roger of International Monetary Fund, gave their views on important regional and international issues, including movements in the yen exchange rate, the effectiveness and impact of capital controls in Asian economies, and the evolution of the international financial architecture.

In his opening remarks, Mr Joseph Yam, Chairman of the HKIMR, said, "The relationship between currency arrangements, financial stability and economic performance has long been a controversial subject among economists and the experience of regional crisis has offered much food for thought. The return of financial stability to the crisis-hit economies and the general climate of economic recovery throughout the region, make this an appropriate time to reassess the various currency arrangements in the region from a number of different perspectives." He said that the Hong Kong Institute for Monetary Research would continue to organise conferences and workshops to promote more general intellectual discussion and debate among academics, economists and market professionals.

The HKIMR was established by the Hong Kong Monetary Authority in August 1999. Its objective is to conduct research studies in the fields of monetary policy, banking and finance that are of strategic importance to Hong Kong and the Asian region.

Hong Kong Institute for Monetary Research
17 December 1999

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