1,383 research outputs found
Banking and exchange rate relations between Hong Kong and mainland China in historical perspective 1965-1975
Get PDFThe ‘one country, two systems’ structure established to govern the relationship between Hong Kong SAR and Mainland China was an innovative and comprehensive solution to particular economic and political challenges posed by the return of Hong Kong to the PRC in 1997. At the time of the drafting of the Basic Law, the integration of the colony into the regional economy of Southeast China through outward FDI had already begun, and from the mid-1980s this process facilitated the transformation of the Hong Kong economy from a manufacturing base to one dominated by financial and commercial services. It was recognized on both sides of the negotiations that the territory’s viability and future prosperity relied on retaining independence over a range of key fundamentals, including a separate and independent currency and monetary system that was at the foundation of Hong Kong’s attraction as an international financial centre for the PRC and also for the rest of the Asian region. An important credibility mechanism for the HK. Since this was also the anchor for the RMB after 1997, the linked rate system kept the relationship between the RMB and the HK and subsequent appreciation from July 2005 has further complicated the monetary relations between Hong Kong SAR and the rest of China. Hong Kong’s interest rates and monetary policy are now arguably more closely aligned with those of the USA than those of its main trade partner. The increased use of RMB in banking and other transactions in Hong Kong SAR is further evidence of the erosion of the barriers between the two currencies. In February 2008, RMB deposits in Hong Kong had reached RMB47.8 billion, an increase of 92% over a year, although this still represented only 0.8% of total deposits in Hong Kong. Cross-border financial flows within the banking system have also accelerated with the accumulation of net liabilities in Hong Kong to banks on the Mainland since 1999. Once the RMB and the HK in January 2007 there was a psychological shift in attitudes about the relative merits of each currency as well real concerns over the potential impact of the appreciation of the RMB on the cost of imports into Hong Kong from the Mainland.3 The potential for further appreciation of the RMB against the HK circulated widely in Southeast China both as a store of value and as a medium of exchange. This monetary integration increased during the collapse of China’s monetary system in the late 1940s.4 With the establishment of the PRC, HK and RMB. An important contribution is to present new data on the activities of Mainland Chinese banks operating in Hong Kong during this period, collected from official archives. This data confirm the extent of cross-border activities throughout the 1960s and early 1970s
The Decline of Sterling: Managing the Retreat of an International Currency 1945-1992
Get PDFThe demise of sterling as an international currency was widely predicted after 1945, but the process took thirty years to complete. Why was this demise so prolonged? Traditional explanations emphasize British efforts to prolong sterling’s role because it increased the capacity to borrow, enhanced prestige, or supported London as a centre for international finance. This book challenges this view by arguing that sterling’s international role was prolonged by the weakness of the international monetary system and by collective global interest in its continuation. Using the archives of Britain’s partners in Europe, the USA and the Commonwealth, Catherine Schenk shows how the UK was able to convince other governments that sterling’s international role was critical for the stability of the international economy and thereby attract considerable support to manage its retreat. This revised view has important implications for current debates over the future of the U.S. dollar as an international currency
La politica della legalità : il ruolo del giurista nell'età contemporanea
No full textAs the author of this book shows as he tests his theses, impartiality and justice require specific and scrupulous forms of civil engagement which render obsolete the traditional call for neutrality. At the same time, citizens must be made to understand how formal features of law that usually evoke their hostility actually guarantee their rights. The legal professional must learn to be a "relativist", obliged - through his choices - to establish priorities among distinct and often irreconcilable value domains
Cercando di dimenticare Savigny
No full textIl presente scritto è un contributo alla discussione del libro di Aurelio Gentili, Il
diritto come discorso del 2013. Del predetto volume si approvano senza riserve
a) la critica alla concezione del vecchio positivismo, secondo il quale il giurista
non farebbe altro che esplorare un misterioso oggetto denominato “realtà
giuridica”, e b) l’interesse per le tecniche argomentative quali strumenti di
controllo interno dei discorsi. Sul piano propositivo, l’autore della recensione
ammette che la conoscenza dei significati normativi letterali, quando la si
ritiene rilevante, comporta a livello collettivo (ma assai meno al livello dei
singoli) un giudizio partecipante. Tali significati, del resto, lungi dall’essere
entità fisse, sono sempre in movimento. Ciò stabilito e con questi limiti,
occorre ammettere che non c’è solo un ordo ordinans imposto dai giuristi sui
confusi materiali estratti dalle fonti, ma si può scorgere, e si deve ritrovare,
anche un ordo ordinatus, frutto tanto dell’attività legislativa quanto delle precedenti interpretazioni, che il singolo interprete non può far a meno di
riconoscere. Insomma: tra i due ordini, fra le attività dei giuristi e i prodotti di
tali attività, si stabilisce un rapporto dialettico.This article is a contribution to the discussion regarding Aurelio Gentili’s 2013
book Il diritto come discorso. From the said volume, the author fully approves:
a) the criticism of the old positivism’s conception that a lawyer does nothing
but explore the misterious object that is “legal reality”, and b) the interest in
argumentative techniques as instruments for internal control of discourses. The
author of this article proposes admitting that the knowledge of literal normative
meanings, when believed to be relevant, requires at the level of the collective
(much less so at the individual level) a judgment, which demonstrates
participation. These meanings are, moreover, far from being fixed entities,
always changing. Within these limits, it should be admitted that there is not
only an ordo ordinans, made by the jurists, using the confused materials
extracted from the sources, but that we may also observe, and must rediscover,
an ordo ordinatus, which results from both legislative activity and previous
interpretations – that an individual interpreter cannot but recognize. In short, a
dialectic relationship between the two orders, between the activity of lawyers
and the products of these activities, is thus established
Exact two-dimensionalization of low-magnetic-Reynolds-number flows subject to a strong magnetic field
No full textWe investigate the behavior of flows, including turbulent flows, driven by a horizontal body-force and subject to a vertical magnetic field, with the following question in mind: for very strong applied magnetic field, is the flow mostly two-dimensional, with remaining weak three-dimensional fluctuations, or does it become exactly 2D, with no dependence along the vertical? We restrict attention to low-magnetic-Reynolds number (Rm) flow. Because liquid metals have low magnetic Prandtl number, such low- flows can have a kinetic Reynolds number as large as one million and therefore be strongly turbulent. We first focus on the quasi-static approximation, i.e. the asymptotic limit of vanishing magnetic Reynolds number Rm << 1: we prove that the flow becomes exactly 2D asymptotically in time, regardless of the initial condition and provided the interaction parameter N is larger than a threshold value. We call this property absolute two-dimensionalization: the attractor of the system is necessarily a (possibly turbulent) 2D flow. We then consider the full-magnetohydrodynamic equations and we prove that, for low enough Rm and large enough N, the flow becomes exactly two-dimensional in the long-time limit provided the initial vertically-dependent perturbations are infinitesimal. We call this phenomenon linear two-dimensionalization: the (possibly turbulent) 2D flow is an attractor of the dynamics, but it is not necessarily the only attractor of the system. Some 3D attractors may also exist and be attained for strong enough initial 3D perturbations. These results shed some light on the existence of a dissipative anomaly for magnetohydrodynamic flows subject to a strong external magnetic field
Letter from Lee C.R. Baker, Reference Assistant to Michi Weglyn, September 25, 1974
No full textThis letter refers to a thesis written by Warren Page Rucker in 1970 entitled, "United States--Peruvian Policy Toward Peruvian-Japanese Persons During World War II." Baker explains that Weglyn can purchase a copy of the thesis if she so desires.Collection of notes, articles, correspondence, photographs, and term papers collected by Yukio Mochizuki, a student at CSU Dominguez Hills, while researching Japanese American incarceration and Japanese Peruvian internment during World War II
Flow instabilities and reversals in non-uniformly thermocapillary driven melt pool
No full textWith transient LES and DNS simulations, we investigate flow in melt pools driven by thermocapillary forces. The developing pool is at first axisymmetric as are the boundary conditions, but flow instabilities arise that lead to 3D oscillatory flow patterns. At higher laser powers a sign-change in the surface tension temperature coefficient occurs, resulting in a flow reversal in the pool and thus two counter-rotating vortices, which exhibit similar though more complex flow instabilities
Hong Kong SAR monetary and exchange rate challenges
No full textHong Kong SAR is now highly unusual as a large economy running a currency board system that pegs the Hong Kong Dollar to the US Dollar. While usually credited with providing stability and prosperity for Hong Kong, the system has become controversial since the decline of the US Dollar since 2002 and the adoption of a flexible basket peg system for the Renminbi in 2005. Why was this system adopted in the first place? Why did Hong Kong go back to a currency board in 1983 after a decade of floating exchange rates? This volume explores the origins and persistence of the system in the context of the long term monetary integration with mainland China and presents the viewpoint of several of those involved in the restoration of the currency board system in 1983. It also explains the changes made since the 1990s and looks to Hong Kong's future prospects
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