Off-the-record target zones:theory with an application to Hong Kong’s Currency Board

This paper provides a modelling framework for evaluating the exchange rate dynamics of a target zone regime with undisclosed bands. We generalize the literature to allow for asymmetric one-sided regimes. Market participants' beliefs concerning an undisclosed band change as they learn more about central bank intervention policy. We apply the model to Hong Kong's one-sided currency board mechanism. In autumn 2003, the Hong Kong dollar appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake of this appreciation, the monetary authorities finally revamped the regime as a symmetric two-sided system with a narrow exchange rate band

A soft edge target zone model: Theory and application to Hong Kong

Hong Kong’s currency is pegged to the US dollar in a currency board arrangement. In autumn 2003, the Hong Kong dollar appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake of this appreciation, the monetary authorities revamped the one-sided currency board mechanism into a symmetric two-sided system with a narrow exchange rate band. This paper reviews the characteristics of the new currency board arrangement and embeds a theoretical soft edge target zone model typifying many intermediate regimes, to explain the notable achievement of speculative peace and credibility since May 2005.currency board arrangement; target zone model; credibility; Hong Kong

Introducing New Methodologies for Identifying Design Patterns for Internationalization and Localization

This paper describes a new methodology for deriving interaction design patterns from an analysis of ethnographic data. It suggests using inductive and deductive analysis processes to identify and articulate patterns that address the needs of culturally diverse users of interactive, collaborative systems. This might inform the internationalization and localization process of computer supported collaboration systems

Follow-up Interview with Lijia Zhang, author of Socialism is Great!

Last June, Nicole Barnes of the China Beat interviewed Lijia Zhang, author of the acclaimed book Socialism is Great!, whose paperback edition has just been released by RandomHouse. Here is a follow-up interview with Ms. Zhang about her recent (and ongoing) book tour, her upcoming book, and women’s issues in Asia: Nicole Barnes: You recently completed your book tour for Socialism is Great!Where did you speak about your book? Lijia Zhang: I have not completed my book tour yet. My French publisher has promised to invite me for a promotional tour this autumn when the French version comes out. I’ll also visit Holland where the Dutch translation has just been published. It is being translated into Hebrew, and I am sure that there will be more to follow. I spoke at various festivals: literature festivals in Hong Kong, Beijing and Shanghai, the LA Times Festival of Books, the Melbourne Writers Festival, the Ubud Writers and Readers Festival in Bali, and the Jaipur Literature Festival in India. I’ve given many talks at universities, book stores, organizations and institutions interested in China and foreign correspondents clubs. I’ve also received invitations to talk to women’s groups and multinational companies as an inspirational speaker. NB: Were the audiences different in each location (did you see different mixes of men and women, ethnic Chinese and non-Chinese, etc)? Where did you get the best reception

Chromospheric Inversions of a Micro-flaring Region

We use spectropolarimetric observations of the Ca II 8542~\AA\ line, taken from the Swedish 1-m Solar Telescope (SST), in an attempt to recover dynamic activity in a micro-flaring region near a sunspot via inversions. These inversions show localized mean temperature enhancements of $\sim$1000~K in the chromosphere and upper photosphere, along with co-spatial bi-directional Doppler shifting of 5 - 10 km s$^{-1}$. This heating also extends along a nearby chromospheric fibril, co-spatial to 10 - 15 km s$^{-1}$ down-flows. Strong magnetic flux cancellation is also apparent in one of the footpoints, concentrated in the chromosphere. This event more closely resembles that of an Ellerman Bomb (EB), though placed slightly higher in the atmosphere than is typically observed.Comment: 9 pages, 9 figures, accepted in ApJ. Movies are stored here: https://star.pst.qub.ac.uk/webdav/public/areid/Microflare

Follow-up Interview with Lijia Zhang, author of Socialism is Great!

Last June, Nicole Barnes of the China Beat interviewed Lijia Zhang, author of the acclaimed book Socialism is Great!, whose paperback edition has just been released by RandomHouse. Here is a follow-up interview with Ms. Zhang about her recent (and ongoing) book tour, her upcoming book, and women’s issues in Asia: Nicole Barnes: You recently completed your book tour for Socialism is Great!Where did you speak about your book? Lijia Zhang: I have not completed my book tour yet. My French publisher has promised to invite me for a promotional tour this autumn when the French version comes out. I’ll also visit Holland where the Dutch translation has just been published. It is being translated into Hebrew, and I am sure that there will be more to follow. I spoke at various festivals: literature festivals in Hong Kong, Beijing and Shanghai, the LA Times Festival of Books, the Melbourne Writers Festival, the Ubud Writers and Readers Festival in Bali, and the Jaipur Literature Festival in India. I’ve given many talks at universities, book stores, organizations and institutions interested in China and foreign correspondents clubs. I’ve also received invitations to talk to women’s groups and multinational companies as an inspirational speaker. NB: Were the audiences different in each location (did you see different mixes of men and women, ethnic Chinese and non-Chinese, etc)? Where did you get the best reception

Off-the-record target zones: Theory with an application to Hong Kong's currency board

This paper provides a modelling framework for evaluating the exchange rate dynamics of a target zone regime with undisclosed bands. We generalize the literature to allow for asymmetric one-sided regimes. Market participants' beliefs concerning an undisclosed band change as they learn more about central bank intervention policy. We apply the model to Hong Kong's one-sided currency board mechanism. In autumn 2003, the Hong Kong dollar appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake of this appreciation, the monetary authorities finally revamped the regime as a symmetric two-sided system with a narrow exchange rate band.Currency Board Arrangement; Target Zone Model; Hong Kong

Dundee Discussion Papers in Economics 228:A soft edge target zone model: theory and application to Hong Kong

Hong Kong’s currency is pegged to the US dollar in a currency board arrangement. In autumn 2003,the Hong Kong dollar appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake of this appreciation, the monetary authorities revamped the one-sided currency board mechanism into a symmetric two-sided system with a narrow exchange rate band. This paper reviews the characteristics of the new currency board arrangement and embeds a theoretical soft edge target zone model typifying many intermediate regimes, to explain the notable achievement of speculative peace and credibility since May 2005