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A Tale of Two Cities Revisited: Pass-through in Hong Kong & Singapore
Amit Ghosh Colorado College Department of Economics and Business Ramkishen S. Rajan George Mason University - School of Public Policy; Institute of Southeast Asian Studies, Singapore August 2006 Colorado College Working Paper No. 2006-04 Abstract: This paper compares the extent of exchange rate pass-through at the aggregate level into CPI and import prices in Singapore and Hong Kong for the period 1980 to 2005. A priori one might expect that these two economies which have relatively small markets and are highly open with high degree of dependence on foreign goods for domestic consumption, will be faced with relatively high exchange rate pass-through. Results suggest that exchange rate pass-through in Hong Kong is higher than in Singapore. The paper further examines whether pass-through has changed over time in the two economies.
Keywords: Exchange Rate Hong Kong, Pass-through (ERPT), Market share, Singapore JEL Classifications: E31, F41 Working Paper SeriesDate posted: September 04, 2006 ; Last revised: October 14, 2009Suggested CitationContact Information
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