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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 Series

Date posted: September 04, 2006 ; Last revised: October 14, 2009

Suggested Citation

Ghosh, Amit and Rajan, Ramkishen S., A Tale of Two Cities Revisited: Pass-through in Hong Kong & Singapore (August 2006). Available at SSRN: http://ssrn.com/abstract=927971

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Amit Ghosh (Contact Author) Colorado College Department of Economics and Business ( email ) 14 East Cache La Poudre Street Colorado Springs, CO 80903
Ramkishen S. Rajan George Mason University - School of Public Policy ( email ) 4400 University Drive Fairfax, VA 22030-4444 United States (1) 703-993-8215 (Fax)
Institute of Southeast Asian Studies, Singapore 30 Heng Mui Terrace Pasir Panjang

Abstract

References (17)

Date posted: September 04, 2006 ; Last revised: October 14, 2009

Suggested Citation

Contact Information

Amit Ghosh (Contact Author)

Ramkishen S. Rajan