A Tale of Two Cities Revisited: Pass-through in Hong Kong & Singapore
Colorado College Department of Economics and Business
Ramkishen S. Rajan
George Mason University - School of Public Policy; Institute of Southeast Asian Studies, Singapore
Colorado College Working Paper No. 2006-04
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.
Number of Pages in PDF File: 30
Keywords: Exchange Rate Hong Kong, Pass-through (ERPT), Market share, Singapore
JEL Classification: E31, F41
Date posted: September 4, 2006
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