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Department of Economics
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Hong Kong's Linked Exchange Rate System: The Way Forward

9:15-10:15 Keynote Speech
"Monetary Policy in a Very Open Economy: Major Analytical Issues”

Bennett McCallum , Carnegie Mellon University
10:30-11:15 "An Optimal Currency Basket to Minimize Output and Inflation Volatility:
Theory and an Application to Hong Kong"

Zihui MA (Samsung Economic Research Institute China) and Leonard K. Cheng (HKUST)
Presented by Jenny Xu, HKUST
11:15-12:00  "A Workable Basket Link"
Lok Sang HO, Lingnan University
12:00-12:45 "The Latin American Experience"
Alicia GARCIA-HERRERO, BBVA
14:15 - 15:00 "Volatility of Macro Fundamentals across Exchange Rate Regimes:
A Theoretical Exploration"

Jimmy RAN (Lingnan University) and Hong WU (University of St Thomas, Minnesota)
15:00 - 15:45  "Modern Currency Boards as Embedded Options"
Yue MA (Lingnan University) and Shu-ki TSANG (Hong Kong Baptist University)
15:45 - 16:30 "Problems with a Fixed exchange Rate Regime"
LAW Ka-chung , Bank of Communications
16:45 - 17:30 "On Forex reserves in Asia"
David COOK (HKUST) and James YETMAN (BIS)
17:30 - 18:15 "The Internationalisation of the Renminbi: Why China's Haste?"
MA Guonan , Bank for International Settlements