By S. Y. Lee
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Extra resources for Financial Structures and Monetary Policies in Southeast Asia
It would be interesting, therefore, to update the previous analysis by taking account of the post-1973 developments. 6, changes in money stock attributable to the key determinants for three periods, 1961-72, 1971-78, and 1977- 9, are summarised. The first period was one in which the sterling exchange standard and the fixed exchange rate regime prevailed. 6 per cent for broad money M2. The other parameters, b, p 28 Financial Structures & Monetary Policies in SE. 4 per cent in the changes of MI and M2 respective1y.
1 per cent. 1 per cent of the total. It seems fair to say that the manufacturing industries, which constitute the backbone of the Hong Kong economy, have made little use of the equity market for raising long-term capital, and have instead relied principally on bank credit for their requirementsY The excesses during the wildly speculative buIl market of 1971- 3 have left in their train many cases of fraudulen t practices. The enactment of the Securities Ordinance and the appointment of a Commissioner for Securities in 1974 came too late to prevent these irregularities.
Third, our test also indirectly reaffirms the positive role of a flexible interest rate structure as an adjustment mechanism. Timely upward adjustments of both the deposit and lending rates, apart from encouraging the propensity to save and dampening bank credit creation, could also induee a shift from MI to M2, which, by lowering the overall velocity of circulation, should produce some deflationary effeet for any given total amount of bank deposits. Moreover, by stabilising the exchange rate, interest rate adjustments ean also offset to some extent imported inflation.