Studies in Applied Economics
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The Studies in Applied Economics series will fill gaps in the history, statistics, and scholarship of a variety of subjects. The authors are mainly Fellows of the Institute and students at The Johns Hopkins University in Baltimore who conduct research under the general direction of Prof. Hanke.
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Item The Tongan Board of Commissioners of Currency (1935-1989): Not an Orthodox Currency Board(Institute for Applied Economics, Global Health, and the Study of Business Enterprise, 2017-10) Little, Cameron C.This paper provides a historical summary, legislative history, and the first spreadsheet data series of the Tonga Board of Commissioners of Currency (1935-1989) and uses statistical tests to examine to what extent it operated as an orthodox currency board.Item Analysis of the Estonian Currency Board(Institute for Applied Economics, Global Health, and the Study of Business Enterprise, 2017-09) Katsis, AndreasWe provide a spreadsheet data series and legislative history of the Estonian currency board from 1992 to 2011. The paper assesses the level of orthodoxy exhibited by the board through statistics from annual reports. This paper makes various balance sheet data available in machine-readable form in a companion spreadsheet workbook.Item HYPERINFLATION – LATENTE GEFAHR ODER NUR EIN HISTORISCHES TRAUMA?(Institute for Applied Economics, Global Health, and the Study of Business Enterprise, 2017-07) Rechsteiner, MarkusItem An Analysis of the Impact of RMB Depreciation on Hong Kong(Institute for Applied Economics, Global Health, and the Study of Business Enterprise, 2017-07) Li, Richard (Ziyuan)Hong Kong is one of the main economies operating a currency board system today. With its currency fixed to the U.S. dollar, the system has functioned successfully since it was restarted in 1983. The last time it faced severe challenges was during the East Asian financial crisis of 1997-98. However, with the comparatively large depreciation of renminbi (RMB, and sometimes referred to as Yuan) during the past two years, a rising question is how Hong Kong might be affected by a possible future crisis originating from China. In this paper, we examine the impact of RMB depreciation on Hong Kong, with a focus on three sectors of Hong Kong’s economy: foreign direct investment, external trade, and tourism.Item Prominent Economists’ Views: China’s Exchange Rate—Fixed or Floating?(Institute for Applied Economics, Global Health, and the Study of Business Enterprise, 2017-05) Yang, GinnyChina’s economy has slowed down in the last several years, with annual GDP growth falling from 10.6 percent in 2010 to 6.7 percent in 2016. In February 2016 Zhou Xiaochuan, the governor of the People’s Bank of China (PBOC), announced a new goal of having a “stabilizing yet flexible” exchange rate to replace the previous policy of de facto gradual appreciation against the U.S. dollar. Observers have since become more uncertain of the PBOC’s next step. Economists have argued for years about the exchange rate system China should adopt—a currency board with a fixed exchange rate, a pegged system such as China had before 2005, or a flexible exchange rate, which could range from managed floating to free floating. What do contemporary economists think about the issue of the exchange rate system? What do they think should be the PBOC’s next move? What opinions do they voice about the new role of China’s currency as a component of the International Monetary Fund’s Special Drawing Right? I collect and analyze the views of several leading economists on the benefits and costs for China of various exchange rate policies.Item A Survey of Venezuelan Public Opinion on the Replacement of Either the Bolivar with the U.S. Dollar or the Central Bank of Venezuela with a Currency Board(2017-05) Hanke, Steve H.; Wu, María BelénItem How to Fix the Fed(2017-04) Tatom, John A.