{
  "title": "China: Hong Kong Special Administrative Region Recent Economic Developments",
  "publication": "IMF Staff Country Reports, June 4, 1998",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/30/china-hong-kong-special-administrative-region-recent-economic-developments-2620",
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  "summary": "This paper reviews economic developments in Hong Kong Special Administrative Region during 1997–98. The paper highlights that beginning in mid-1997, the regional crisis began to erode confidence in Hong Kong’s exchange rate and prompted a series of speculative attacks.",
  "sections": [
    {
      "heading": "Key findings on recent developments (1997–98)",
      "content": "- Beginning in mid-1997, the regional crisis began to erode confidence in Hong Kong’s exchange rate and prompted a series of speculative attacks.\n- Pressures on the exchange rate led to sharply higher interest rates, weakened domestic demand, and clouded growth prospects for 1998.\n- The paper analyzes cyclical developments and trends in domestic and external demand and the property market."
    },
    {
      "heading": "Transition and political-economy update",
      "content": "- Provides an update on the transition issues since the transfer of sovereignty on July 1, 1997."
    },
    {
      "heading": "Analytical focus areas",
      "content": "- Exchange rate dynamics and speculative pressures.\n- Interest rate developments and their transmission to domestic demand.\n- Implications for growth prospects for 1998.\n- Cyclical developments in domestic and external demand.\n- Trends in the property market."
    },
    {
      "heading": "Subject areas and keywords (as recorded)",
      "content": "- Subject: Banking, Exports, Financial institutions, Housing, Income, International trade, Labor, Loans, National accounts\n- Keywords: Asia and Pacific, banking system, CR, economic activity, exchange rate, Exports, financial market, fiscal policy, fiscal year, Hong Kong dollar, Hong Kong SAR, Housing, Income, interest rate, ISCR, Loans, private sector, public expenditure, Southeast Asia, U.S. dollar\n\n---\n\n Content in this bundle\n\n- cr9841\n  - cr9841 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr9841 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 4, 1998",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451816815.002",
    "Beginning in mid-1997, the regional crisis began to erode confidence in Hong Kong’s exchange rate and prompted a series of speculative attacks.",
    "Pressures on the exchange rate led to sharply higher interest rates, weakened domestic demand, and clouded growth prospects for 1998.",
    "The paper analyzes cyclical developments and trends in domestic and external demand and the property market.",
    "Provides an update on the transition issues since the transfer of sovereignty on July 1, 1997.",
    "Exchange rate dynamics and speculative pressures.",
    "Interest rate developments and their transmission to domestic demand.",
    "Implications for growth prospects for 1998.",
    "Cyclical developments in domestic and external demand.",
    "Trends in the property market.",
    "Subject: Banking, Exports, Financial institutions, Housing, Income, International trade, Labor, Loans, National accounts",
    "Keywords: Asia and Pacific, banking system, CR, economic activity, exchange rate, Exports, financial market, fiscal policy, fiscal year, Hong Kong dollar, Hong Kong SAR, Housing, Income, interest rate, ISCR, Loans, private sector, public expenditure, Southeast Asia, U.S. dollar",
    "**_cr9841**"
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