How Credible is Hong Kong's Currency Peg?
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This paper develops an asset-pricing model to evaluate the credibility of Hong Kongs Linked Exchange Rate System (LERS). Allowing for imperfect peg credibility, we derive closed-form solutions for exchange rates and option prices under potential regime shifts. Using HKD option data, we estimate
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美国国家经济研究局创建时间：
2025-09-01
