It is a well-established fact that monetary institutions help shape the macroeconomic environment of countries by stabilizing prices. In the early 1990s, transition economies had the opportunity to rearrange their monetary institutions to better achieve low levels of inflation. Those economies...

This paper attempts to examine empirically the impacts of the institutional changes on the Hong Kong's interest rate, and to evaluate the relative merit of rules versus discretion over three distinct regimes. Our result suggests that the stance of policy making is associated with stability of...

It is a well-established fact that monetary institutions help shape the macroeconomic environment of countries by stabilizing prices. In the early 1990s, transition economies had the opportunity to rearrange their monetary institutions to better achieve low levels of inflation. Those economies...