By S. Y. Lee

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As can be seen from the tab1e, a pattern of generally accelerating growth rates has been in evidence from 1974, particularly for M2. 8, where four periods are distinguished: the 1950s, the 1960s, the 1970s, and the period of floating exchange rate regime since the end of 1974. 8, both versions of money stock have experienced acce1erating growth during the four periods under review, with the mean rates reaching their peaks in the postfloating period 1974-9. However, whereas the growth of M 1 has been accompanied by alternating va1ues of the coefficient of variation, that of M2 has been accompanied by a consistently dec1ining coefficient ofvariation.

The indisputable evidence showing that statistical fit is greatly improved when the import price variable is introduced, and that the said variable is highly significant, bears out the importance of imported inflation. Second, since the estimated equations using narrow money MI have performed much better than those using broad Financial Structure and Monetary Policy in Hang Kong 37 money M2, there is prime fade evidence that MI is a more appropriate and relevant policy variable. Economic theory suggests that, serving principally as the medium of exchange, MI has a higher velo city of circulation and hence greater inflationary potential, and tends to move pro-cyc1icaIly.

Generally speaking, the lenders tend to be the two note-issuing banks and the larger local banks, while the borrowers tend to be the non-British foreign banks without a substantial local deposit base. The predominant proportion of the market's business consists of call money, ovemight money and money at short notice up to two weeks. Lending rates can fluctuate widely, depending on the liquidity situation of the banks. A parallel money market is the extension of the short end of the Euro-dollar and Asian-dollar market.

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