CATHERINE R. SCHENK FRHS, AcSS is Professor of International Economic History at the University of Glasgow, UK. She has published widely on Hong Kong's banking and monetary history and is the author of Hong Kong as an International Financial Centre (Routledge, 2001). She was Research Fellow at the HKIMR in 2005 and 2008.

PART I: HISTORICAL PERSPECTIVES Hong Kong's Monetary Challenges in Historical Perspective; C. R. Schenk Historical Dimensions of the Hong Kong-Guangdong Financial& Monetary Links:Three Cases in Politico-Economic Interactive Dynamics, 1912-1935; M. K. Chan Banking and Exchange Rate Relations Between Hong Kong and Mainland China 1965-1975; C. R. Schenk PART II: THE CURRENCY BOARD Laissez-faire's Limitations: The Evolution of Monetary Policy in Hong Kong, 1935-80; L. Goodstadt Rules Versus Discretion in Managing the Hong Kong Dollar, 1983-2007; T . Latter The Origin and the Evolution of Hong Kong's Currency Board I; J. Greenwood The Origin and Evolution of Hong Kong's Currency Board II; J. Yam PART III: THE FUTURE OF THE INTERNATIONAL FINANCIAL CENTRE Hong Kong's Transformation as a Financial Centre; D. R. Meyer

Hong Kong SAR is now highly unusual as a large economy running a currency board system that pegs the Hong Kong Dollar to the US Dollar. This volume explores the origins and persistence of this system, presenting the viewpoint of several of the main protagonists in the operation of the currency board since 1983 as well as new research by academics.