A Modest Proposal for Monetary Reform in Macao

 

Abstract:
We identify the Macao monetary regime as a partially dollarized currency board with a few minor central-bank characteristics, analyze the high costliness of maintaining such a difficult regime, and examine the underlying causes for deep HK dollarization. The paper provides a modest proposal that Macao should change its currency anchor from the HKD to the yuan and revalue the pataca slightly above the yuan. This monetary reform is required to clear up dollarization from Macao’s financial system and revitalize the weak pataca. Fortunately, Macao is now, for the first time in history, in a good position to make the pataca more attractive than the HKD. Concerning worries about the possible negative consequences of linking the pataca to the yuan, some counter arguments are offered.

 

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