The History And Prospect Of Macao's Exchange Rate Regime

The thesis intend to analyse the history and prospect of Macao's exchange regime and prospect, through the qualitative and the quantitative method.First, points out the advantages and disadvantages of Macao's current exchange rate regime and its financial management mechanism, through the discribtion of the development of Patacas and its exchange rate regime, with the analysis of the similarities and differences of the financial management mechanism between Macao and foreign countries,.Secondly, illustrates the reasonableness of the present exchange rate, and the non-existed pressure of devalue, according to the result of quantitative analysis and combining with the actual conditions:1) Based on the price regime, through the equilibrium of goods and services and the capital flow, apply the purchasing power parity and the interest rate parity to analyse the reasonableness of the exchange rate of Pataca.2) Based on the view of balance of payment, through the elasticity and the absort method, analyses the influence of the variation of exchange rate of Patacas to BOP.Finally, through the research in relation to the economic envirnomen of Macao, its trend of development, and the prospective relationship between Macao and its foreign trade partners, points out the concealed problems of Pata'ca pegging to HK dollar, and the ievitable outcome that Pataca should peg to RMB in the future.