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Essay / Research Paper Abstract
This 5 page paper examines some aspects of the economy of Macau, which is not a special administrative region of The Peoples Republic of China. The first part of the paper compares the monetary policies and approach of Macau with that of the US. The second part of the paper considers if the ‘invisible hand’ approach will be successful for Macau in the long term. The bibliography cites 3 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEmacau1.rtf
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Unformatted sample text from the term paper:
period of fifty years, this includes economic management. However, there are some severe constraints due to the monetary policy that has been adopted. The pegging of the currency of the
Hong Kong Dollar, which in turn is pegged to the US dollar gives the currency an informal pegging to the US dollar, which makes the comparison between the monetary policies
of Macau and the US interesting. When we look at monetary policy we are considering the ways in such the government may
attempt to control the money supply by direct measures. The most obvious of this is the printing of money or other controls that directly influence the amount of many in
the economy. It is generally thought that tight monetary control is required for inflation to be kept under control. Macau and the
US, on the surface, appear to have some similarities, in the US the monetary policy is determined by the Federal Reserve, in Macau the Monetary Authority of Macau oversees and
guides the monetary policy and both have the same aims to create and maintain economic stability, however the way in which this is undertaken can be seen as divergent.
As already noted the Macau pataca is fixed to the Hong Kong dollar at a value of 1.03 to the Hong Kong Dollar, this
fixing has been legislated for under the Basic Law. This means that there is little scope for many of the traditional monetary controls, as with a pegged currency it is
difficult to control the money supply in order to control the economy due to the fixed value. The result of this constraint is that the real interest rates have tended
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