· web viewblanchard (2009), chapter 3 and 16. (blanchard 2009) 圖2.3:...

()

:

213131319

()

[email protected]

:

(a)

(Bear Sterns Inc.) (, Federal Reserve Board) (Lehman Brothers) (American International Group, AIG) (General Motors) (Chrysler) (Ford) (quantitative easing) (operation twist)

JP

(Housing and Economic Recovery Act 2008) (Fannie Mae) (Freddie Mac)

11

AIG

(federal funds rate) 0% 0.25% (agency mortgage-backed securities) (longer-term Treasury securities) [footnoteRef:1] [1: http://www.federalreserve.gov/newsevents/press/monetary/20090318a.htm ]

(Treasury securities) ()0% 0.25%[footnoteRef:2] [2: http://www.federalreserve.gov/newsevents/press/monetary/20101103a.htm ]

(longer-term Treasury securities) () (shorter-term Treasury securities) ()[footnoteRef:3] [3: http://www.federalreserve.gov/newsevents/press/monetary/20110921a.htm ]

[footnoteRef:4] [4: http://www.federalreserve.gov/newsevents/press/monetary/20120620a.htm http://www.federalreserve.gov/monetarypolicy/maturityextensionprogram.htm ]

0% 0.25%[footnoteRef:5] [5: http://www.federalreserve.gov/newsevents/press/monetary/20120913a.htm ]

(European Commission) (International Monetary Fund) (European Financial Stability Mechanism, EFSM) (European Financial Stability Facility, EFSF) (credit ratings) (European Central Bank, ECB)

(Eurogroup) ()[footnoteRef:6] [6: http://ec.europa.eu/economy_finance/assistance_eu_ms/greek_loan_facility/index_en.htm ]

EFSF (guarantee commitments)

(Moodys) Baa3 Ba1[footnoteRef:7] [7: http://www.moodys.com/research/Moodys-downgrades-Ireland-to-Ba1-outlook-remains-negative--PR_222257 ]

IMF

(EFSF EFSM) IMF

/

(European Stability Mechanism, ESM) EFSM EFSF[footnoteRef:8] [8: http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/118578.pdf ]

EFSF [footnoteRef:9] [9: http://www.efsf.europa.eu/mediacentre/news/2011/2011-008-efsf-places-5-billion-bond-in-support-of-portugal.htm?lang=-en ]

EFSM EFSFEFSM IMF [footnoteRef:10] [10: http://www.efsf.europa.eu/mediacentre/news/2011/2011-006-eu-and-efsf-funding-plans-to-provide-financial-assistance-for-portugal-and-ireland.htm?lang=-en ]

(Longer-term refinancing operations, LTROs)[footnoteRef:11] [11: http://www.ecb.int/press/pressconf/2011/html/is111208.en.html ]

(A2 A3) (A1 A3) (Ba2 Ba3) [footnoteRef:12] [12: http://www.moodys.com/research/Moodys-adjusts-ratings-of-9-European-sovereigns-to-capture-downside--PR_237716 ]

Ca C[footnoteRef:13] [13: http://www.moodys.com/research/Moodys-downgrades-Greece-to-C-from-Ca--PR_239375 ]

A3 Baa3[footnoteRef:14] [14: http://www.moodys.com/research/Moodys-downgrades-Spains-government-bond-rating-to-Baa3-from-A3--PR_248236]

ESM [footnoteRef:15] [15: http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/131309.pdf ]

[footnoteRef:16] [16: http://www.esm.europa.eu/about/assistance/spain/index.htm ]

(Outright Monetary Transaction)[footnoteRef:17] [17: http://www.ecb.int/press/pr/date/2012/html/pr120906_1.en.html ]

ESM [footnoteRef:18] [18: http://www.europarl.europa.eu/webnp/webdav/site/myjahiasite/users/fboschi/public/esm%20tscg/art.%20136%20ESM%20fiscal%20compact%20ratprocess.pdf ]

(b)

[footnoteRef:19] ( 1998-99) [19: , http://www.budget.gov.hk/1998/chinese/cindex.htm#intro]

[footnoteRef:20] (2010-11) [20: , http://www.budget.gov.hk/2010/chi/budget06.html]

[footnoteRef:21](2010-11) [21: , http://www.budget.gov.hk/2010/chi/budget62.html]

[footnoteRef:22] [22: Abel and Bernanke (2001), p.8.]

1.

()

(Gross Domestic Product, GDP) ()

(Volume measure of GDP) ()

iii[footnoteRef:23] [23: HK Census and Statistics Department (2012), http://www.censtatd.gov.hk/hkstat/sub/sc250.jsp ]

(a) (Real GDP)

:

(b) ?

:

(c) ?

:

(())1.1 (, )

: US Bureau of Economic Analysis, BEA National Economics Accounts. http://www.bea.gov/national/index.htm

1.1 () (d) (e) (f)

(d) ? ?

: 2.30%

(e) (Trough)? [footnoteRef:24]? [24: (2012). http://www.censtatd.gov.hk/hkstat/sub/sc250.jsp ]

: (Recession) (Recovery) [footnoteRef:25] (Parkin 2000) [footnoteRef:26] (Frank and Bernanke 2009), 0.08% [25: Parkin (2000), p.476.] [26: Frank and Bernanke (2009), p.614.]

(f) (Contraction) (Recession)?

:

[footnoteRef:27] (Abel and Bernanke 2001) [27: Abel and Bernanke (2001), p.275. ]

, [footnoteRef:28] (Parkin 2000) [28: Parkin (2000), p.476. ]

(())1.2:

1.2 (g) (h) (i)

(g) ? ?

: 9.2%

(h) ? ?

:

(i) 1.1

:

(())1.3 (, )

: 034, http://www.censtatd.gov.hk/hkstat/sub/sp250.jsp?subjectID=25&tableID=034&ID=0&productType=8

1.3 () (j)(k)(l)(m) (n)

(j) (Peak)? ?

: (Expansion) [footnoteRef:29] (Parkin 2000) [footnoteRef:30] (Frank and Bernanke 2009) 1.4% [29: Parkin (2000), p.476.] [30: Frank and Bernanke (2009), p.614. ]

(k) ? ?

: - 3.4%

(l) ? ?

: - 3.4%

(m) ?

:

(n) 1.1 1.2

:

2.

,

(Dow Jones Index) (Hang Seng Index)?

(Stock market index) () [footnoteRef:31] [31: Wikipedia (2012), http://en.wikipedia.org/wiki/Stock_market_index]

(Leading indicators) : [footnoteRef:32] [32: Wikipedia (2012), http://en.wikipedia.org/wiki/Economic_indicator ]

()2.1

:

http://www.djindexes.com/,, http://www.hkex.com.hk/eng/stat/statrpt/factbook/factbook.htm, Datastream

2.1 (a) (b)

(a) ? ? ?

: ,

(b) ? ?

: ,

2.2

: http://www.djindexes.com/

2.3

:

http://www.hkex.com.hk/eng/stat/statrpt/factbook/factbook.htm, Datastream

2.2 2.3 (c) (d)

(c) [footnoteRef:33] ? [33: Federal Reserve Bank of St. Louis (2011), http://timeline.stlouisfed.org/pdf/CrisisTimeline.pdf ]

:

(d) ?

:

[footnoteRef:34]( 2009-10) [34: , http://www.budget.gov.hk/2009/chi/budget02.html]

2.4 (, )

()

: , : 032 http://www.censtatd.gov.hk/hkstat/sub/sp250.jsp?subjectID=25&tableID=032&ID=0&productType=8

2.4 (Private consumption expenditure) () (e) (f)

(e)

:

(f) ? 1.3 2.3(e)

: (Disposable income) (Wealth) ()[footnoteRef:35] (Blanchard 2009) [35: Blanchard (2009), Chapter 3 and 15.]

1.3:

2.3:

2.5 (, )

()

: , : 032 http://www.censtatd.gov.hk/hkstat/sub/sp250.jsp?subjectID=25&tableID=032&ID=0&productType=8

[footnoteRef:36] ( 2010-2011) [36: , http://www.budget.gov.hk/2010/chi/budget02.html]

, (Gross domestic fixed capital formation) [footnoteRef:37] [37: Census and Statistics Department (2011), p.113-114.]

2.5 () (g) (h)

(g)

:

(h) ? 2.3 (g)

: (Real interest rate) / (Expected inflation rate)[footnoteRef:38] (Blanchard 2009) [38: Blanchard (2009), Chapter 3 and 16. ]

2.3:

(AS-AD)

(i) , ?

:

(j) ?

:

()

3.


?

(Re-exports of goods) [footnoteRef:40] [40: (2012), http://www.censtatd.gov.hk/hkstat/sub/sc40.jsp ]

:

201114%(2,580)13%(2,200)61.6% [footnoteRef:41] ( 2012) [41: (2012), http://hong-kong-economy-research.hktdc.com/business-news/article/Hong-Kong-Industry-Profiles/Import-and-Export-Trade-Industry-in-Hong-Kong/hkip/en/1/1X000000/1X006NJK.htm ]

(a)

:[footnoteRef:42] ( 2012) [42: (2012), http://www.tid.gov.hk/english/aboutus/tradepolicy/trpolicy.html ]

3.1 [footnoteRef:43] () [43: .]

( )

: US Census BureauForeign Trade, http://www.census.gov/foreign-trade/

3.1 () (b) (c)

(b) ?

:

(c) ? 1.1 (b)

: ()[footnoteRef:44](Abel and Bernanke 2001)1.1: [44: Abel and Bernanke (2001), Chapter 13. ]

3.2

()

()

: http://zhs.mofcom.gov.cn/tongji.shtml

3.2 () (d) (e)

(d) ?

:

(e) ? 1.1 (c) (d)

: [footnoteRef:45](Abel and Bernanke 2001)1.1: () [45: Abel and Bernanke (2001), Chapter 13.]

3.3

()

()

: , External Trade: Table 055 http://www.censtatd.gov.hk/hkstat/sub/sp230.jsp?subjectID=23&tableID=055&ID=0&productType=8

3.3 () (f) (g)

(f) ?

:

(g) 1.1 (b), (d) (f) ?

:

3.4 ()

(()()())

: US Census BureauForeign Trade, http://www.census.gov/foreign-trade/ , Ministry of Commerce of the PRC, Comprehensive Department , http://zhs.mofcom.gov.cn/tongji.shtml ,HK Census and Statistics Department, External Trade: Table 055, http://www.censtatd.gov.hk/hkstat/sub/sp230.jsp?subjectID=23&tableID=055&ID=0&productType=8

3.4 () (h)

(h) ? ? 1.1

:


79 [footnoteRef:47] ( 2011-2012) [47: , http://www.budget.gov.hk/2011/chi/budget32.html]

5 000400[footnoteRef:48]( 2011-2012) [48: ]

?

(Logistics) () [footnoteRef:49] [49: (2012), http://www.censtatd.gov.hk/hkstat/sub/sc80.jsp ]

? ?

3(1) (2) (3) [footnoteRef:50] ( 2012) [50: (2012), http://hong-kong-economy-research.hktdc.com/business-news/article/Hong-Kong-Industry-Profiles/Import-and-Export-Trade-Industry-in-Hong-Kong/hkip/en/1/1X000000/1X006NJK.htm]

3.1 : [footnoteRef:51] (Value added) () [51: (, http://www.censtatd.gov.hk/hkstat/sub/sc250.jsp)]

.

( )

( )

(At basic price)[footnoteRef:52] ( ) [52: (, http://www.censtatd.gov.hk/hkstat/sub/sc250.jsp)]

2006

327200

72300

1473500

2007

336900

72000

1605200

2008

351800

63000

1620000

2009

323000

54800

1581800

2010

357100

82500

1738700

: : 188 http://www.censtatd.gov.hk/hkstat/sub/sp80.jsp?subjectID=8&tableID=188&ID=0&productType=8

() ()3.5

: , Ibid.

3.1 3.5

(i) 3.1

2006

2007

2008

2009

2010

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

: (1) 22.21% / (2) 20.99% / (3) 21.72% / (4) 20.42% / (5) 20.54

(6) 4.91% / (7) 4.49% / (8) 3.89% / (9) 3.46% / (10) 4.74%()

(j) 3.5?

:

(k) (g)

:

(l) ?

:

(m) ?

:

4.

() (US Federal Reserve) (Quantitative easing) (Linked exchange rate system) () (Hong Kong Monetary Authority)

:

(Linked Exchange Rate System) (Currency board system) (Monetary base) (Foreign reserves)

[] [footnoteRef:53] [53: Hong Kong Monetary Authority, 2011. HKMA Background Brief No.1: Hong Kongs Linked Exchange Rate System, 2nd edition. ]

4.1

: http://www.censtatd.gov.hk/hkstat/sub/sp110.jsp?subjectID=56&tableID=124&ID=0&productType=8

4.1 (a) (b)

(a) 7.75 7.85?

:

(b) 7.757.851

Quoted from the website of Hong Kong Monetary AuthorityMonetary Stability Chapter of Annual Report http://www.hkma.gov.hk/media/eng/publication-and-research/annual-report/2011/09_Monetary_Stability.pdf

?

:


4.1 (Discount rate) [footnoteRef:55] (Base rate) [footnoteRef:56] [55: (: )http://www.federalreserve.gov/monetarypolicy/discountrate.htm ] [56: http://www.hkma.gov.hk/gdbook/chi/stroke11/base_rate.htm]

(FOMC)22/1/2008 75

23/1/2008 75

FOMC 30/1/2008 50

31/1/2008 50

FOMC 18/3/2008 75

19/3/2008 75

FOMC 1/5/2008 25

2/5/2008 25

FOMC 29/10/2008 50

30/10/2008 75

: FRB: 2008 Monetary Policy Releases, http://www.federalreserve.gov/newsevents/press/monetary/2008monetary.htm HKMA Press Releases By Year 2008, http://www.hkma.gov.hk/eng/key-information/press-releases/2008/ , HKMA Monthly Statistical Bulletin Table 7.3.3 Daily figures, http://www.hkma.gov.hk/eng/market-data-and-statistics/monthly-statistical-bulletin/table.shtml#section7

4.2

: FRB Data Download ProgramSelected Interest Rates (H.15)

4.1 4.2 4.1 4.2 (c)(d)(e)(f) (g)

(c) () ?

:

(d) ? ?

: 6.25% 0.5%6.2

(e) ?

:

(f) 1.3?

:

(g) ?

:

(h) 2(g) 2(i) ?

:

5.

(Required reserve ratio)[footnoteRef:57]() (Reserve deposit ratio)[footnoteRef:58] [57: Required reserve ratio Legal reserve ratio] [58: Abel and Bernanke (2001), p.536.]

() (Money multiplier) ()()

() (Peoples Bank of China) (Reserve requirement ratio) [footnoteRef:59] [59: , http://www.pbc.gov.cn/publish/zhengcehuobisi/609/index.html ]

5.1 ()

: Jincheng Statistical Yearbook p.424, , http://www.pbc.gov.cn/publish/zhengcehuobisi/610/index.html

5.1 () (a)

(a) ?

:

(Quantity Theory of Money) MV=PQ

P V () [footnoteRef:60]M ,Q (Abel and Bernanke 2001) [60: (Abel and Bernanke 2001, p.257.)]

(b) ?

:

(c) ?

:

5.1 M1 M2

M1 ()

M2 ()

157194.36

453133.32

221445.81

610224.52

M1 M2

40.87%

34.67%

: (2009, 2010)

(d) ?

:



?

(Composite Consumer Price Index) [footnoteRef:63] [63: , 2011. Annual Report on the Consumer Price Index 2011.]

(Consumer Price Index) [footnoteRef:64] [64: (2002),http://www.stats.gov.cn/english/classificationsmethods/definitions/t20020517_402787578.htm ]

5.2 ()

() ()

: , : 052, http://www.censtatd.gov.hk/hkstat/sub/sp270.jsp?subjectID=27&tableID=052&ID=0&productType=8 , http://www.stats.gov.cn/tjsj/

5.2 () (e)(f) (g)

(e) ?

: () ()

(f) ? ?

:

(g) ? ?

:

5.2 ()

(%)

(%)

-3.5

6.2

-1.6

8.7

-2.2

5.7

-1.8

1.8

0.8

0.2

1.8

2.2

4.1

7.5

5.4

9.6

5.4

9.9

6.8

10.5

9.9

17.6

10.2

19

10.9

19

13.3

18.4

17.3

13.5

21.4

13.8

24.3

18.9

32.3

22.1

13.6

19.7

29.3

16.3

28.4

14.2

26.1

12.6

19.6

4.4

16.6

1.2

: , http://www.stats.gov.cn/tjsj/

5.2 () (h)

(h) ? ?

:

5.3 ()

[footnoteRef:65] [65: ]

: , 2011. .

5.350% 4,500 18,499 [footnoteRef:66] (i) (j) [66: , 2011. 10]

(i) ?

: 34%

(j) 5.25.25(g)

:

5.3/

41.1%

34.3%

30.8%

20.8%

28.2%

33.2%

33.0%

33.3%

5.1%

4.0%

3.1%

2.1%

1.2%

0.9%

0.7%

0.4%

2.3%

2.8%

3.5%

4.9%

1.9%

2.7%

3.5%

5.2%

4.1%

3.9%

4.3%

4.4%

6.8%

6.7%

7.0%

9.6%

9.4%

11.4%

14.2%

19.3%

:(2011),

/ (k) (l)

(k)

:

(l) ? ?

:


(m) ?

:

(c)

1. Board of Governors of the Federal Reserve System http://www.federalreserve.gov/

2. European Central Bank: Key dates of the financial crisishttp://www.ecb.int/ecb/html/crisis.en.html

3. European Commissioner: Economic and Financial AffairsFinancial Assistance in EU Member Stateshttp://ec.europa.eu/economy_finance/assistance_eu_ms/index_en.htm

4. European Council: Eurozone Governance Key Eventshttp://european-council.europa.eu/eurozone-governance/keyevents

5. European Financial Stability Facility FAQhttp://www.efsf.europa.eu/attachments/faq_en.pdf

6. European Stability Mechanism Factsheethttp://www.esm.europa.eu/pdf/ESM%20Factsheet.pdf

7. . External Trade: Concepts and Methods. http://www.censtatd.gov.hk/hkstat/sub/sc40.jsp

8. . The Four Key Industries and the Six IndustriesConcepts and Methods. http://www.censtatd.gov.hk/hkstat/sub/sc80.jsp

9. . National IncomeConcepts and Methods.http://www.censtatd.gov.hk/hkstat/sub/sc250.jsp

10. Hong Kong Trade Development Council Researchhttp://hong-kong-economy-research.hktdc.com/

11. Hong Kong Trade Development Centre. 2012.Import and Export Trade in Hong Kong.http://hong-kong-economy-research.hktdc.com/business-news/article/Hong-Kong-Industry-Profiles/Import-and-Export-Trade-Industry-in-Hong-Kong/hkip/en/1/1X000000/1X006NJK.htm

12. International Monetary Fund: World Economic Outlookhttp://www.imf.org/external/ns/cs.aspx?id=29

13. National Bureau of Statistics of China http://www.stats.gov.cn/english/

14. The US Federal Reserve Education

http://www.federalreserveeducation.org/

15. The 1998-99 Budget. http://www.budget.gov.hk/1998/english/eindex.htm

16. The 2011-12 Budget. http://www.budget.gov.hk/2011/eng/speech.html




20. The 2009-10 Policy Address: Breaking New Ground Together. http://www.policyaddress.gov.hk/09-10/eng/index.html

21. The Federal Reserve Bank of St. Louis. 2011. The Financial Crisis: A Timeline of Events and Policy Actions.http://timeline.stlouisfed.org/

22. The Peoples Bank of Chinahttp://www.pbc.gov.cn/

23. Trade and Industry Department. 2012. Hong Kongs Trade Policy. http://www.tid.gov.hk/english/aboutus/tradepolicy/trpolicy.html

1. Abel, Andrew B. and Ben S. Bernanke. 2001. Macroeconomics (4th Edition). New York: Addison Wesley Longman, Inc.

2. Blanchard, Olivier. 2009. Macroeconomics (5th Edition). Upper Saddle River: Pearson Education, Inc.

3. , 2011. Annual Report on the Consumer Price Index 2011.

4. . 2011. Gross Domestic Product (Yearly) (2011 Edition).

5. Hong Kong Monetary Authority, 2011. HKMA Background Brief No.1: Hong Kongs Linked Exchange Rate System, 2nd edition.

6. Mishhkin, Fredric S. 2010. Over the Cliff: From the Subprime to the Global Financial Crisis. NBER Working Paper no. 16609

http://www.nber.org/papers/w16609.pdf?new_window=1

7. Parkin, Michael. 2000. Economics (5th Edition). Addison-Wesley Publishing Company Inc.

8. Posner, Richard A. 2009. A Failure of Capitalism: The Crisis of 08 and the Descent into Depression. Cambridge: Harvard University Press.

9. Frank, Robert H. and Ben S. Benanke. 2009. Principles of Economics (4th Edition). New York: McGraw-Hill Irwin. P.614.

10. Wyplosz, Charles. 2010. The Eurozone in the Current Crisis. ADBI Working Paper Series no. 207, Asian Development Bank Institute.http://www.adbi.org/working-paper/2010/03/26/3643.eurozone.current.crisis/

200720082009201020111.41.61.90000000000000011.81.4-1.2-1.1000000000000001-2-3.43.60.521.90000000000000011.70.91.62.9

% change of real GDP

US imports (year-on-year) % change2007 Jan2007 Feb2007 Mar2007 Apr2007 May2007 Jun2007 Jul2007 Aug2007 Sep2007 Oct2007 Nov2007 Dec2008 Jan2008 Feb2008 Mar2008 Apr2008 May2008 Jun2008 Jul2008 Aug2008 Sep2008 Oct2008 Nov2008 Dec2009 Jan2009 Feb2009 Mar2009 Apr2009 May2009 Jun2009 Jul2009 Aug2009 Sep2009 Oct2009 Nov2009 Dec2010 Jan2010 Feb2010 Mar2010 Apr2010 May2010 Jun2010 Jul2010 Aug2010 Sep2010 Oct2010 Nov2010 Dec2011 Jan2011 Feb2011 Mar2011 Apr2011 May2011 Jun2011 Jul2011 Aug2011 Sep2011 Oct2011 Nov2011 Dec2012 Jan2012 Feb2012 Mar2012 Apr2012 May2012 Jun1.97929531655146114.31525820971048557.80313463177912955.90653326101021484.10944055498170084.96795993560169794.95304347826088342.27094511573915854.63398758261566189.094192383347845511.4189492590929567.627436516172558412.8595160799432816.7671970842987438.590599127678858714.92949924408383614.2559667807862715.03873807243231518.97358954427946314.1345230836104827.28316784304343034.3326869871597795-12.236097437403204-18.200194002195587-26.641497137527882-32.753719839508463-31.069233828727551-34.611729458950094-35.7860374364802-35.012463045620414-33.603788396768763-31.092468090283475-23.282744931867143-20.200583619004448-4.88854485102138455.919945465777651313.50662081747375423.6166770986596427.01362871701519128.65049061871330233.28769982052673332.79976646313279822.86721181424299627.36951999324472619.96773185461892218.11849411363733315.07386920116428515.34599037314135622.1214636088226916.40012625598388517.90209163792705417.5303331056887917.70880304624480314.33901202906515216.38998224418581612.53894878949870214.23802946592999813.28215640422962613.6878824749312212.3447462178232137.61402248680902726.44702054098027068.33188616580198456.3369229348929913.16630131738566021.5679321559601178China exports (year-on-year) % change2007 Jan2007 Feb2007 Mar2007 Apr2007 May2007 Jun2007 Jul2007 Aug2007 Sep2007 Oct2007 Nov2007 Dec2008 Jan2008 Feb2008 Mar2008 Apr2008 May2008 Jun2008 Jul2008 Aug2008 Sep2008 Oct2008 Nov2008 Dec2009 Jan2009 Feb2009 Mar2009 Apr2009 May2009 Jun2009 Jul2009 Aug2009 Sep2009 Oct2009 Nov2009 Dec2010 Jan2010 Feb2010 Mar2010 Apr2010 May2010 Jun2010 Jul2010 Aug2010 Sep2010 Oct2010 Nov2010 Dec2011 Jan2011 Feb2011 Mar2011 Apr2011 May2011 Jun2011 Jul2011 Aug2011 Sep2011 Oct2011 Nov2011 Dec2012 Jan2012 Feb2012 Mar2012 Apr2012 May2012 Jun3351.76.926.828.727.134.20000000000000322.722.822.322.821.726.76.530.621.828.117.60000000000000126.921.121.519.2-17.899999999999999-2.8-17.5-25.7-17.100000000000001-22.6-26.4-21.4-23-23.4-15.2-13.8-1.217.72145.724.330.548.530.538.134.425.122.934.917.89999999999999937.7000000000000032.435.80000000000000429.919.39999999999999917.89999999999999920.39999999999999924.517.10000000000000115.913.813.4-0.518.3999999999999998.94.900000000000000415.311.3HK Re-exports (Year-on-year) % change2007 Jan2007 Feb2007 Mar2007 Apr2007 May2007 Jun2007 Jul2007 Aug2007 Sep2007 Oct2007 Nov2007 Dec2008 Jan2008 Feb2008 Mar2008 Apr2008 May2008 Jun2008 Jul2008 Aug2008 Sep2008 Oct2008 Nov2008 Dec2009 Jan2009 Feb2009 Mar2009 Apr2009 May2009 Jun2009 Jul2009 Aug2009 Sep2009 Oct2009 Nov2009 Dec2010 Jan2010 Feb2010 Mar2010 Apr2010 May2010 Jun2010 Jul2010 Aug2010 Sep2010 Oct2010 Nov2010 Dec2011 Jan2011 Feb2011 Mar2011 Apr2011 May2011 Jun2011 Jul2011 Aug2011 Sep2011 Oct2011 Nov2011 Dec2012 Jan2012 Feb2012 Mar2012 Apr2012 May2012 Jun12.514.6914.314.11310.99.59.410.86.98.300000000000000716.3999999999999997.87.915.511.30.212.42.74.599999999999999610.9-4.0999999999999996-10.3-20.7-22.4-20.5-17.5-13.7-4.2-19.2-13.2-7.8-12.51.90000000000000019.70000000000000111829.132.121.724.626.823.536.30000000000000424.213.916.712.328.125.221.7410.39.69.97.1-2.7122.58.3000000000000007-7.914.4-6.46.35.6-4.7

% change of HK Composite Price Index20082009201020113.23275862068964596.33879781420764844.18006430868167825.38793103448275455.59741657696443356.00214362272241086.2966915688367044.58422174840085012.98189563365281131.78197064989516243.02398331595410992.07253886010362683.1315240083507390.822199383350459611.23456790123457070.613496932515346650.10193679918451452-0.80889787664309087-1.5060240963855418-1.7329255861365840.517063081695964162.47167868177137610.809716599190280491.52284263959391011.21457489878542372.95616717635066672.1341463414634092.64227642276421772.74949083503055422.95616717635066670.61162079510704272.38589211618256771.85185185185185012.5125628140703522.81124497991967642.90000000000000573.50000000000000043.56435643564355784.37810945273633134.55445544554454875.25272547076313235.64356435643563087.90273556231002775.67375886524822095.75757575757573385.78431372549020225.66406249999999565.7337220602526893% change of China Consumer Price Index20082009201020117.09999999999999438.70000000000000118.30000000000000258.57.70000000000000287.09999999999999436.29999999999999724.90000000000000834.599999999999994342.40000000000000571.20000000000000281-1.5999999999999894-1.2000000000000028-1.5-1.4000000000000057-1.7000000000000028-1.7999999999999914-1.2000000000000028-0.7999999999999976-0.50.599999999999994321.90000000000000611.52.70000000000000422.40000000000000572.79999999999999723.09999999999999432.90000000000000573.29999999999999723.53.59999999999999434.40000000000000835.09999999999999434.59999999999999434.90000000000000834.90000000000000835.40000000000000835.29999999999999725.56.40000000000000836.56.20000000000000286.09999999999999435.54.20000000000000284.0999999999999943

33.6832.1900000000000127.2227.022007200820092010201120120.135752853110816720.899962469650199990.730248375538948610.42351806357293265-0.444244334383916750.32939367443543832-0.92859021073588865-2.3007681866094347-1.3389218768191817-7.8672016363779407E-20.359814187859232580.991629205990567250.578726180950975280.556087614693075990.644413038803032690.592971343534179461.9725062968459203E-20.613631881551612630.318137613364788851.00774786013271610.486570939662226860.43016643961381701


2007200820092010201114.2000000000003379.59999999999985049.20000000000016810.4000000000000169.2999999999998675


50

· web viewblanchard (2009), chapter 3 and 16. (blanchard 2009) 圖2.3:...

Documents