Require knowledge if fiscal monetary policy

Fiscal policy in hong kongSingapore as a more advanced but also small, trade-dependent economyfive stages of economic integration

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Question 1
Adjustment by fiscal policy and monetary policy is needed in an open economy like Hong Kong
to ensure both internal balance and external balance. For Hong Kong, it also wants to maintain its
fixed exchange rate policy. Analyse and discuss the relative effectiveness of fiscal policy and
monetary policy in an open economy if Hong Kong were faced with recession and deficit in
balance of payment. (20 marks)
Question 2
Compare fixed and flexible exchange rate systems. Explain and discuss why Singapore as a more
advanced but also small, trade-dependent economy, prefers a flexible floating exchange rate
system rather than a fixed exchange rate system, given the respective pros and cons of flexible and
fixed exchange rates in theory. (20 marks)
Question 3
(a) Discuss what each of the five stages of economic integration in the diagram below means.
(5 marks)
(b) State and identify the stage of economic integration in the diagram that the Association of
Southeast Asian Nations of 10 nations (ASEAN) is at, as ASEAN6 has grown into
ASEAN10 to include Cambodia, Laos, Myanmar and Vietnam (CLMV) as progress of
ASEAN widening. Discuss whether ASEAN10 should deepen into further stages of
economic integration given the challenge of CLMV being added. (10 marks)
Question 4
Japanese cars proved more popular than American cars with Detroit as the car-making hub losing
competitiveness. The result was that Japan strategically adopted a voluntary export restraint (VER)
policy in 1981 to avoid an aggressive trade conflict with the US. Demonstrate and explain how
VER was a wise or not wise choice in trade policy by Japan in hindsight.
(10 marks)

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