Argument: Dollarization requires the legally difficult alteration of contracts

Support

• Tsang Shu-ki. “A Critical Comment on Government-sponsored Dollarization as a Rescue”. Department of Economics, Hong Kong Baptist University. October 26th, 1998 – “The Hong Kong government has actually considered the problems of official dollarization in its Report on Financial Market Review issued in April 1998 (FSB, 1998, paras. 3.60-3.63). It listed four difficulties: (1) transitional issues: huge legal and practical problems concerning existing HK$-denominated contracts under force majeure”