Read the case and answer the questions(no less than one thound words in total, thx)

Materials

\f5. Analyze the HK authorities' various responses to the speculators' investment strategy dur- ing the various speculativeattach episodes. Why did the initial measures fail to discourage speculation against the HKD? (a) Who holds the advantage in a game of nancial chicken between the authorities and international investors? What resources can each side bring to bear in the battle? (b) How did the ultimate response differ from previous attempts to stem the speculative fever? What alternative measures could the government have adopted? (c) What were the dangers of the authorities' chosen course of action? Why did it ultimately succeed? 6. How is Hong Kong doing now? What about the other economies? Discuss the lessons of this episode for other countries with pegged exchange rates such as China. Bulgaria and other Eastern European countries1 and, formerly, Argentina. (a) Was the government right to massively intervene in the workings of its nancial markets? Analyze the implications for HK's economy and its status as a regional nancial center. (b) What are the implications of the government having become the largest single investor in the HK stock market? What should they do with the stock positions they accumulated? (c) Why did nothing similar happen to Singapore, a country that in many respects very closely resembles HK, or did it and the world just failed to notice