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Author: Y. C. Jao
Publisher: Praeger
Published: 2001-06-30
Total Pages: 252
ISBN-13:
DOWNLOAD EBOOKStudies of Hong Kong's experiences during the Asian Financial Crisis and how it successfully defended its currency and financial markets against speculation, the only country with a fully convertible currency to do so--but also the price Hong Kong paid for her success.
Author: Y. C. Jao
Publisher: Bloomsbury Publishing USA
Published: 2001-06-30
Total Pages: 245
ISBN-13: 0313000751
DOWNLOAD EBOOKVictim, not instigator of the Asian Financial Crisis, Hong Kong was the only economy that succeeded in defending its fully convertible currency, indeed its entire financial system, against speculators, but the price it paid for success has been deep recession. Jao gives an objective, even-handed account and analysis. Without political or ideological preconsiderations he shows how Hong Kong authorities handled their intervention in the equity market in August 1998. Explaining the conventional wisdom that no fixed exchange rate regime can hold out for long against massive speculation. He goes further to show that Hong Kong contributed not only to the eventual easing of the AFC, but to economic stability throughout Asia as well. Jao opens with a discussion of the nature, causes, and consequences of the AFC. After an overview of Hong Kong's economic and financial fundamentals on the eve of the crisis, he examines the impact it had up close. He examines the massive speculation against the Hong Kong dollar, explaining why speculators were defeated. The AFC's impact on the assets market are also explored. He also analyzes the impact on the financial sector and the real economy. Jao studies and answers two hard questions: why was the economic downturn so severe and why was the territory initially a laggard in economic recovery? He then takes up China's role, and presents an objective, balanced view of Hong Kong's money and finance under Chinese sovereignty, followed by a discussion of how China herself coped with the AFC. The book concludes with an in-depth discussion of the lessons the AFC has taught us and the author's reflections on post-AFC issues.
Author: Ruoxi Zhang
Publisher: Scientific Research Publishing, Inc. USA
Published: 2019-03-20
Total Pages: 182
ISBN-13: 1618966235
DOWNLOAD EBOOKThe three main research questions posed in this thesis are: (i) What were Hong Kong’s strategies in mitigating the worst impact of the crisis? (ii) Why did Hong Kong commit to the resilience of its currency? (iii) Was the recovery due to luck or deliberate interventions? These questions are answered by a combination of statistical, qualitative, and economic indicator methods. Specifically, the Structural Vector AutoRegressive (SVAR) model is imposed to study the contemporaneous relationships between the real and the financial sectors. This study then draws on data collected from 20 semi-structured interviews with informed commentators to investigate reasons for the resilience of the Hong Kong dollar. Before conclusion, the Kaminsky-Lizondo-Reinhart (KLR) signal approach is employed to forecast future currency crises. The analysis shows that: (i) Hong Kong mitigated the negative effects of the crisis through timely and appropriate interventions; (ii) committing to its position as an international financial centre, Hong Kong defended its currency persistence; (iii) mainland China contributed in underwriting pronouncements to enhance regional confidence given the reunification. Enlightened by Hong Kong’s experience, exposure to currency crises can be reduced with prudent policy interventions, trans-regional co-operation, and the backing of a large and cash-strapped partner.
Author: Leo F. Goodstadt
Publisher: Hong Kong University Press
Published: 2011-04-01
Total Pages: 219
ISBN-13: 9888083252
DOWNLOAD EBOOKThe 2007-2009 global financial crisis was predictable and avoidable, but American and British regulators chose not to intervene. They failed to implement their own policies because of an Anglo-American "regulatory culture" of non-intervention that dominated financial regulation worldwide. Hong Kong--the international financial center of an increasingly prosperous China--defied world opinion and made stability its priority. This policy ensured Hong Kong's robust performance during the last 15 years, and it made possible Hong Kong's impressive contributions to financing China's economic take-off and to the modernization of its financial institutions.Reluctant Regulatorsis a scathing indictment of regulatory inertia in the West. It provides original insights into the causes of financial crises and pays special attention to China's attempts at reform and Hong Kong's place in China's financial modernization. Leo F. Goodstadtwas chief policy adviser to the Hong Kong Government as head of its Central Policy Unit (1989-1997) and has had an extensive consultancy practice in Asian banking. He has written widely on the global financial crisis and on China's economic development.
Author: Stephen Chiu
Publisher: Routledge
Published: 2009-06-09
Total Pages: 234
ISBN-13: 1134600631
DOWNLOAD EBOOKHong Kong is a small city with a big reputation. As mainland China has become an 'economic powerhouse' Hong Kong has taken a route of development of its own, flourishing as an entrepot and a centre of commerce and finance for Chinese business, then as an industrial city and subsequently a regional and international financial centre. This volume examines the developmental history of Hong Kong, focusing on its rise to the status of a Chinese global city in the world economy. Chiu and Lui's analysis is distinct in its perspective of the development as an integrated process involving economic, political and social dimensions, and as such this insightful and original book will be a core text on Hong Kong society for students.
Author: Ian Scott
Publisher: Hong Kong University Press
Published: 2022-09-21
Total Pages: 463
ISBN-13: 9888754033
DOWNLOAD EBOOKThis book describes and analyses the role of the public sector in the often-charged political atmosphere of post-1997 Hong Kong. In this second edition, Ian Scott explores public sector accountability in terms of Hong Kong’s constitutional framework and the structure, functions, and personnel policies of its civil service system. He examines critical issues facing the administration of the public sector and the formulation and implementation of public policy with particular attention to the political challenges confronting the Hong Kong government over the past decade. A concluding chapter assesses how contested values in a changing political environment have affected the public sector in recent years. This edition has been fully updated to incorporate the latest statistics and research, including Scott’s work in such areas as integrity management, corruption prevention, and policing. This book is an essential resource for scholars and students of public administration and public policy in Hong Kong and more broadly for those who are interested in how a particular jurisdiction deals with common administrative problems such as centralisation, the role of statutory bodies, corruption prevention, and the redress of citizens’ grievances. ‘Professor Ian Scott’s book, The Public Sector in Hong Kong, now in a second much-expanded and up-to-date edition, offers a thorough and rigorous analysis of contemporary governance in Hong Kong, focusing on all the key stakeholders. The book is essential reading for government officials, politicians, journalists, academics, students, and the general public.’ —John P. Burns, The University of Hong Kong ‘The second edition not only updates the development in the public sector of Hong Kong, but also provides an important perspective to help readers understand the contexts that navigate its latest developments. This edition, along with Ian Scott’s earlier work, will be judged by many in the field to be among the best books on Hong Kong politics.’ —Hon S. Chan, City University of Hong Kong
Author: Wei Li
Publisher: Taylor & Francis
Published: 2023-06-30
Total Pages: 114
ISBN-13: 1000927083
DOWNLOAD EBOOKThis book investigates the case of Hong Kong Special Administrative Region (SAR) of People’s Republic of China, mapping the changing patterns of political-administrative relations affected by the sovereignty change and structural reforms. It identifies the conditions that account for the varied political-administrative relations resulting from these changes, and develops an analytical framework that integrates and adapts theories and models from Western contexts to explain varied political-administrative relations in Hong Kong policymaking. The book tests its hypotheses through a qualitative comparative analysis of 18 cases occurring during the period of 1997–2012. It also conducts a comparative case analysis, which identified alternative causal conditions that were missing in the original framework. The book concludes that civil servants no longer dominate policymaking in Hong Kong after the regime change and structural reforms. While senior civil servants have sustained influence over policymaking processes through codified rules and political appointment, some of them have adapted to the changes in political environment that require more proactive policy styles and more hierarchical loyalty to the Central People’s Government of China than before. The first-hand interview materials presented in the book provide insights about internal political-administrative dynamics rarely accessible from the public domain. These insights provide inside knowledge of the actors, structure and processes of local policymaking in a context of post-colonial transition, and will be of interest to public administration scholars.
Author: Charles Albert Eric Goodhart
Publisher: Oxford University Press, USA
Published: 2003
Total Pages: 236
ISBN-13: 9780199261109
DOWNLOAD EBOOKBy August 1998, the Hong Kong economy had become threatened not only by the natural consequences of the Asian crisis (1997-98), but also by waves of speculation, betting that the authorities would be forced to abandon the linked exchange rate (to the US dollar). When facing previous speculative attacks (starting October 1997), the authorities had followed traditional policies of raising interest rates. But by August 1998, such policies had helped to batter asset markets; property prices and output were falling, and confidence was low. Moreover, the speculators had developed an ingenious 'double play', simultaneously selling both the foreign exchange market and the Hang Seng equity market short; whether the authorities used an interest rate defense, or abandoned the 'link', the speculators would gain either way. So, the authorities decided on a bold, unexpected and unconventional response to reports of a further attack. They would undertake counter-intervention, again both in the equity and foreign exchange markets. This book provides a fascinating story in itself, and insights into what lessons academics and practitioners can learn from the turbulent events of the time.
Author: Sabrina Ching Yuen Luk
Publisher: Routledge
Published: 2014-03-26
Total Pages: 250
ISBN-13: 1317748638
DOWNLOAD EBOOKThis book empirically examines health care financing reforms and popular responses in three major cities in East Asia: Shanghai, Singapore, and Hong Kong. It adopts a new revised version of the theory of historical institutionalism to compare and explain the divergent reform paths in these three places over the past three decades. It also examines forces that propel institutional change. The book provides three detailed case studies on the development of health care financing reforms and the politics of implementing them. It shows that health care systems in Shanghai, Singapore, and Hong Kong were the products of Western presence in the nineteenth century. It illustrates how greater attention is paid to the roles played by ideas, actors, and environmental triggers without abandoning the core assumptions that political institutions and policy feedback remain central to impact health care financing reforms. It shows that health care financing reform is shaped by a complex interplay of forces over time. It also provides the most updated material about health care financing reforms in Shanghai, Singapore, and Hong Kong. The central argument of this book is that health care financing reform is both an evolving process responding to changing circumstances and a political process revealing an intricate interplay of power relationships and diverse interests. It shows that institutional changes in health care financing system can be incremental but transformative in nature. It argues that social policies will continue to develop and welfare states will continue to adapt and evolve in order to cope with new risks and needs. This book sheds new lights on understanding the politics of health care financing reform and sources and modes of institutional change.
Author: Y. H. Chiang
Publisher: Taylor & Francis
Published: 2004
Total Pages: 520
ISBN-13: 9780415286138
DOWNLOAD EBOOKThis comprehensive and up-to-date collection of data on the Asian construction sector presents a unique guide to construction economics in the following countries: Australia, China Mainland, China Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
