Reluctant Regulators - How the West Created and How China by Leo F. Goodstadt

By Leo F. Goodstadt

The 2007-09 monetary concern was once predictable and avoidable yet American and British regulators selected to not intrude. They didn't enforece laws or enforce their very own regulations as a result of an Anglo-American 'regulatory tradition' of non-intervention that got here to dominate monetary legislation all over the world. Hong Kong - the foreign monetary centre of an more and more wealthy China - defied international opinion and made balance its precedence, even the place that intended broad govt intervention. This coverage ensured Hong Kong's strong functionality intvention. This coverage ensured Hong Kong's powerful functionality in the course of the 1997-8 Asian monetary drawback and the worldwide challenge. extra considerably, it made attainable Hong Kong's amazing contributions to financing China's monetary take-off and to the modernisation of its monetary institutions.

Reluctant Regulators is a scathing indictment of regulatory inertia within the West. It offers vital and unique insights into the reasons of economic crises and will pay precise consciousness to China's makes an attempt at reform and Hong Kong's position in China's monetary modernisation. The booklet may be of curiosity to pros in monetary prone, to policy-maker, and to students and scholars in economics, political technology and monetary history.

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Extra info for Reluctant Regulators - How the West Created and How China Survived the Global Finanical Crisis

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Thus, the ‘Conclusions’ will argue, the crisis proved both affordable and manageable for the financial markets themselves, and they made a rapid return to profitability. 3 Several of the main features of 2007–09 matched events that had triggered past financial crises — asset price bubbles, for example, and credit booms. 23 These were to a large extent the special contribution of New York and London and their light-touch regulators. Studies of the recent past, with their implicit promise that future growth would bring more than adequate compensation for current losses, were misleading.

Its merits have been endorsed by its imitation by sovereign wealth funds from Singapore, and the Middle East in deals with Western banks since 2007. China’s strategy of using entry into global markets as a shortcut to modernisation required its banks and their regulators to adapt to international practices and procedures. 53 As the global crisis intensified in 2007, China’s financial officials displayed a close knowledge of American and British regulators and their dilemmas. The People’s Bank Governor expressed a degree of kinship with these overseas counterparts.

No previous client or employer has been consulted or otherwise involved in the preparation of this book, and none of its contents has been discussed with, reviewed, or approved by officials of any government. My research trips to Hong Kong have been made all the more pleasant by the kindness and hospitality which my friends and former colleagues at the Central Policy Unit so generously offer me. Among those I must acknowledge here with gratitude are Barry Cheung, Helen Cheng, T. L. Tsim, Dr Rikkie Yeung, Professor Cecilia Chan and their families, who have gone to endless trouble to look after me.

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