By Leo F. Goodstadt
The 2007-09 monetary predicament was once predictable and avoidable yet American and British regulators selected to not interfere. They did not enforece laws or enforce their very own regulations due to an Anglo-American 'regulatory tradition' of non-intervention that got here to dominate monetary legislation around the world. Hong Kong - the overseas monetary centre of an more and more filthy rich China - defied international opinion and made balance its precedence, even the place that intended broad executive intervention. This coverage ensured Hong Kong's powerful functionality intvention. This coverage ensured Hong Kong's strong functionality throughout the 1997-8 Asian monetary challenge and the worldwide quandary. extra considerably, it made attainable Hong Kong's striking contributions to financing China's fiscal 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 explanations of monetary crises and can pay distinctive awareness to China's makes an attempt at reform and Hong Kong's position in China's monetary modernisation. The ebook may be of curiosity to pros in monetary companies, to policy-maker, and to students and scholars in economics, political technology and fiscal history.
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Extra resources for Reluctant Regulators - How the West Created and How China Survived the Global Finanical Crisis
Sample text
Cultural converts For many governments anxious to exploit market forces to reform their economies, financial institutions have proved the most difficult to liberalise. 51 China chose a reform strategy which has been hailed as ‘as unique among emerging markets’, yet its basic principle was the same as elsewhere in the world: modern financial markets must be open and competitive. 52 The government would turn its four largest banks into free-standing business corporations, accountable to their shareholders and listed on international stock exchanges.
1 So it was in 2007. At first, the initial tremors seemed minor events that could be comfortably contained. They began with a collapse in confidence among investors holding the US$200 billion of securities issued by the American sub-prime mortgage market. S. 2 Similarly, it seemed very unlikely that a run on the United Kingdom’s Northern Rock Bank in the same year could trigger a general collapse in public confidence. 3 More improbable still were the catastrophic consequences of the American decision to let Lehman Bros fail the following year.
The task of drafting a comprehensive agenda for a modern banking system and its regulation was made all the more difficult by the political background. 43 The banks, which had kept their accounts in meticulous order throughout the worst excesses of ideological extremism before Mao Zedong’s death in 1976, fell victim to the surge in lower-level autonomy in 1978. 45 Chapter 3 reviews the fluctuating fortunes of would-be financial reformers in the decades that followed. Although China’s reform process was to be complex, confused and often chaotic, the retreat from central planning and state controls was accompanied by 30 years of high-speed GDP growth during which the barriers to foreign trade and investment were dismantled.
