The Global Crisis: Why Laisser-faire Hong Kong Prefers Regulation
AbstractThis paper explains why, despite the anti-Keynesian convictions of officials and academics, Hong Kong abandoned its initial commitment to the concepts of virtuous markets and moral hazard and resisted importing the prevailing Anglo-American regulatory ¡¥culture¡¦. It reviews foreign attacks on the government¡¦s intervention to protect financial markets during global crises and shows that these critics have misunderstood the limits of Hong Kong¡¦s attachment to laisser faire. The analysis traces the process by which increasingly strict regulation has been introduced without hindering the expansion of Hong Kong¡¦s role as a major international financial centre.
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Bibliographic InfoPaper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 012010.
Length: 24 pages
Date of creation: Jan 2010
Date of revision:
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Laisser Faire; Autonomy; Regulation; Competition; Moral Hazard; Virtuous Markets; United States; United Kingdom;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-05-02 (All new papers)
- NEP-HIS-2010-05-02 (Business, Economic & Financial History)
- NEP-REG-2010-05-02 (Regulation)
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