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Banking crises and the evolution of the regulatory framework in Hong Kong 1945-1970

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  • Catherine R. Schenk

Abstract

Hong Kong initially emerged relatively unscathed from the East Asian financial crisis of 1997-1998 and was able to defend the pegged exchange rate on which its status as an international financial centre depended. The soundness and transparency of the financial system is widely credited with allowing Hong Kong to avoid the worst excesses that brought down financial systems elsewhere. This article explores the evolution of the regulatory framework in the post-war period, revealing the reluctance with which the state tightened its control over the banking system. This resulted in the combination of poor supervision and constraints on competition that contributed to further instability. Copyright Blackwell Publishing Asia Pty Ltd and the Economic History Society of Australia and New Zealand 2003.

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  • Catherine R. Schenk, 2003. "Banking crises and the evolution of the regulatory framework in Hong Kong 1945-1970," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 43(2), pages 140-154, July.
  • Handle: RePEc:bla:ozechr:v:43:y:2003:i:2:p:140-154
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    Cited by:

    1. David Cook, 2009. "Comment on "Hong Kong and Shanghai:Yesterday, Today and Tomorrow (Joint with Eric Chan)"," NBER Chapters,in: Financial Sector Development in the Pacific Rim, East Asia Seminar on Economics, Volume 18, pages 37-42 National Bureau of Economic Research, Inc.

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