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Assessing the impact of globalisation: Lessons from Hong Kong

In: Globalisation and deglobalisation

Author

Listed:
  • Lillian Cheung

    (Hong Kong Monetary Authority)

  • Eric Wong

    (Hong Kong Monetary Authority)

  • Philip Ng

    (Hong Kong Monetary Authority)

  • Ken Wong

    (Hong Kong Monetary Authority)

Abstract

Driven largely by unique economic and political factors, Hong Kong SAR was a globalised economy long before the advent of global value chains in the 1990s. In particular, Hong Kong’s role as a link between Mainland China and the rest of the world strengthened over time, as did its status as an international financial centre. The effects of globalisation on Hong Kong are multi-faceted, ranging from higher potential vulnerability to external macro-financial shocks and structural adjustments in the labour market, and to widening income and wealth inequality. The experience of Hong Kong suggests that a sound monetary regime, high flexibility in the labour market and a robust framework for financial supervision can help alleviate the costs and risks associated with globalisation. We conclude by highlighting some future challenges facing the Hong Kong economy amid globalisation.

Suggested Citation

  • Lillian Cheung & Eric Wong & Philip Ng & Ken Wong, 2018. "Assessing the impact of globalisation: Lessons from Hong Kong," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and deglobalisation, volume 100, pages 139-147, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:100-09
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    References listed on IDEAS

    as
    1. Mark Crosby, 2004. "Exchange Rate Volatility and Macroeconomic Performance in Hong Kong," Review of Development Economics, Wiley Blackwell, vol. 8(4), pages 606-623, November.
    2. Mr. Philip R. Lane & Mr. Gian M Milesi-Ferretti, 2017. "International Financial Integration in the Aftermath of the Global Financial Crisis," IMF Working Papers 2017/115, International Monetary Fund.
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    Cited by:

    1. Bruno Cabrillac & Camille Macaire & Marie-Elisabeth De la Serve, 2022. "The remarkable resilience of Hong Kong’s exchange rate regime [La singulière résilience du régime de change de Hong Kong]," Bulletin de la Banque de France, Banque de France, issue 239.

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