IDEAS home Printed from https://ideas.repec.org/h/bis/bisbpc/100-09.html

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
    as

    Download full text from publisher

    File URL: https://www.bis.org/publ/bppdf/bispap100_i.pdf
    Download Restriction: no
    ---><---

    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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    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.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Raguideau-Hannotin, Léonore, 2023. "The case of financial and banking integration of Central, Eastern and South Eastern European countries: A gravity model approach," International Economics, Elsevier, vol. 174(C), pages 91-111.
    2. Aizenman, Joshua & Ito, Hiro & Pasricha, Gurnain Kaur, 2022. "Central bank swap arrangements in the COVID-19 crisis," Journal of International Money and Finance, Elsevier, vol. 122(C).
    3. Daniel Marcel Te Kaat, 2021. "Cross‐Border Debt Flows and Credit Allocation: Firm‐Level Evidence from the Euro Area," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 53(7), pages 1797-1818, October.
    4. Ding, Haoyuan & Lin, Shu & Wu, Shujie & Ye, Haichun, 2024. "Financial spillovers of foreign direct investment: Evidence from China," Journal of International Economics, Elsevier, vol. 148(C).
    5. Mark Crosby & Timothy Kam & Kirdan Lees, 2008. "How Costly is Exchange Rate Stabilisation for an Inflation Targeter? The Case of Australia," The Economic Record, The Economic Society of Australia, vol. 84(266), pages 354-365, September.
    6. Ibrahim, Muazu, 2020. "Effects of trade and financial integration on structural transformation in Africa: New evidence from a sample splitting approach," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 556(C).
    7. Tien Nguyen & Dung Phuong Hoang & Thang Ngoc Doan, 2022. "On the uncertainty-global bank linkage nexus: The moderation of crises, financial regulations, and institutional quality," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 46(4), pages 623-645, October.
    8. Ines Buono & Flavia Corneli & Enrica Di Stefano, 2024. "Capital inflows to emerging countries and their sensitivity to the global financial cycle," International Finance, Wiley Blackwell, vol. 27(1), pages 17-34, April.
    9. Jorge M. Uribe, 2023. ""Fiscal crises and climate change"," IREA Working Papers 202303, University of Barcelona, Research Institute of Applied Economics, revised Feb 2023.
    10. Silvers, Roger, 2021. "Does regulatory cooperation help integrate equity markets?," Journal of Financial Economics, Elsevier, vol. 142(3), pages 1275-1300.
    11. Ms. Linda S. Goldberg & Signe Krogstrup, 2018. "International Capital Flow Pressures," IMF Working Papers 2018/030, International Monetary Fund.
    12. Gustavo Adler & Mr. Daniel Garcia-Macia & Signe Krogstrup, 2019. "The Measurement of External Accounts," IMF Working Papers 2019/132, International Monetary Fund.
    13. Refk Selmi & Jamal Bouoiyour, 2020. "Arab geopolitics in turmoil: Implications of Qatar-Gulf crisis for business," International Economics, CEPII research center, issue 161, pages 100-119.
    14. Harms, Philipp & Wacker, Konstantin M., 2019. "The special issue on FDI and multinational corporations: An introduction," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, vol. 13, pages 1-7.
    15. Hiro Ito & Phuong Tran, 2023. "Emerging Market Economies’ Challenge: Managing the Yield Curve in a Financially Globalized World," Open Economies Review, Springer, vol. 34(1), pages 171-194, February.
    16. Avdjiev, Stefan & Koch, Cathérine & McGuire, Patrick & von Peter, Goetz, 2018. "Transmission of monetary policy through global banks: Whose policy matters?," Journal of International Money and Finance, Elsevier, vol. 89(C), pages 67-82.
    17. Zorell, Nico, 2017. "Large net foreign liabilities of euro area countries," Occasional Paper Series 198, European Central Bank.
    18. Roevekamp, Ingmar, 2021. "The impact of US monetary policy on managed exchange rates and currency peg regimes," Journal of International Money and Finance, Elsevier, vol. 110(C).
    19. Zouri, Stéphane, 2021. "New evidence on international risk-sharing in the Economic Community of West African States (ECOWAS)," International Economics, Elsevier, vol. 165(C), pages 121-139.
    20. Pierre-Richard Agénor & Luiz A. Pereira da Silva, 2022. "Financial spillovers, spillbacks, and the scope for international macroprudential policy coordination," International Economics and Economic Policy, Springer, vol. 19(1), pages 79-127, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bis:bisbpc:100-09. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Martin Fessler (email available below). General contact details of provider: https://edirc.repec.org/data/bisssch.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.