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The Global Crisis: Why Laisser-faire Hong Kong Prefers Regulation

  • Leo F. Goodstadt

    (Hong Kong Institute for Monetary Research ,Trinity College, University of Dublin ,The University of Hong Kong)

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    This 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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    File URL: http://www.hkimr.org/uploads/publication/109/ub_full_0_2_234_wp-no-01_2010.pdf
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    Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 012010.

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    Length: 24 pages
    Date of creation: Jan 2010
    Date of revision:
    Handle: RePEc:hkm:wpaper:012010
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