Reluctant Regulators: How the West Created and How China Survived the Global Financial Crisis
The 2007-09 financial crisis was predictable and avoidable but American and British regulators chose not to intervene. They failed to enforece legislation or implement their own policies because of an Anglo-American 'regulatory culture' of non-intervention that came to dominate financial regulation worldwide. Hong Kong - the international financial centre of an increasingly prosperous China - defied world opinion and made stability its priority, even where that meant extensive government intervention. This policy ensured Hong Kong's robust performance intvention. This policy ensured Hong Kong's robust performance during the 1997-8 Asian financial crisis and the global crisis. More significantly, it made possible Hong Kong's impressive contributions to financing China's economic take-off and to the modernisation of its financial institutions. Reluctant Regulators is a scathing indictment of regulatory inertia in the West. It provides important and original insights into the causes of financial crises and pays special attention to China's attempts at reform and Hong Kong's place in China's financial modernisation. The book will be of interest to professionals in financial services, to policy-maker, and to scholars and students in economics, political science and economic history.
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Alan Greenspan American and British Anglo-American regulatory culture April Asian ﬁnancial crisis assets Bank of England Bank’s Banking Crisis banking industry banking reforms banking system Basel Basel Capital Accord Beijing Bernanke billion BofE Deputy Governor capital cent central bankers chapter cial Commission Commons Treasury Committee competition Conference conﬁdence controls crises decades Deng Xiaoping Development efﬁciency ﬁnan ﬁnance Financial Crisis ﬁnancial institutions ﬁnancial markets ﬁnancial ofﬁcials ﬁnancial regulation ﬁnancial services Financial Services Authority ﬁnancial stability ﬁnancial system ﬁrms ﬁrst FSA Chairman funds global crisis Goodstadt government’s growth HKMA Hong Kong Monetary international ﬁnancial centre investment investors Joseph Yam Kevin Warsh Kong Monetary Authority Kong’s lending liberalisation loans London Lord Turner Mainland March Mervyn King modernisation moral hazard NCNA October Ofﬁce ofﬁcials People’s Bank political proﬁts Report Review role September 2010 speech supervision Systemic Risk tion trade United Kingdom Washington Zhou Xiaochuan