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Reluctant RegulatorsHow the West Created and How China Survived the Global Financial Crisis$
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Leo F. Goodstadt

Print publication date: 2011

Print ISBN-13: 9789888083251

Published to Hong Kong Scholarship Online: September 2011

DOI: 10.5790/hongkong/9789888083251.001.0001

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Conclusions:

Conclusions:

Resisting Reforms

Chapter:
(p.114) (p.115) Conclusions:
Source:
Reluctant Regulators
Author(s):

Leo F. Goodstadt

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888083251.003.0007

The IMF reported that the global financial crisis was facilitated in an environment in which financial institutions and investors were overly optimistic in terms of risk and asset price. Although “overall banking system leverage” was mostly evident in the United States, the United Kingdom, Germany, and Switzerland, China also exhibited such trends but on a lesser note. The three miscalculations of those who were responsible for the world's financial markets include how officials were reluctant to intervene even when evidence of danger was already available, the pursuance of unregulated reforms, and the misinterpretation of growth effects. This chapter summarizes the important points made in the previous chapters and illustrates how the combination of complacency and ignorance further facilitated the occurrence of the global financial crisis in terms of reforms.

Keywords:   global financial crisis, reforms, growth effects, China

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