Reluctant Regulators: How the West Created and How China Survived the Global Financial Crisis
Leo F. Goodstadt
Abstract
The 2007–2009 global financial crisis was predictable and avoidable, but American and British regulators chose not to intervene. They failed to implement their own policies because of an Anglo-American “regulatory culture” of non-intervention that dominated financial regulation worldwide. Hong Kong—the international financial center of an increasingly prosperous China—defied world opinion and made stability its priority. This policy has ensured Hong Kong's robust performance over the last 15 years, and it made possible Hong Kong's impressive contributions to financing China's economic take-off ... More
Keywords: global financial crisis, Anglo-American regulatory culture, non-intervention, Hong Kong, China, stability, financial modernization
Bibliographic Information
| Print publication date: 2011 | Print ISBN-13: 9789888083251 |
| Published to Hong Kong Scholarship Online: September 2011 | DOI:10.5790/hongkong/9789888083251.001.0001 |
