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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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Fatal Decisions:

Fatal Decisions:

Washington and London’s Deliberate Mistakes

(p.34) (p.35) 2 Fatal Decisions:
Reluctant Regulators

Leo F. Goodstadt

Hong Kong University Press

The major accusation that the officials who were responsible for monetary affairs had to face was that they ignored the already visible indications for such a crisis. In this chapter, four case studies are presented regarding regulatory negligence particularly in terms of the following issues in which significant malfunctions were identified: the 1997–1998 Asian financial crisis; property bubbles; credit rating agencies' contributions; and the way in which the insurance industry is connected to banking. Officials have attempted to claim that before 2007, they were not able to act immediately unless evidence and facts were presented. This analysis reveals how aware these officials were of potential setbacks and the rationale they adopted in addressing the global crisis. Also, the chapter also looks into the debate regarding consumer protection.

Keywords:   property bubbles, credit rating agencies, insurance industry, regulatory negligence, consumer protection banking

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