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Reluctant Regulators: How the West Created and How China Survived the Global Financial Crisis - Hardcover
The 2007-09 global financial crisis was predictable and avoidable but American and British regulators chose not to intervene. They failed to enforce 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 during the 1997-8 Asian financial crisis and the latest global crisis. More significantly, it made possible Hong Kong’s impressive contributions to financing China’s economic take-off and to the modernization 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 modernization. The book will be of interest to professionals in financial services, to policy-makers, and to scholars and students in economics, political science and economic history.
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About the Author:
Leo F. Goodstadt was chief policy adviser to the Hong Kong Government as head of its Central Policy Unit (1989-97) and has had an extensive consultancy practice in Asian banking. He has written widely on the global financial crisis and on China’s economic development.
Review:
“A compelling account of why the global financial crisis owes much to a flawed regulatory culture in Washington and London, and why the banking system in Mainland China has been weakened by the well-intentioned fiscal stimulus package introduced in respon
“This is an important book based on extensive research by an astute observer. Goodstadt makes a convincing case that the ability of the financial markets to adequately self-regulate was an illusion, and that the Anglo-American model of financial supervisi
“This is an important book based on extensive research by an astute observer. Goodstadt makes a convincing case that the ability of the financial markets to adequately self-regulate was an illusion, and that the Anglo-American model of financial supervisi
"About this title" may belong to another edition of this title.
- PublisherHong Kong University Press
- Publication date2011
- ISBN 10 9888083252
- ISBN 13 9789888083251
- BindingHardcover
- Number of pages224
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