Author: Mankai ChuPublisher:
ISBN:
Category :
Languages : en
Pages : 154
Book Description
Impacts of the Turnover and Asian Financial Crisis on Hong Kong's Economy
Author: Mankai ChuThe Asian Financial Crisis and the Ordeal of Hong Kong
Author: Y. C. JaoPublisher: Bloomsbury Publishing USA
ISBN: 0313000751
Category : Business & Economics
Languages : en
Pages : 245
Book Description
Victim, not instigator of the Asian Financial Crisis, Hong Kong was the only economy that succeeded in defending its fully convertible currency, indeed its entire financial system, against speculators, but the price it paid for success has been deep recession. Jao gives an objective, even-handed account and analysis. Without political or ideological preconsiderations he shows how Hong Kong authorities handled their intervention in the equity market in August 1998. Explaining the conventional wisdom that no fixed exchange rate regime can hold out for long against massive speculation. He goes further to show that Hong Kong contributed not only to the eventual easing of the AFC, but to economic stability throughout Asia as well. Jao opens with a discussion of the nature, causes, and consequences of the AFC. After an overview of Hong Kong's economic and financial fundamentals on the eve of the crisis, he examines the impact it had up close. He examines the massive speculation against the Hong Kong dollar, explaining why speculators were defeated. The AFC's impact on the assets market are also explored. He also analyzes the impact on the financial sector and the real economy. Jao studies and answers two hard questions: why was the economic downturn so severe and why was the territory initially a laggard in economic recovery? He then takes up China's role, and presents an objective, balanced view of Hong Kong's money and finance under Chinese sovereignty, followed by a discussion of how China herself coped with the AFC. The book concludes with an in-depth discussion of the lessons the AFC has taught us and the author's reflections on post-AFC issues.
The Asian Financial Crisis and Its Impacts on Hong Kong's Economy
Author: Hong Kong Policy Research Institute LtdPublisher:
ISBN:
Category : Financial crises
Languages : en
Pages : 58
Book Description
Why Hong Kong mitigated the worst impact of the 1997 Asian financial crisis?
Author: Ruoxi ZhangPublisher: Scientific Research Publishing, Inc. USA
ISBN: 1618966235
Category : Business & Economics
Languages : en
Pages : 186
Book Description
The three main research questions posed in this thesis are: (i) What were Hong Kong’s strategies in mitigating the worst impact of the crisis? (ii) Why did Hong Kong commit to the resilience of its currency? (iii) Was the recovery due to luck or deliberate interventions? These questions are answered by a combination of statistical, qualitative, and economic indicator methods. Specifically, the Structural Vector AutoRegressive (SVAR) model is imposed to study the contemporaneous relationships between the real and the financial sectors. This study then draws on data collected from 20 semi-structured interviews with informed commentators to investigate reasons for the resilience of the Hong Kong dollar. Before conclusion, the Kaminsky-Lizondo-Reinhart (KLR) signal approach is employed to forecast future currency crises. The analysis shows that: (i) Hong Kong mitigated the negative effects of the crisis through timely and appropriate interventions; (ii) committing to its position as an international financial centre, Hong Kong defended its currency persistence; (iii) mainland China contributed in underwriting pronouncements to enhance regional confidence given the reunification. Enlightened by Hong Kong’s experience, exposure to currency crises can be reduced with prudent policy interventions, trans-regional co-operation, and the backing of a large and cash-strapped partner.
The Impact of the Hong Kong Currency Board and the Asian Financial Crisis on Hong Kong's Economy
Author: Wing Yee Winnie LeungPublisher:
ISBN:
Category :
Languages : en
Pages : 128
Book Description
The Hong Kong Economy
Author: Kui Wai LiPublisher: McGraw-Hill Companies
ISBN:
Category : Business & Economics
Languages : en
Pages : 516
Book Description
The Asian Financial Crisis and After
Author: Pak Wai LiuPublisher:
ISBN:
Category : Financial crises
Languages : en
Pages : 44
Book Description
The Asian Financial Turmoil and Its Impacts Upon the Hong Kong Economy
Author: Linda Fung-yee NgTrade and Financial Spilloveron Hong Kong SAR from a Downturn in Europe and Mainland China
Author: Mr.Papa N'DiayePublisher: International Monetary Fund
ISBN: 1475502338
Category : Business & Economics
Languages : en
Pages : 22
Book Description
Hong Kong SAR was hit hard by the global financial crisis, which started out in the U.S. and spilled over to the rest of the world. Three years later, vulnerabilities in the euro area's financial system and concerns over a hard landing in Mainland China have started to weigh on Hong Kong's growth prospects. Against this backdrop, this paper aims to quantify the trade and financial spillovers on Hong Kong SAR's economy from a downturn in the euro area and Mainland China. Based on simulations using a version of the Global Integrated Monetary and Fiscal (GIMF) model and a Global VAR (GVAR) that includes both balance sheet and standard macroeconomic indicators, Hong Kong SAR's output growth could fall by as much as 11⁄2 times the decline in euro area output growth given its high dependence on external trade and many links with the global financial system. A worsening of the crisis in the euro area could reduce Hong Kong SAR's output by as much as 4-41⁄2 percent below baseline during the first two years after the shock, pushing Hong Kong SAR back into recession and possible deflation. In the event of a hard landing in China, the model simulations suggest that Hong Kong SAR would be on a sustained downturn with output growth falling by about 3 percentage points below baseline in the first two years. Should these events materialize, countercyclical fiscal response could help cushion, but not fully offset, the impact of slower growth in the euro area or China.
Hong Kong in China
Author: Gungwu WangPublisher: Cavendish Square Publishing
ISBN:
Category : History
Languages : en
Pages : 336
Book Description
The dramatic handover of Hong Kong to the People's Republic of China on July 1, 1997, amid much tension and speculation, closes one significant colonial chapter in Asia. At the same time, it also sets the stage for new political and economic possibilities with China closely involved with a key financial center in Asia. Hong Kong in China comprises a collection of papers evaluating the situation in Hong Kong SAR over the last two years. The handing over of Hong Kong to China presents a challenge to the legal system which is intrinsically and delicately linked to the political vision of one country, two systems. While politicians and legalists seek to work out the model, the people of Hong Kong confront the dilemma of an identity crisis, on top of the contentious social problems presented by the immigration of Chinese mainlanders.