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Author: Charles Albert Eric Goodhart Publisher: Oxford University Press, USA ISBN: 9780199261109 Category : Business & Economics Languages : en Pages : 236
Book Description
By August 1998, the Hong Kong economy had become threatened not only by the natural consequences of the Asian crisis (1997-98), but also by waves of speculation, betting that the authorities would be forced to abandon the linked exchange rate (to the US dollar). When facing previous speculative attacks (starting October 1997), the authorities had followed traditional policies of raising interest rates. But by August 1998, such policies had helped to batter asset markets; property prices and output were falling, and confidence was low. Moreover, the speculators had developed an ingenious 'double play', simultaneously selling both the foreign exchange market and the Hang Seng equity market short; whether the authorities used an interest rate defense, or abandoned the 'link', the speculators would gain either way. So, the authorities decided on a bold, unexpected and unconventional response to reports of a further attack. They would undertake counter-intervention, again both in the equity and foreign exchange markets. This book provides a fascinating story in itself, and insights into what lessons academics and practitioners can learn from the turbulent events of the time.
Author: Charles Albert Eric Goodhart Publisher: Oxford University Press, USA ISBN: 9780199261109 Category : Business & Economics Languages : en Pages : 236
Book Description
By August 1998, the Hong Kong economy had become threatened not only by the natural consequences of the Asian crisis (1997-98), but also by waves of speculation, betting that the authorities would be forced to abandon the linked exchange rate (to the US dollar). When facing previous speculative attacks (starting October 1997), the authorities had followed traditional policies of raising interest rates. But by August 1998, such policies had helped to batter asset markets; property prices and output were falling, and confidence was low. Moreover, the speculators had developed an ingenious 'double play', simultaneously selling both the foreign exchange market and the Hang Seng equity market short; whether the authorities used an interest rate defense, or abandoned the 'link', the speculators would gain either way. So, the authorities decided on a bold, unexpected and unconventional response to reports of a further attack. They would undertake counter-intervention, again both in the equity and foreign exchange markets. This book provides a fascinating story in itself, and insights into what lessons academics and practitioners can learn from the turbulent events of the time.
Author: Paul Sau Leung Yip Publisher: World Scientific ISBN: 9814466522 Category : Business & Economics Languages : en Pages : 439
Book Description
The author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses:Through these discussions, the author hopes to share his knowledge on macroeconomic policy management accumulated over the past thirty five years. In particular, he would like to share his insights on macroeconomic policy management before, during and after an asset inflation era or a crisis period. He would also like to warn policy makers and financial investors on the likelihood of an asset bubble and then a crisis in economies outside the US. The author hopes this book could eventually stimulate the emergence of “macroeconomic policy management” as a new and important discipline in economics.While the focus of the book is on macroeconomic policy management, it also offers important lessons and strategies on share and property investments. Thus, economists, policy makers, central bank officials, economics students, business and finance professionals, individual investors and academia in other disciplines will find the book useful.
Author: Keung Vigor Fung Publisher: Open Dissertation Press ISBN: 9781361060636 Category : Political Science Languages : en Pages : 220
Book Description
This dissertation, "From Non-intervention to Reluctant Interference: the Hong Kong Government Policy Toward the Stock Market" by Keung, Vigor, Fung, 馮強, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. DOI: 10.5353/th_b3197357 Subjects: Stock exchanges - China - Hong Kong Economic policy Stock exchanges
Author: Berry Fong-Chung Hsu Publisher: Oxford University Press, USA ISBN: Category : Business & Economics Languages : en Pages : 574
Book Description
This is an essential text for anyone working in the financial markets in Hong Kong. The book, written by a team of market professionals and academics associated with the Asian Institute of International Financial Law of the University of Hong Kong, provides a comprehensive review of the regulation of Hong Kong's financial markets
Author: C. Schenk Publisher: Springer ISBN: 0230594743 Category : Business & Economics Languages : en Pages : 211
Book Description
Hong Kong SAR is now highly unusual as a large economy running a currency board system that pegs the Hong Kong Dollar to the US Dollar. This volume explores the origins and persistence of this system, presenting the viewpoint of several of the main protagonists in the operation of the currency board since 1983 as well as new research by academics.
Author: I. Moffat Publisher: Springer ISBN: 1137435739 Category : History Languages : en Pages : 258
Book Description
This work explores the reasons for the Allied intervention into Russia at the end of the Great War and examines the military, diplomatic and political chaos that resulted in the failure of the Allies and White Russians to defeat the Bolshevik Revolution.
Author: Various Publisher: Routledge ISBN: 0429766440 Category : Social Science Languages : en Pages : 10422
Book Description
This set examines a vast range of topics covering all experiences of business and economics from across Asia. Dealing with early banking systems in China; the industrialisation of Korea and Taiwan; the evolution of Japanese business practices; economic development; protectionist policies; industrial investment; trade; tourism; and a host of other topics, the books collected here form a vital reference resource across a wide subject area.
Author: Ranald C. Michie Publisher: Oxford University Press, USA ISBN: 0199553734 Category : Business & Economics Languages : en Pages : 762
Book Description
Never have financial markets been subjected to a period of change as rapid and extensive as took place from the 1970s onwards. Ranald C. Michie provides an authoritative account of this upheaval based on a careful reading of the Financial Times over the last four decades.
Author: Cora Y.T. Hui Publisher: Routledge ISBN: 0429766580 Category : Social Science Languages : en Pages : 182
Book Description
In recent years, the city many hoped would help democratize China has instead become a research setting in which to study China’s increasing intolerance of dissent. Since Hong Kong’s return to Chinese sovereignty in 1997, China’s treatment of Hong Kong could be divided into three stages: non-intervention, intervention, and securitization. If the July 1 march in 2003 is a watershed that marked Beijing’s change from non-intervention to intervention, this book suggests that the Umbrella Movement in 2014 is another watershed that marked Beijing’s change from intervention to securitization. This book is a theoretically driven case study of the Umbrella Movement, a massive sit-in that paralyzed key business and retail districts for 79 days in Hong Kong in 2014. Many Hongkongers believe that they have the right to a fair election of the chief executive, and Beijing’s insistence on vetting candidates prompted the outbreak of the Umbrella Movement. Drawing insights from the securitization theory and fear appeal literature, the book proposes the framework of “security appeal.” It argues that the outbreak of the Umbrella Movement resulted from a premature use of hard repression, that is, before the government convinced the general public that the Umbrella Movement was a threat. The eventual successful securitization entails a general acceptance of the threatening nature of the Umbrella Movement and agreement with its crackdown. This book concludes that one of the consequences of the securitization of the Umbrella Movement is Beijing’s eventual switch to the policy of “patriotocracy” – a system that allocates power and resources based on one’s professed patriotism – in lieu of One Country, Two Systems. The policy implications and theoretical and methodological contributions of this book will be of interest to scholars and students of security studies; Chinese politics; and various social science disciplines, including political science, psychology, criminology, and sociology.
Author: Charles Albert Eric Goodhart
Author: Charles Albert Eric Goodhart
Author: Paul Sau Leung Yip
Author: Keung Vigor Fung
Author: Berry Fong-Chung Hsu
Author: C. Schenk
Author: I. Moffat
Author: Various
Author: Ranald C. Michie
Author: Rickie W. Wong
Author: Cora Y.T. Hui