By Leo F. Goodstadt
The 2007-09 monetary predicament used to be predictable and avoidable yet American and British regulators selected to not intrude. They did not enforece laws or enforce their very own rules due to an Anglo-American 'regulatory tradition' of non-intervention that got here to dominate monetary legislation world wide. Hong Kong - the foreign monetary centre of an more and more wealthy China - defied global opinion and made balance its precedence, even the place that intended wide govt intervention. This coverage ensured Hong Kong's strong functionality intvention. This coverage ensured Hong Kong's strong functionality through the 1997-8 Asian monetary hindrance and the worldwide hindrance. extra considerably, it made attainable Hong Kong's notable contributions to financing China's financial take-off and to the modernisation of its monetary institutions.
Reluctant Regulators is a scathing indictment of regulatory inertia within the West. It presents vital and unique insights into the factors of monetary crises and will pay targeted recognition to China's makes an attempt at reform and Hong Kong's position in China's monetary modernisation. The booklet could be of curiosity to execs in monetary providers, to policy-maker, and to students and scholars in economics, political technology and financial history.
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Extra resources for Reluctant Regulators - How the West Created and How China Survived the Global Finanical Crisis
It may be objected that this public record must be misleading because it does not cover the internal political, commercial and personal pressures that were involved in the relationships between financial officials and the governments they served. On the other hand, these officials enjoyed considerable autonomy in Washington and London, and the prevailing regulatory culture had won support across the political spectrum. Central bankers and financial regulators were engaged in a constant and extensive dialogue with the financial services industry, the wider business community and opinion makers.
It is a term of convenience that avoids the baggage that might come with references to the ‘political’ or ‘ideological’. Ideally, quotation marks should be employed to warn that the word is not used in a precise, technical sense, but it appears too frequently for this safeguard to be practical. ‘Regulatory culture’ is intended to convey the values and attitudes which financial officials share in common across national frontiers and which shape their policies and their practices. It validates for them the preconceptions which they look upon as their principles, both in making policy and in taking action.
65 In the next decade, nevertheless, one of China’s state-owned banks in Hong Kong lamented the continuing problems with the government’s disruptive intervention in the Mainland’s financial sector. Throughout the reform process China was unable to escape from the vicious circle of “decontrol results in chaos, chaos leads to recontrol, and control is followed by stagnation”. 68 A surprising feature of China’s efforts to modernise its banking system is how limited has been the use made of Hong Kong as a model in the present century.