Assessing the impact of globalisation: Lessons from Hong Kong
Philip Ng and
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Lillian Cheung: Hong Kong Monetary Authority
Eric Wong: Hong Kong Monetary Authority
Philip Ng: Hong Kong Monetary Authority
A chapter in Globalisation and deglobalisation, 2018, vol. 100, pp 139-147 from Bank for International Settlements
Driven largely by unique economic and political factors, Hong Kong SAR was a globalised economy long before the advent of global value chains in the 1990s. In particular, Hong Kong’s role as a link between Mainland China and the rest of the world strengthened over time, as did its status as an international financial centre. The effects of globalisation on Hong Kong are multi-faceted, ranging from higher potential vulnerability to external macro-financial shocks and structural adjustments in the labour market, and to widening income and wealth inequality. The experience of Hong Kong suggests that a sound monetary regime, high flexibility in the labour market and a robust framework for financial supervision can help alleviate the costs and risks associated with globalisation. We conclude by highlighting some future challenges facing the Hong Kong economy amid globalisation.
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