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The Global Crisis: Why Laisser-faire Hong Kong Prefers Regulation

Leo F. Goodstadt
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Leo F. Goodstadt: Hong Kong Institute for Monetary Research ,Trinity College, University of Dublin ,The University of Hong Kong

No 12010, Working Papers from Hong Kong Institute for Monetary Research

Abstract: This paper explains why, despite the anti-Keynesian convictions of officials and academics, Hong Kong abandoned its initial commitment to the concepts of virtuous markets and moral hazard and resisted importing the prevailing Anglo-American regulatory ¡¥culture¡¦. It reviews foreign attacks on the government¡¦s intervention to protect financial markets during global crises and shows that these critics have misunderstood the limits of Hong Kong¡¦s attachment to laisser faire. The analysis traces the process by which increasingly strict regulation has been introduced without hindering the expansion of Hong Kong¡¦s role as a major international financial centre.

Keywords: Laisser Faire; Autonomy; Regulation; Competition; Moral Hazard; Virtuous Markets; United States; United Kingdom (search for similar items in EconPapers)
Pages: 24 pages
Date: 2010-01
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