The Global Crisis: Why Laisser-faire Hong Kong Prefers Regulation
Leo F. Goodstadt
Additional contact information
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
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
New Economics Papers: this item is included in nep-his and nep-reg
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Our link check indicates that this URL is bad, the error code is: 500 Internal Server Error (http://www.hkimr.org/uploads/publication/109/ub_full_0_2_234_wp-no-01_2010.pdf [301 Moved Permanently]--> http://www.aof.org.hk/research/HKIMR/uploads/publication/109/ub_full_0_2_234_wp-no-01_2010.pdf [301 Moved Permanently]--> https://www.aof.org.hk/research/HKIMR/uploads/publication/109/ub_full_0_2_234_wp-no-01_2010.pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:hkm:wpaper:012010
Access Statistics for this paper
More papers in Working Papers from Hong Kong Institute for Monetary Research Contact information at EDIRC.
Bibliographic data for series maintained by HKIMR ().