アジア通貨危機と香港<br>The Asian Financial Crisis and the Ordeal of Hong Kong

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アジア通貨危機と香港
The Asian Financial Crisis and the Ordeal of Hong Kong

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  • 製本 Hardcover:ハードカバー版／ページ数 248 p.
  • 言語 ENG
  • 商品コード 9781567204476
  • DDC分類 332.095125

基本説明

Hong Kong was the only economy that suceeded in defending its entire financial system against speculators. Jao shows how Hong Kong contributed not only to the eventual easing of the Asian financial crisis, but to economic stability in Asia as well.

Full Description

Victim, not instigator of the Asian Financial Crisis, Hong Kong was the only economy that succeeded in defending its fully convertible currency, indeed its entire financial system, against speculators, but the price it paid for success has been deep recession. Jao gives an objective, even-handed account and analysis. Without political or ideological preconsiderations he shows how Hong Kong authorities handled their intervention in the equity market in August 1998. Explaining the conventional wisdom that no fixed exchange rate regime can hold out for long against massive speculation. He goes further to show that Hong Kong contributed not only to the eventual easing of the AFC, but to economic stability throughout Asia as well.

Jao opens with a discussion of the nature, causes, and consequences of the AFC. After an overview of Hong Kong's economic and financial fundamentals on the eve of the crisis, he examines the impact it had up close. He examines the massive speculation against the Hong Kong dollar, explaining why speculators were defeated. The AFC's impact on the assets market are also explored. He also analyzes the impact on the financial sector and the real economy. Jao studies and answers two hard questions: why was the economic downturn so severe and why was the territory initially a laggard in economic recovery? He then takes up China's role, and presents an objective, balanced view of Hong Kong's money and finance under Chinese sovereignty, followed by a discussion of how China herself coped with the AFC. The book concludes with an in-depth discussion of the lessons the AFC has taught us and the author's reflections on post-AFC issues.

Contents

Preface
The Asian Financial Crisis
The Outbreak and Consequences of the Asian Financial Crisis
The Nature and Causes of the Asian Financial Crisis
The Impact on Hong Kong
Hong Kong on the Eve of the Asian Financial Crisis
Speculation Against the Hong Kong Dollar
Impact on Asset Markets
Impact on the Financial Sector
Impact on the Real Economy
Two Puzzles
Why Was Hong Kong's Economic Downturn So Severe?
Why Was Hong Kong a Laggard in Economic Recovery?
The Role of China
Hong Kong's Money and Finance Under Chinese Sovereignty
China and the Asian Financial Crisis
Epilogue
Lessons and Reflections
References
Index