Author Description

"Hong Kong has been one of the most exciting and dynamic economies in the last half century. The rags-to-riches story of Hong Kong's manufacturing has inspired historians, economists and business people. Now, however, Hong Kong is better known as a premier international financial centre. This book uncovers previously inaccessible data on the origins of Hong Kong's post-war rise to global prominence in the international financial system by exploring the expansion of the gold market, stock market, banking system, foreign exchange market and insurance in the years 1945-65." "This book addresses key questions such as how did the close relationship with China develop after the war? What have been the benefits and costs of the laissez-faire policy for the Hong Kong financial system? And to what extent was the local industry disadvantaged by the international outlook of the financial sector?" "Catherine R. Schenk expose deep conflicts between the British government and the Hong Kong government, and also between local financial institutions and the Hong Kong government. The resolution of these conflicts had a profound impact on the development of the financial system in Hong Kong; moreover, the book argues that Hong Kong's unique position in the 1950s and 1960s in the international monetary system gave it advantages that promoted it to a global importance it would not recapture until the 1980s." "Based on previously unpublished archival records, this book makes a significant contribution to our understanding of the development of Hong Kong, the impact of financial regulation, and more broadly the role of financial centres in the international economy in the post-war period. It will be important new material for students of international finance, historians, specialists in Asian studies and the development of the Pacific Rim."--Jacket.