Y.C.JAO – THE ASIAN FINANCIAL CRISIS & THE ORDEAL OF HONG KONG

The only economy that was able to defend its fully convertible currency against speculators was Hong Kong, but the price it paid for success has been deep recession. An even-handed account and analysis is given by Jao. He shows how Hong Kong authorities handled their intervention in the equity market. Explaining that there is no fixed exchange rate regime that can hold out for long. He shows that Hong Kong contributed to economic stability throughout Asia. The nature, causes, and consequences of the AFC are discussed by Jao. He looked at the impact it had up close after an overview of Hong Kong’s economic and financial fundamentals on the eve of the crisis. He explains why speculators were defeated against the Hong Kong dollar. The impact on the assets market is explored. He looks at the impact on the real economy. Why was the economic downturn so severe and why was the territory lagging in economic recovery? He 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 ends with an in-depth discussion of the lessons theAFC has taught us and the author’s reflections on post-AFC issues.

Y.C.Jao is about the Asian Financial Crisis and the Ordeal of Hong Kong.

The Asian Financial Crisis and the Ordeal of Hong Kong can be downloaded.