The Asian Financial Crisis and the Ordeal of Hong Kong FROM THE PUBLISHER
"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 paid for success has been deep recession. Jao gives an account and analysis of what happened to one of the world's most open economies during that world-roiling event. Without political or ideological preconsiderations, he shows how Hong Kong authorities handled their intervention in the equity market in August 1998. He explains 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."--BOOK JACKET.
SYNOPSIS
Studies of Hong Kong's experiences during the Asian Financial Crisis and how it successfully defended its currency and financial markets against speculation, the only country with a fully convertible currency to do so--but also the price Hong Kong paid for her success.
FROM THE CRITICS
Booknews
Jao (economics and finance, U. of Hong Kong) examines the turbulent period from the second quarter of 1997 to the first quarter of 2000, focusing on Hong Kong, but keeping in view the wider context of the Asian financial crisis. Among his topics are the outbreak, consequences, nature, and causes of the crisis; its impact on Hong Kong's monetary and financial systems and economy; why it hit Hong Kong so hard; why it took so long for Hong Kong to recover; and the role of China. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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