This paper examines the contrast between Hong Kong’s reputation for laisser faire and its record of extensive state intervention in financial markets. It traces the long process of abandoning the concepts of virtuous markets and moral hazard and the introduction of increasingly comprehensive...

An Anglo-American regulatory ‘culture’ became associated with 30 years of worldwide economic reforms, global growth and monetary stability. American and British officials identified major sources of instability in their own financial markets before 2007 but remained non-interventionist,...

This paper uses four case studies to review the performance of the Anglo-American regulatory ‘culture'. In the decade before the global financial crisis, American and British officials were almost identical in their analysis of and non-interventionist responses to identified threats from...

This report identifies a set of policy lessons for China today drawn from the experience of financial deregulation, financial crisis and recovery in Scandinavia during the period 1985-2000. Although there are considerable differences between the huge Chinese economy and the small Nordic...

This paper uses four case studies to review the performance of the Anglo-American regulatory ‘culture'. In the decade before the global financial crisis, American and British officials were almost identical in their analysis of and non-interventionist responses to identified threats from...

An Anglo-American regulatory ‘culture' became associated with 30 years of worldwide economic reforms, global growth and monetary stability. American and British officials identified major sources of instability in their own financial markets before 2007 but remained non-interventionist,...

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...