The literature on the development of global cities suggests that Hong Kong had qualified as a global city by the early 1990s. Using data from the Population Censuses, this paper documents the extent to which the process of social polarisation accompanied Hong Kong's globalisation. As predicted...

Both empirical and theoretical studies suggest that currency attacks can occur even in a fixed exchange rate regime with sound fundamentals. Can mechanisms be designed to prevent such currency attacks? To address this question, we first need a theory of currency crisis. I argue that such a...