Setting the Scene – Macro Foundations, Country and System, East and West - Section 2 of ''Rise from Crises"

To celebrate the 30th anniversary, the CFA Society Hong Kong has published “RISE FROM CRISES” which summarizes how Hong Kong rose from successive financial crises in the past 30 years.

Introduction

Section 2 of “RISE FROM CRISES” aims to provide the macro foundations on which the city of Hong Kong operates.

Below are the short introduction to the chapters:

2.1, Nick Pollard discusses his views on leadership and experience across crises interactively, including a chartered-flight rescue act when Hurricane Ivan hit the Caribbean region. 

2.2 In the chapter, Christine Loh employs the lens of “One Country, Two Systems” to examine the evolving natures of Hong Kong’s governance and policy response during the three crises, concluding with a touch on the HKD peg. 

2.3 Jim Walker draws on the experience of the AFC and GFC to advocate his Austrian economic view that these crises are themselves the recoveries, and that destruction and defaults are indeed part of the creative process. 

2.4 Rocky Tung, Wivinia Luk, and Joyce Lee will discuss their lessons learned and consider the impact of technology changes on current challenges. 

2.5 This chapter contains extracts from Russell Napier’s 2021 book on the AFC, for which he prefaces and adds a new reference to how the errors of reasoning have shaped the crises and the aftermath.

2.6 In chapter 2.6, Hongbin Qu shifts the focus to the mainland and discusses how before the GFC, Premier Zhu Rongji’s bold engagement with SOEs and big banks during WTO entry helped to deepen China’s reform and indirectly cushioned Hong Kong from the global turbulence. 

2.7 Eric Lui charts and graphs the trajectories of global finance, showing how the “don’t fight the Fed” mantra seems to have run its full course.

2.8 To close the chapter, Jeffrey Ng and Kevin Ow Yong account for the pandemic tale of two cities in a revived duel between Hong Kong and Singapore. 

To learn more about “RISE FROM CRISES”, please click here.