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"Throughout Hong Kong's history, financial markets and their regulation have evolved with financial crises. Every significant financial crisis in Hong Kong has pivoted on liquidity in either or both the banking and monetary systems. Accordingly, liquidity support has played a prominent and critical role in managing Hong Kong's financial stability. From the beginning, the lender of last resort was the primary means of managing banks' liquidity and solvency, with funding being sourced from the private sector. Although the government has assumed this role over the past 30 years, there is yet to be a need for this support. With the modernization of financial markets, banks have become susceptible to funding and market liquidity. These liquidity risks were exemplified in the 2008-9 global financial crisis (GFC) and resurfaced, to a lesser extent, at the beginning of the Covid-19 pandemic"--
List of contents
Part I. A Financial History of Hong Kong: 1. Introduction; 2. Hong Kong 1841-1997: financial crises and financial regulation; 3. Hong Kong Special Administrative Region: financial crises and financial regulation; Part II. The Regulatory Models of Financial Supervision: 4. The sectoral supervisory model: central banks, banking regulations and financial stability; 5. Integrated, twin peaks, and systemic risk supervision for financial stability; Part III. Contemporary Regulatory and Supervisory Approaches: 6. Conceptualizing financial stability during financial crises: liquidity and systemic risk; 7. Financial regulation for a sustainable economy: financial stability approaches; Part IV. Banking Regulation and Supervision in Hong Kong: 8. Bank regulation and supervision: Basel III and systemic risk; 9. Banking systems and financial stability: monetary policy and unconventional liquidity tools; Part V. Resolution Regimes and Crisis Management Mechanisms: 10. Deposit protection and the lender of last resort; 11. Resolution regimes and systemically importance banks; 12. Central clearing counterparties and derivatives: financial regulation and resolution regume; Part VI. Financial Market Integration with the Mainland: 13. China's International Financial Centre, Renminbi infrastructure and cross-boundary regtech; 14. Dollar sanctions, the digital yuan and regulating fintech; Conclusion.
About the author
Evan Gibson is a Research Assistant Professor at the University of Hong Kong. He authors, co-authors and edits in world-leading publications, such as the Research Handbook on Asian Financial Law (2020). Gibson's research specializes in financial law and regulation, economic law, comparative law, financial technology and sustainable development.
Summary
The book covers a broad range of conventional and innovative regulatory and policy reforms in leading financial centres. This book will be of great interest to financial and legal practitioners, central bankers, regulators, policy makers, finance ministries, scholars, researchers, policy institutes, and think tanks.
Foreword
The post-2008 financial regulatory reforms do not fully appreciated the critical role of the supervisory model in attaining financial stability.
