Some error occured while loading the Quick View. Please close the Quick View and try reloading the page.
Between 1935 and 1985, Hong Kong’s growth seemed unstoppable. The economy flourished despite wars, revolution and Western protectionism to emerge as a world-class manufacturing exporter and an international financial centre. Yet, for bankers, these were troubled years, with bank runs, corporate scandals and the 1983 currency collapse. The crises were avoidable and caused by government blunders as well as the banks’ mismanagement. This book offers an absorbing account of a turbulent banking industry which will be compelling reading not only for bankers and corporate executives but for readers interested in government’s relations with business and the sources of Hong Kong’s economic success.
The author recounts the rise and fall of local Hong Kong banks, their disastrous funding of property and share ‘bubbles’ in the 1960s and their links to gold and drug smuggling. HSBC and foreign banks became the biggest beneficiaries of the post-war industrial boom but were hard hit by the corporate failures of the 1970s and 1980s. The book reveals hitherto undisclosed details of the complex financial relationship with China. Hong Kong’s banks supplied the hard currency needed by Beijing during the Cold War and the troubled Maoist era, thus laying the foundations for Hong Kong’s current role in financing China’s modernisation.
The author reassesses the British record and highlights the struggle for autonomy from London’s interference. But there are also startling disclosures about the shortcomings of such distinguished personalities as Sir John Cowperthwaite and Sir Philip Haddon-Cave, with costly consequences for the financial system and the community.
The author recounts the rise and fall of local Hong Kong banks, their disastrous funding of property and share ‘bubbles’ in the 1960s and their links to gold and drug smuggling. HSBC and foreign banks became the biggest beneficiaries of the post-war industrial boom but were hard hit by the corporate failures of the 1970s and 1980s. The book reveals hitherto undisclosed details of the complex financial relationship with China. Hong Kong’s banks supplied the hard currency needed by Beijing during the Cold War and the troubled Maoist era, thus laying the foundations for Hong Kong’s current role in financing China’s modernisation.
The author reassesses the British record and highlights the struggle for autonomy from London’s interference. But there are also startling disclosures about the shortcomings of such distinguished personalities as Sir John Cowperthwaite and Sir Philip Haddon-Cave, with costly consequences for the financial system and the community.
Price: £25.00
Pages: 328
Publisher: Hong Kong University Press
Imprint: Hong Kong University Press
Publication Date:
06 October 2007
Trim Size: 9.00 X 6.00 in
ISBN: 9789622098961
Format: Hardcover
BISACs:
“The rise of Hong Kong as a major international financial centre under British rule, and as a borrowed place in a borrowed time, is an amazing story of successes and challenges. I have known Leo for many years and consider him one of the most knowledgeable scholars on Hong Kong’s financial and political history. He has a wonderful ability to cut through the maze of intricate political, economic and human factors that have interacted and shaped this tiny island’s financial and banking development. It therefore comes as no surprise that he has produced a book both analytical and highly readable.”
— Vincent Cheng, Chairman, The Hongkong and Shanghai Banking Corporation Ltd
— Vincent Cheng, Chairman, The Hongkong and Shanghai Banking Corporation Ltd