New York, Hong Kong And Finance

Hong Kong and Wall Street: Causes and Impacts of Differing Consumer Protection Regulations in the Financial vault of heaven By: Zung Nguyen Vu On September 17th 2011, the first protestors fructify up camp in Zuccotti Park, at the heart of pertly Yorks Financial District. Over the last few months, movements vibrate with suck Wall Street have sprung up in more(prenominal) than 900 cities worldwide. One of the most common frustrations expressed by American demonstrators was the seemingly small limit of individual power compared to the permanent power held by banks and corporations. Protestors expressed anger all everyplace unsporting loans issued to students and mortgage holders, the degree of fiscal leverage interpreted by banks using consumer savings, and the protective attitude of the government towards sizeable banks. Indeed, the fiscal crisis of 2008 has undefended various weaknesses in consumer protection regulations and has had a bimestrial lasting impact on US piece of work and offshoot than anyone could have expected. IMF analysis indicated that the American banking governance suffered the heaviest among peers during the world(a) crisis, with estimates of cumulative lost to be 8.2%. On the other hand, Hong Kong emerged from the world(prenominal) financial crisis with less damage than other major financial centers (2.1% going for all Asian banks).

One possible former for this is Hong Kongs increasing regulation of its financial sector. Even so, the 08 crisis exposed slightly weaknesses in Hong Kongs constitution. The Lehman minibond scandal shook Hong Kong as c onsumers became offend by the lack of gover! nment regulations on banks indebtedness to scupper minibond terms and risk levels. The Hong Kong and US economies are corresponding in that they are greatly influenced by Anglo-American free securities industry ideals. However, over the past 30 years the financial system in Hong Kong has become increasingly regulated while the system in the US was gradually deregulated. In this essay, I indirect request to see to it the root causes of this divergence and...If you want to get a wide-eyed essay, order it on our website: BestEssayCheap.com

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