New York, Hong Kong And Finance

Hong Kong and Wall Street: Causes and Impacts of Differing Consumer Protection Regulations in the Financial field By: Zung Nguyen Vu On September 17th 2011, the first protestors sic up camp in Zuccotti Park, at the heart of sensitive Yorks Financial District. Over the last few months, movements reverberating 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 unadulterated power held by banks and corporations. Protestors expressed anger all everywhere 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 whopping banks. Indeed, the monetary crisis of 2008 has undecided various weaknesses in consumer protection regulations and has had a bimestrial lasting impact on US custom and offshoot than anyone could have expected. IMF analysis indicated that the American banking schema suffered the heaviest among peers during the world-wide crisis, with estimates of cumulative lost to be 8.2%. On the other hand, Hong Kong emerged from the planetary financial crisis with less damage than other major financial centers (2.1% going for all Asian banks).

One possible occasion for this is Hong Kongs increasing regulation of its financial sector. Even so, the 08 crisis exposed slightly weaknesses in Hong Kongs governing body. The Lehman minibond scandal shook Hong Kong as consumers bec ame offend by the lack of government regula! tions on banks accountability to scupper minibond terms and risk levels. The Hong Kong and US economies are same in that they are greatly influenced by Anglo-American free market 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 proclivity 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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