New York, Hong Kong And Finance

Hong Kong and Wall Street: Causes and Impacts of Differing Consumer protection Regulations in the Financial Sector By: Zung Nguyen Vu On September seventeenth 2011, the first protestors set up camp in Zuccotti Park, at the heart of New Yorks Financial District. Over the conk out few months, movements resonating with realise Wall Street have sprung up in more(prenominal) than 900 cities worldwide. peerless of the most common frustrations express by American demonstrators was the plainly small limit of several(prenominal) powerfulness compared to the eternal power held by banks and corporations. Protestors expressed choler all everywhere dirty loans issued to students and mortgage holders, the degree of monetary leverage taken by banks using consumer savings, and the protective bearing of the political sympathies towards big banks. Indeed, the monetary crisis of 2008 has exposed various weaknesses in consumer protection regulations and has had a periodical lasting impact on US employment and ramification than anyone could have expected. IMF analysis indicated that the American banking system suffered the heaviest among peers during the global crisis, with estimates of accumulative lost to be 8.2%. On the otherwise hand, Hong Kong emerged from the global monetary crisis with less damage than other major monetary centers (2.1% sack for all Asian banks).

angiotensin converting enzyme possible reason for this is Hong Kongs increasing regulation of its financial sector. Even so, the 08 crisis exposed fairly weaknesses in Hong Kongs system. The Lehman minibond turd shook Hong Kong as consumers became vex by the lack of government regulations on banks responsibility to lurk minibond terms and risk levels. The Hong Kong and US economies are similar in that they are greatly influenced by Anglo-American free market ideals. However, over the past 30 age the financial system in Hong Kong has become increasingly modulate while the system in the US was gradually deregulated. In this essay, I wish to face to it the root causes of this divergence and...If you fatality to get a unproblematic essay, order it on our website: Ordercustompaper.com

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