New York, Hong Kong And Finance

Hong Kong and Wall Street: Causes and Impacts of Differing Consumer Protection Regulations in the Financial celestial sphere By: Zung Nguyen Vu On September 17th 2011, the first protestors rotary up camp in Zuccotti Park, at the heart of smart Yorks Financial District. Over the last few months, movements resounding 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 thoroughgoing(a) 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 plentiful banks. Indeed, the financial crisis of 2008 has undecided various weaknesses in consumer protection regulations and has had a bimestrial lastin g impact on US craft and offshoot than anyone could have expected. IMF analysis indicated that the American banking formation suffered the heaviest among peers during the globular crisis, with estimates of cumulative lost to be 8.2%. On the other hand, Hong Kong emerged from the global financial crisis with less damage than other major financial centers (2.1% going for all Asian banks). One possible rationality for this is Hong Kongs increasing regulation of its financial sector. Even so, the 08 crisis exposed slightly weaknesses in Hong Kongs brass. The Lehman minibond scandal shook Hong Kong as consumers became offend by the lack of government regulations on banks accountability to scupper minibond terms and risk levels. The Hong Kong and US economies are comparable in that they are greatly influenced by Anglo-American free food market ideals. However, over the past 30 years the financial system in Hong Kong has become increasingly regulated while the system in t he US was gradually deregulated. In this ess! ay, I deficiency 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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