New York, Hong Kong And Finance

Hong Kong and Wall Street: Causes and Impacts of Differing Consumer vindication 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 death few months, movements resonating with ball up Wall Street cede sprung up in more(prenominal) than 900 cities worldwide. unrivaled of the most common frustrations verbalized by American demonstrators was the evidently small limit of soul billet compared to the eternal power held by banks and corporations. Protestors expressed anger all all over unfair loans issued to students and mortgage holders, the degree of pecuniary leverage taken by banks using consumer savings, and the protective view of the governance towards big banks. Indeed, the pecuniary crisis of 2008 has exposed various weaknesses in consumer protection regulations and has had a periodic lasting impact on US employment and set-back 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 cumulative 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% pass for all Asian banks).

one(a) possible reason for this is Hong Kongs increasing regulation of its financial sector. Even so, the 08 crisis exposed somewhat weaknesses in Hong Kongs system. The Lehman minibond grunge shook Hong Kong as consumers became traumatise by the lack of government regulations on banks responsibility to footle 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 days the financial system in Hong Kong has become increasingly regulate while the system in the US was gradually deregulated. In this essay, I wish to await to it the root causes of this divergence and...If you regard to get a unsubdivided essay, order it on our website: Ordercustompaper.com

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