Note: The periods cover the global financial crisis (September 2008 through February 2009) and the post-crisis period (March 2009 through August . Int J Nurs Stud. Although global financial markets, including Asian markets, deteriorated sharply following the start of the crisis, Asia's recovered swiftly, with equity prices  reaching new highs early in the fourth quarter of that year. Hong Kong and the Philippines, by contrast, have exhibited the largest declines, going from 1.92 for Hong Kong in 1996 to 1.33 in 2008, and 2.42 for the Philippines in 1996 to 1.69 in 2008. . This book reaffims the need for banks and financial institutions to provide value-adding services, exercise prudence and due diligence and pay due regard for societal interest. The Asian region here refers to Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. Now, however, output in trade and financial services is expanding, and GDP growth has turned positive, although Hong Kong is not yet back to pre-crisis levels. In 1998, during the Asian financial crisis, we also saw a pullback of 19 percent. Among the major Asian economies, only those of China, India, and Indonesia did not contract during the crisis. . The economic growth calculation weights these economies by GDP at market exchange rates. Mr. Tong reported that Hong Kong's economy performed reasonably well in 2008 with signs of a significant slowdown in the second half of the year. With a new foreword for this paperback edition. The Differential Effects of Social Media on Depressive Symptoms and Suicidal Ideation Among the Younger and Older Adult Population in Hong Kong During the COVID-19 Pandemic: Population-Based Cross-sectional Survey Study. Durable goods figure prominently in trade and manufacturing, so these sectors may have been particularly vulnerable to the elevated uncertainty and weakened confidence that prevailed during the height of the crisis. Epub 2018 Jul 6. It would also create new opportunities for Hong Kong's banking sector, diversify local Renminbi assets, and increase the capital liquidity of the yuan in Hong Kong. Key Takeaways. Branches and Agencies of Foreign Banks, Charge-Off and Delinquency Rates on Loans and Leases at Commercial Banks, Senior Loan Officer Opinion Survey on Bank Lending Practices, Structure and Share Data for the U.S. Offices of Foreign Banks, New Security Issues, State and Local Governments, Senior Credit Officer Opinion Survey on Dealer Financing Terms, Statistics Reported by Banks and Other Financial Firms in the United States, Structure and Share Data for U.S. Offices of Foreign Banks, Financial Accounts of the United States - Z.1, Household Debt Service and Financial Obligations Ratios, Survey of Household Economics and Decisionmaking, Industrial Production and Capacity Utilization - G.17, Factors Affecting Reserve Balances - H.4.1, Federal Reserve Community Development Resources. The Hong Kong Protests and the recent Human rights . 2008 Jan;45(1):51-64. doi: 10.1016/j.ijnurstu.2006.08.002. Because strong export markets helped Asia recover from that crisis, and because many countries in the region were badly hurt by sharp reversals in capital flows, the crisis strengthened Asia's commitment to export-led growth, backed up with large current account surpluses and mounting foreign exchange reserves. A US$12.8 billion loan guarantee program was introduced to help unfreeze credit for the business community, in particular, for small and medium enterprises. To illustrate the point, for each of the countries in the region, exhibit 4 shows industrial production (the solid blue bars) and exports (the striped red bars) measured relative to the pre-crisis peak.9   You can see that the blue bars are generally taller than the red bars, indicating that, except for New Zealand and Hong Kong, industrial production has rebounded by more than exports. March 2009 through August 2018 *Data for Hong Kong bond returns were not available. economic crises—the 1985 Economic Crisis, the 1997 Asian Financial Crisis, and the 2008 Global Financial Crisis. Relative to pre-crisis trend, the six Asian economies just mentioned plus Japan experienced declines in real GDP growth of about 13 to 20 percentage points at an annual rate during the last quarter of 2008 and the first quarter of 2009. Found inside – Page 18... internationalization and RMB offshore market in Hong Kong China has been active in internationalizing the RMB since the 2008 global financial crisis, ... In many respects, that model has served Asia well, contributing to the rapid growth rates in the region over the past decade. Hence, at the onset of the financial turmoil in the summer of 2007, the Asian economies appeared well-positioned to avoid its worst effects. media caption How a little Ant became a . We would expect to see this pattern if growth in domestic demand, rather than growth in exports, was the predominant driver of increases in domestic production.10   The revival of demand in Asia has, in turn, aided global economic growth. Economic reforms, international economic integration and Vietnam's accession to the WTO by the end of 2006 all resulted in a boom of investment, trade and financial and banking activities in Vietnam. The fall that week of 21% compared to a . Manufacturing production, a major component of trade flows, may have been cut back more sharply than would otherwise have been the case as producers, concerned about credit availability, attempted to preserve working capital. Vietnam's crisis within the crisis. The Hong Kong banking sector remains financially sound and well capitalised. Found insideThis is an appropriate time to pull together the lessons from these various experiences. With trade falling sharply around the world, economies particularly dependent on trade were hit especially hard. Return to text, 4. In September and October 2008, as you know, the global financial crisis intensified dramatically. The University of Hong Kong - Faculty of Law; CFTE - Centre for Finance Technology & Entrepreneurship. Bulloch AG, Williams JV, Lavorato DH, Patten SB. In this major bestseller, Paul Krugman warns that, like diseases that have become resistant to antibiotics, the economic maladies that caused the Great Depression have made a comeback. This dissertation, "Housing Market Bubbling Again After the Global Financial Crisis in 2008: Government's Actions to Prevent the Bursting of the Housing Bubble" by Chun-ping, Tsang, 曾俊平, was obtained from The University of Hong Kong ... A significant increase of prevalence was found in both male and female respondents, those in the highest (55-65 years) age group, having secondary education level, were married/cohabited, divorced/widowed, employed, home-making, and in the lowest and high-middle income groups. Pruchno R, Wilson-Genderson M, Heid A, Cartwright F. J Gerontol B Psychol Sci Soc Sci. It is widely agreed that a key source of Asia's rapid advancement has been the openness of countries in the region to global trade and finance. Liabilities and equity balance sheets. China Feels After-Effects of Economic Stimulus . However, for virtually all of the Asian economies, international trade appears to have been a critical channel. Sub. CONCLUSION: Economic contraction triggered by a global financial crisis was associated with a significant increase in the risk of depression in the Hong Kong population. 2021 Apr 23;76(5):974-985. doi: 10.1093/geronb/gbaa198. Janos Nathan Barberis. The real data are calculated by deflating these dollar-value nominal exports by export price indexes constructed from local-currency deflators drawn from country sources and dollar exchange rates. The financial crisis revealed severe shortcomings in corporate governance. Found inside – Page 27Hong Kong's reinforced position as an international financial centre is ... it experienced a slight drop in 2008 when the global financial crisis began. After a sell-off erased more than $600 billion from the city's equities . 2009;26(12):1172-7. doi: 10.1002/da.20618. Although the regional economy continued to contract in the first months of 2009, it expanded at an impressive 9 percent annual rate in the second quarter, with annualized growth rates well into double digits in China, Hong Kong, Korea, Malaysia, Singapore, and Taiwan.4   At this point, while risks to the economic outlook certainly remain, Asia appears to be leading the global recovery. As the global economy recovers and trade volumes rebound, however, global imbalances may reassert themselves. The market slowed in the first half of 2014, but bounced back in the second half, with prices rising by 13.6% in Q4 2014, 19.6% in Q1 2015, 20.4% in Q2 2015, and 15% in Q3 2015. In addition, Mr. Tong announced that the Mainland government would launch a pilot program for Hong Kong and five other cities in the Mainland whereby selected companies could settle cross-boundary trade in Renminbi. The recovery has been facilitated by expansionary monetary and fiscal policies . "We have confidence in Hong Kong's ability to rebound due to its sound fundamentals, can-do spirit, quality workforce, the great support from the Mainland, and the new opportunities arising from the Pearl River Delta development," Mr. Tong said. When most needed, existing standards failed to provide the checks and balances that companies need in order to cultivate sound business practices. As the exhibit shows, after a period of strong growth, international trade plunged about 20 percent in real terms from its pre-crisis peak to its trough in early 2009 (the dashed red line), and about 35 percent in U.S. dollar terms (the solid blue line).5   The trade-dependent economies of Asia could certainly not be immune to the effects of such a decline. Moreover, regardless of perceived risks, financial institutions pulled money from risky assets in advanced and emerging markets alike in an effort to strengthen their balance sheets. The program would enhance Hong Kong companies' flexibility and reduce the risk of currency fluctuations for companies doing business with the Mainland. The financial crisis heavily damaged currency values, stock markets. Epub 2006 Oct 23. Leo F. Goodstadtwas chief policy adviser to the Hong Kong Government as head of its Central Policy Unit (1989-1997) and has had an extensive consultancy practice in Asian banking. The crisis that began in the West affected Asia through various transmission channels, whose relative importance depended in some degree on the particular characteristics of each economy. Prevalence of major depressive disorder and association with personal and socio-economic factors. However, toward the end of 2007, at about the same time that the United States entered a recession, the headwinds facing the Asian economies appeared to strengthen. Medical comorbidity in recurrent versus first-episode depressive patients. Returns during the global financial crisis. Copyright 2010 Elsevier B.V. All rights reserved. Found insideChapter 7 WILL REVAMPED FINANCIAL REGULATIONS WORK? Unable to load your collection due to an error, Unable to load your delegates due to an error. In fact, it bears repeating that evidence from the world over shows trade openness to be an important source of economic growth. This research applies daily data to investigate the relationship between stock market prices and exchange rates in New Zealand and the ASEAN-China Free Trade Area (ACFTA) after the 2008 global financial crisis, based on the vector error ... We understand, at least in principle, how to do this. Stock disaster in 1965 (Canton Trust Bank run)Stock disaster in 1967 (Hong Kong 1967 Leftist riots)1970s. Stock market declines (71% and 56% for China and Hong Kong, respectively, October 2007 to October 2008) were linked declines in major economies' stocks. Hong Kong and mainland China. Found inside – Page 68Perspectives from Singapore, Hong Kong and Mainland China Jiaxing Hu, ... system experienced its first systemic crisis since the 1930s in autumn 2008, ... The drying up of the wholesale funding market hurt Korea's banking system in particular; prior to the crisis, it had accounted for about one-third of Korean bank funding. The present global financial and economic crisis poses an additional risk factor for mental health problems on the employees. All of this made financial institutions and the broader economy seriously vulnerable to a decline in housing prices. As would be expected given the increasing size and sophistication of their economies, the nations of the region have also begun to exert a substantial influence on global economic developments and on international governance in the economic and financial spheres. Psychological implications of the COVID-19 pandemic around the world: Introduction to the special issue. Are concern for face and willingness to seek help correlated to early postnatal depressive symptoms among Hong Kong Chinese women? Shares in Hong Kong-listed firm slump 10% and bond trade suspended amid fears for shaky real estate market First published on Thu 9 Sep 2021 00.24 EDT Shares in the embattled Chinese property . Tomitaka S, Kawasaki Y, Ide K, Akutagawa M, Ono Y, Furukawa TA. For their part, to achieve balanced and sustainable growth, the authorities in surplus countries, including most Asian economies, must act to narrow the gap between saving and investment and to raise domestic demand. This article discusses the current global financial crisis and its implications for international finance and financial regulation. In particular, why was Asia, whose financial systems largely escaped the serious credit problems that erupted in the United States and Europe, hit so hard by the global recession? In principle, some rebuilding of inventories for export could also be boosting production, but such inventory data for the region that are available do not strongly support this view. Although there is a stark difference in the reasons of the causes of both - the recession of today and that of 2008. . After the Global Financial Crisis in 2008, the economy of Hong Kong has not fully recovered but the housing prices in Hong Kong market have been rising strongly after 2009. A holistic perspective that encompasses both ecological and individual levels of analysis is essential for studying the net impact of economic contraction on depression across communities and sociodemographic groups and for health policy planning. outbreak of the global financial crisis in 2008 and the escalation of the euro debt crisis during 2010‐2012. Exhibit 2 illustrates this point for a group of Asian and non-Asian economies. Wall Street and the banks have been committing crimes for decades. PMC The stock markets of Malaysia, Singapore, the Philippines, and Thailand drifted downward during this same sub-period, with the later two countries experiencing the sharpest declines. This volume focuses on China, Hong Kong, Singapore, and Taiwan. The overall effect of the global financial crisis on emerging Asia was limited and short-lived. . Setting: Suicide data from 54 countries; for 53 data were available . The National Bureau of Economic Research has identified the peak . Found inside – Page 2152008. GLOBAL. FINANCIAL. CRISIS. ON. THE. ECONOMY. OF. HONG. KONG. With a high degree of embeddedness in the global economy, Hong Kong unsurprisingly felt ... This week, market volatility caused by the coronavirus was compounded by the plunge in oil prices. This book summarizes and synthesizes the data presented in a series of eleven SpringerBriefs volumes on “National Intellectual Capital and the Financial Crisis,” concerning the co-developments between NIC and GDP growth and describes ... Hot money bubble in Spain: a Nationwide Population-Based study darkest months of the new York stock exchange NYSE! Kong Chinese women in capital flows should thus be strongly resisted globally,! 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