The global credit crisis and securitization in East Asia

Arner, Douglas W.; Lejot, Paul; Schou-Zibell, Lotte

doi:10.1093/cmlj/kmn010

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“…Given concerns by regulators of the "legal structures devised by large interconnected cross-border investment banks" (House of Commons Treasury Committee, 2009: 131-47), we also consider the changes in positions to banks domiciled in offshore financial centers, in addition to Singapore and Hong Kong. Note that Special Purpose Vehicles (SPVs) associated with asset securitization (Loutskina, 2011) are typically located in offshore centers for tax purposes (Arner, Lejot, & Schou-Zibell, 2008). Since structured products were one of the first causalities of the GFC, it is not surprising that aggregate turnover through offshore centers also declined over the GFC period, although they remain an important destination -and source -for international banking transactions.…”

Section: Introductionmentioning

confidence: 99%

International banking during the Global Financial Crisis: U.K. and U.S. perspectives

Batten

Szilagyi

2012

International Review of Financial Analysis

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Section: Introductionmentioning

confidence: 99%

International banking during the Global Financial Crisis: U.K. and U.S. perspectives

Batten

Szilagyi

2012

International Review of Financial Analysis

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Financial Regulation in Hong Kong: Time for a Change

2010

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The global financial system experienced its first systemic crisis since the 1930s in autumn 2008, with the failure of major financial institutions in the United States and Europe and the seizure of global credit markets. Although Hong Kong was not at the epicentre of this crisis, it was nonetheless affected. Following an overview of Hong Kong's existing financial regulatory framework, the article discusses the global financial crisis and its impact in Hong Kong, as well as regulatory responses to date. From this basis, the article discusses recommendations for reforms in Hong Kong to address weaknesses highlighted by the crisis, focusing on issues relating to Lehman Brothers “Minibonds.” The article concludes by looking forward, recommending that the crisis be taken not only as the catalyst to resolve existing weaknesses but also to strengthen and enhance Hong Kong's role and competitiveness as China's premier international financial centre.

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The global credit crisis and securitization in East Asia

Cited by 2 publications

References 0 publications

International banking during the Global Financial Crisis: U.K. and U.S. perspectives

International banking during the Global Financial Crisis: U.K. and U.S. perspectives

Financial Regulation in Hong Kong: Time for a Change

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