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Article: Constitutional Finance: The Role of the Hong Kong Basic Law during the Global Financial Crisis

TitleConstitutional Finance: The Role of the Hong Kong Basic Law during the Global Financial Crisis
Authors
Issue Date2019
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2019, v. 49 n. pt.1, p. 295-314 How to Cite?
AbstractThe global financial crisis of 2007–2009 inflicted an unprecedented catastrophe on Hong Kong amongst many other economies. And yet the constitutional framework set out in the Basic Law performed quite satisfactorily in supporting financial stability. The collapse of multiple financial institutions and the domino effect which it threatened in the United States, the United Kingdom and continental Europe did not overtake Hong Kong or resulted in any permanent loss of gross domestic product or required a rehabilitation of the financial or macroeconomic infrastructure of the former British dependency. The crisis left the Basic Law completely intact as well: not a single provision had to be amended in consequence. Hong Kong’s aggressive regulation in times of emergency was part and parcel of its constitutional ideology of “positive non-interventionism”. That stability, however, hinges on widespread beliefs held by all the interested parties about the uncompromisingness of the government’s commitment to private property protection and contract enforcement, its self-interest in conserving Hong Kong’s status as an international financial centre and China’s aversion to the breakdown of the Basic Law paradigm, all of which together constituted a self-fulfilling prophecy, that of a self-enforcing economic constitution.
Persistent Identifierhttp://hdl.handle.net/10722/271227
ISSN
2023 Impact Factor: 0.3
2020 SCImago Journal Rankings: 0.112
SSRN
ISI Accession Number ID

 

DC FieldValueLanguage
dc.contributor.authorIp, CYE-
dc.date.accessioned2019-06-24T01:05:49Z-
dc.date.available2019-06-24T01:05:49Z-
dc.date.issued2019-
dc.identifier.citationHong Kong Law Journal, 2019, v. 49 n. pt.1, p. 295-314-
dc.identifier.issn0378-0600-
dc.identifier.urihttp://hdl.handle.net/10722/271227-
dc.description.abstractThe global financial crisis of 2007–2009 inflicted an unprecedented catastrophe on Hong Kong amongst many other economies. And yet the constitutional framework set out in the Basic Law performed quite satisfactorily in supporting financial stability. The collapse of multiple financial institutions and the domino effect which it threatened in the United States, the United Kingdom and continental Europe did not overtake Hong Kong or resulted in any permanent loss of gross domestic product or required a rehabilitation of the financial or macroeconomic infrastructure of the former British dependency. The crisis left the Basic Law completely intact as well: not a single provision had to be amended in consequence. Hong Kong’s aggressive regulation in times of emergency was part and parcel of its constitutional ideology of “positive non-interventionism”. That stability, however, hinges on widespread beliefs held by all the interested parties about the uncompromisingness of the government’s commitment to private property protection and contract enforcement, its self-interest in conserving Hong Kong’s status as an international financial centre and China’s aversion to the breakdown of the Basic Law paradigm, all of which together constituted a self-fulfilling prophecy, that of a self-enforcing economic constitution.-
dc.languageeng-
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/-
dc.relation.ispartofHong Kong Law Journal-
dc.titleConstitutional Finance: The Role of the Hong Kong Basic Law during the Global Financial Crisis-
dc.typeArticle-
dc.identifier.emailIp, CYE: ericcip@hku.hk-
dc.identifier.authorityIp, CYE=rp02161-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.hkuros297884-
dc.identifier.volume49-
dc.identifier.issuept.1-
dc.identifier.spage295-
dc.identifier.epage314-
dc.identifier.isiWOS:000466828200012-
dc.publisher.placeHong Kong-
dc.identifier.ssrn3471478-
dc.identifier.hkulrp2019/106-
dc.identifier.issnl0378-0600-

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