Assessing the Impact of Globalisation: Lessons from Hong Kong

9 Pages Posted: 13 Feb 2019

See all articles by Lillian Cheung

Lillian Cheung

Hong Kong Monetary Authority

Eric Wong

Hong Kong Monetary Authority - Market Research Division

Philip K Ng

Hong Kong Monetary Authority

Ken Wong

Hong Kong Monetary Authority - Research Department

Date Written: December 21, 2018

Abstract

Driven largely by unique economic and political factors, Hong Kong SAR was a globalised economy long before the advent of global value chains in the 1990s. In particular, Hong Kong’s role as a link between Mainland China and the rest of the world strengthened over time, as did its status as an international financial centre. The effects of globalisation on Hong Kong are multi-faceted, ranging from higher potential vulnerability to external macro-financial shocks and structural adjustments in the labour market, and to widening income and wealth inequality. The experience of Hong Kong suggests that a sound monetary regime, high flexibility in the labour market and a robust framework for financial supervision can help alleviate the costs and risks associated with globalisation. We conclude by highlighting some future challenges facing the Hong Kong economy amid globalisation.

Full Publication: Globalisation and Deglobalisation

Keywords: globalisation, international, Hong Kong

JEL Classification: F40, F6, N1, N3

Suggested Citation

Cheung, Lillian and Wong, Eric and Ng, Philip K and Wong, Ken, Assessing the Impact of Globalisation: Lessons from Hong Kong (December 21, 2018). BIS Paper No. 100i, Available at SSRN: https://ssrn.com/abstract=3331995

Lillian Cheung

Hong Kong Monetary Authority ( email )

3 Garden Road, 30th Floor
Hong Kong
Hong Kong

Eric Wong (Contact Author)

Hong Kong Monetary Authority - Market Research Division

Hong Kong

Philip K Ng

Hong Kong Monetary Authority ( email )

3 Garden Road, 30th Floor
Hong Kong
Hong Kong

Ken Wong

Hong Kong Monetary Authority - Research Department

Hong Kong

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