Review by Choice Review
This extensively updated version of a volume first published in 1991, when Hong Kong was still a British colony, provides a strong overview of the financial institutions and markets that serve as the backbone of the Special Administrative Region (SAR) economy. The work covers the key structural changes in the financial system, such as the 1993 creation of the Hong Kong Monetary Authority and more recent legislation. Contributors discuss some notable problems the SAR administration needs to address, e.g., a system of corporate governance that is heavily skewed against minority shareholders. However, something is missing here. In the post-1997 world, the SAR must be considered in the larger context of the People's Republic of China, particularly with respect to the rising importance of Shanghai as a financial center. Unfortunately these topics are not addressed. Nevertheless, this is an excellent, well-integrated collection, which provides as comprehensive a study of a single financial system as one might find anywhere in the literature. ^BSumming Up: Highly recommended. Public, academic, lower-division undergraduate and up, and professional library collections. S. J. Gabriel Mount Holyoke College
Copyright American Library Association, used with permission.
Review by Choice Review
