textIs China, met een van de snelst groeiende economieen ter wereld, inderdaad de markt van de hoge opbrengsten en snelle winsten zoals de media en de communis opinio ons willen doen geloven? Dit boek biedt een wat gematigder perspectief. Het laat zien, door de theorieen en methoden van de organisatie-ecologie te gebruiken, dat de complexiteit van de lokale markt vaak wordt onderschat. Op basis van een gedetailleerde analyse van de (wederom) opkomende populatie van buitenlandse banken in Shanghai, laat het zien dat nu meer en meer buitenlandse banken vestigingen opzetten in Shanghai, de concurrentie tussen deze banken dermate toeneemt dat het de toetrede van nieuwe banken in Shanghai in de weg staat. Buitenlandse banken hebben ook te maken met lange wachttijden voordat zij kunnen beginnen met het aanbieden van financiele diensten en daarnaast wordt hun winstgevendheid beinvloedt door het toenemende aantal lokale banken. Vanuit een theoretisch perspectief dragen de bevindingen van dit onderzoek bij aan de studie naar her-opkomende organisatievormen, de studie naar de ecologische dynamiek voorafgaand aan de toetrede tot een populatie, en theorieen met betrekking tot concurrentie tussen populaties zoals die van de ‘middelenverdeling’.

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The Re-Emergence of Foreign Banks in Shanghai: An Ecological Analysis

We provide a bibliography of major scholarly writings and many minor writings on currency boards up to mid 2011. Our bibliography incorporates two previous bibliographies on currency boards. Dr. Kurt Schuler’s 1992 Ph.D. dissertation on the history of currency boards compiled a list of works on currency boards up to then. Schuler listed a number of annual reports of currency boards and other primary sources, but concentrated on scholarly writings by economists in books and economic journals. He relied in part on a 1959 bibliography by the English economist Arthur Hazlewood on the economics of underdeveloped areas, which included a number of references relevant to currency boards. Schuler compiled his bibliography at the end of a long period in which economists had paid little attention to currency boards, and several years before Internet search engines became useful tools for bibliographical research in economics.

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On Currency Boards – An Updated Bibliography of Scholarly Writings

In different ways, newly industrialised economies (NIEs) in East Asia are restructuring their industries in response to changes in their comparative advantages and to the changing environment of the global economy. In this paper, an attempt is made to examine the case of Hong Kong through intensive case studies of its garment-making and electronics industries. It is argued that the way the manufacturing industries respond to rising production costs, increasing protectionism, and growing competition from other NIEs is essentially shaped by the ‘politics of production’, at the structural, institutional, as well as organisational levels. With a noninterventionist state, the dominance of small local capital, the arms-length relationship between industrial and financial capital, and the underdevelopment of shop-floor unionism, Hong Kong's manufacturing responds to the changing business environment by developing flexible, labour-intensive production strategies. The success of such strategies hinges upon the abi...

A Tale of Two Industries: The Restructuring of Hong Kong's Garment-Making and Electronics Industries

HONG KONG'S postwar transformation from an entrepot into an industrial economy based largely on the export of labor-intensive manufactured goods ranks as one of the most spectacular success stories in recent history. While the territory's Wirtschaftswunder can hardly compare in magnitude with that of Japan and West Germany, or even South Korea and Taiwan, its rapid industrialization, which started in the early 1950s, has already received a great deal of attention from economists and social scientists.1 Since about 1970, Hong Kong has also been fast emerging as a major financial center for the Asian-Pacific region. Because this phenomenon has occurred only very recently, there have been relatively few serious studies of its origin and significance.2

The Rise of Hong Kong as a Financial Center

Asia’s emergence as a key player in the global economy is witnessing intense competition within the region to become Asia’s next great international financial centre. Hong Kong, Singapore and Shanghai, among others, are each vying for primacy, attempting to attract dense clusters of financial services firms and reap the lucrative rewards associated with this. This paper explores this emerging competition. It does so from the perspective of attempting to map the parameters necessary to become an international financial centre, particularly the institutional, political and spatial contexts that facilitate the concentration of international financial services. Why and how financial clustering occurs and the factors that determine the location of financial centres is an important public policy concern, both for established centres eager to maintain their competitive position as well as emerging economies keen to identify the policy levers necessary to support financial sector growth. To that end, the paper explores the experiences and strategies of three of Asia’s current contenders; Hong Kong, Shanghai, and Singapore, analyzing the policy architecture, financial sector strategies, institutional mechanisms and spatial geographies undergirding financial sector growth, and the constraints, obstacles and challenges each face in developing and or consolidating their international financial centre.

Y. C. Jao

Papers

Banking and currency in Hong Kong

Banking and Currency in Hong Kong