• Wed
  • Sep 17, 2014
  • Updated: 2:05am

Financial Crisis

Why bailouts can do more harm than good

Beijing should not bail out all domestic financial institutions that get into trouble, particularly the smaller ones that might face a squeeze as the risk of credit default rises in the world's No 2 economy.

Monday, 5 August, 2013, 9:00am

Ex-head of Spain's Caja Madrid accused over Florida bank takeover

Miguel Blesa, 65, who has links to senior members of Spain's governing Popular Party, was held overnight in a Madrid jail and came out on Friday after putting up €2.5 million (HK$25 million) in bail, a prisons service official said.

19 May 2013 - 7:09am

Can the BRICS break through the global gridlock?

Radical reforms of institutions tend to come in the wake of wars, as was the case after the second world war with the creation of the United Nations and the Bretton Woods financial architecture - the International Monetary Fund, the World Bank and the General Agreement on Tariffs and Trade, the predecessor of today's World Trade Organisation.

27 Mar 2013 - 3:09am 1 comment

Standard & Poor's looks secure despite US government lawsuit

The Department of Justice accuses McGraw-Hill and its subsidiary Standard & Poor's of deliberately understating the risk of bonds backed by mortgages made to the riskiest borrowers, in order to win business from Wall Street banks.

7 Feb 2013 - 5:16am

Misguided belief in austerity diverts attention from need for jobs

Three years ago, a terrible thing happened to economic policy. Although the worst of the financial crisis was over, economies on both sides of the Atlantic remained deeply depressed, with very high unemployment. Yet the Western world's policy elite somehow decided en masse that unemployment was no longer a crucial concern, and that reducing budget deficits should be the overriding priority.

3 Feb 2013 - 6:42am

Admit it's a 'Western financial crisis'

Why do we continue to call the recent turmoil the global financial crisis and not, as it should have been from the start, the Western financial crisis? After all, we have taken to naming financial crises by their origin in recent decades. It really should have been the "US and the euro zone financial crises".

So why this exception?

31 Jan 2013 - 5:37am 22 comments

Big banks fail to regain trust of the public

Leaders of the world's biggest banks, from Citigroup's Vikram Pandit to Barclays' Bob Diamond, have failed to honour promises made in Davos to restore trust in their industry after the financial crisis.

24 Jan 2013 - 4:58am

Three steps to jump-starting the global economy

As the world enters yet another year in the shadow of continued financial and economic crisis, a broader view of the contours of the future global economy is required.

5 Jan 2013 - 2:38am

Does government interference help in financial crises?

Which single aspect of the complex mess of financial and economic crises supposedly coming to a head is absolutely certain? The answer is that governments will not solve these problems. They never do. At best, palliatives will be devised, interim solutions found and some of the worst consequences of fiscal default, or similar, will be avoided.

3 Dec 2012 - 4:26am

Tired ideas won't save ailing Western economies

Over the past 20 years, nearly everyone seems to have become an economics expert. Discussions about complex economic theories, once reserved for dusty lecture halls in elite universities, are now heard all over Hong Kong. The bars in Central echo with arguments about growth rates, deflationary spirals and cures for unemployment.

15 Oct 2012 - 1:53am 3 comments