The Role of Banking Institutions in a Transitional Economy
The present book is primarily a study of the structure and growth of the banking sector in Hong Kong, and its contribution to overall economic development during the postwar period ending 1972. Commercial banking is treated within the broader context of financial markets and institutions, in line with the contemporary trend in monetary economics. Within this framework the currency system and the determination of money supply are also studied in detail. In the absence of central banking, however, the present study is confined to the private financial sector.
KeywordsFinancial Institution Money Supply Banking Sector Financial Asset Capital Formation
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Notes and References
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- 9.Evidently there can be no standardised rate of growth for different countries. However, most economists would probably agree that a growth rate in real per capita income of over 2 per cent per annum and gross capital formation exceeding 10 per cent of gross domestic product can be regarded as significant. Cf. S. Kuznets, ‘Notes on the Take-off’, in W. W. Rostow, (ed), The Economics of Take-off into Sustained Growth (London, 1964) pp. 22–43.Google Scholar