The Role of Banking Institutions in a Transitional Economy

  • Y. C. Jao


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.


Financial Institution Money Supply Banking Sector Financial Asset Capital Formation 
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Notes and References

  1. 1.
    For a general survey of Hong Kong’s industrialisation, see inter glia, E. F. Szczepanik, The Economic Growth of Hong Kong (London, 1958)Google Scholar
  2. K. R. Chou, The Hong Kong Economy (Hong Kong, 1966)Google Scholar
  3. K. Hopkins (ed) Hong Kong: The Industrial Colony, (Hong Kong, 1971)Google Scholar
  4. S. Yokoyama, Honkon kogyoka no kenkyu (Tokyo, 1969)Google Scholar
  5. S. Kobayashi, Honkon no kogyoka (Tokyo, 1970).Google Scholar
  6. 5.
    J. G. Gurley and E. S. Shaw, ‘Financial Structure and Economic Development’, Economic Development and Cultural Change (Apr 1967) pp. 257–69.Google Scholar
  7. 6.
    R. C. Porter, ‘The Promotion of the “Banking Habit” and Economic Development’, The Journal of Development Studies. Vol II, No. 3 (July 1966) p. 347.Google Scholar
  8. A. J. Alwan, ‘Banking and Economic Development’, Economic and Business Bulletin (Spring-Summer 1970) pp. 11–18.Google Scholar
  9. 8.
    J. G. Gurley and E. S. Shaw, Money in A Theory of Finance (Washington, 1960) p. 50.Google Scholar
  10. 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

Copyright information

© Y. C. Jao 1974

Authors and Affiliations

  • Y. C. Jao
    • 1
  1. 1.University of Hong kongChina

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