Yam reflects on roots of crisis


Stepping away from the current predilection for debate over the way forward, Joseph Yam, the chief executive of the Hong Kong Monetary Authority, highlighted four issues observed over the length of his career that played a role in the origins of the ongoing financial crisis.

He argued that a conflict exists between the private interest of financial intermediaries to maximise profits in the short run, and public interest of sound financial intermediation. He acknowledged that such a thing would

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