1 Economic Summit 2012 Roadmap to Hong Kong Success Excessive Leverage: Root Cause of Financial Crisis Norman Chan Chief Executive of the Hong Kong Monetary.

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Presentation transcript:

1 Economic Summit 2012 Roadmap to Hong Kong Success Excessive Leverage: Root Cause of Financial Crisis Norman Chan Chief Executive of the Hong Kong Monetary Authority 9 December 2012

2 Rising indebtedness of major industrial economies Source: Bank for International Settlements

3 Market failure: the Greek example Sources: EcoWin and AMECO

4 US balance sheet recession: household deleveraging still ongoing Source: CEIC

5 US balance sheet recession: huge quantity of housing inventory to be cleared * Case-Shiller 20-city home price index is set at 100 for January 2000 ** Shadow home inventory is estimated by Standard and Poors which includes the total number of homes with mortgage loans more than 90 days delinquent, currently or recently in foreclosure and those that are real estate owned (REO). Sources: CEIC, Standard and Poors

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