Published on Apr 5, 2012
Financial Markets (2011) (ECON 252)
This is a guest lecture by Laura Cha, former vice chair of the China Securities Regulatory Commission and a member of the Executive Council of Hong Kong. In her introductory remarks, Ms. Cha emphasizes career opportunities in the private as well as the public sector of financial markets, and elaborates on her own career as a regulator in the Chinese market. In an ensuing discussion with Professor Shiller, she discusses motivations to work in the public sector, emphasizing the marketability of public sector skills in the private sector, but also a sense of mission to influence the creation and proper functioning of markets. Subsequently, in a conversation with the students of the class, she addresses the application and enforcement of regulation in China. Moreover, she outlines channels through which the Chinese government supports start-up companies, and addresses the recent mergers of various financial exchanges all over the world. Further topics of the conversation include the registration of Chinese companies on overseas exchanges, the plans for an international board at the Shanghai Stock Exchange, and a personal account of her studies at law school. Ms. Cha concludes her guest lecture by sharing her views about the Basel III rules.
00:00 - Chapter 1. The Private and the Public Sector of Financial Markets
07:20 - Chapter 2. China's Public Sector and Opportunities in Other Emerging Market
17:50 - Chapter 3. Motivations to Work in the Public Sector
23:26 - Chapter 4. The Interplay between the Western Business World and Emerging Markets
27:22 - Chapter 5: A Brief History of the Hong Kong Shanghai Banking Corporation (HSBC)
31:19 - Chapter 6. The Role and the Enforcement of Regulation in China
36:40 - Chapter 7. State-Owned Enterprises and Support for Start-Up Companies in China
45:45 - Chapter 8. Mergers of Stock Exchanges
49:25 - Chapter 9. Overseas Registration of Chinese Companies and the International Board in Shanghai
58:27 - Chapter 10. The Regulatory Impact of Basel III
Complete course materials are available at the Open Yale Courses website: http://oyc.yale.edu
This course was recorded in Spring 2011.
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