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  • 1. HONG KONG SHUE YAN UNIVERSITY Department of Economics and Finance BA (Hons) in Economics and Finance (Fall 2009) Course Title : Financial Institutions in Hong Kong Course Code : FIN 444 Year of Study : 3 or 4 Number of Credits : 3 Duration in Weeks : 13 Contact Hours Per Week : Lecture (1 hour) Group Session (2 hours) Pre-requisite Course(s) : ECON 100 Introduction to Economics/ ECON 101-102 Principles of Economics/ ECON 103-104 Basic Microeconomics & Macroeconomics or by consent of the instructor Instructor : Dr. Joe Wong Office: LG 539 Tel. No: 2570 7110 Ext. 230; 2104 8230 Email: joewong@hksyu.edu Website: http://fs3.hksyu.edu/~joewong/ Course Aims This course aims to develop students’ understanding of the theoretical concepts about financial institutions and the recent developments of financial institutions in Hong Kong. It also aims to enhance students’ abilities to analyze the challenges and prospects faced by the financial institutions in Hong Kong. Course Intended Learning Outcomes, Teaching and Learning Activities, and Assessment Tasks Course Intended Learning Outcomes Upon completion of this course, students should be able to: C 1 explain the basic structure of the financial system and the theory of financial intermediation; C 2 describe the theoretical concepts about financial institutions including banks, insurance companies, investment companies, pension funds and investment banking firms; C 3 identify and explain the functions and operations of the Hong Kong Monetary Authority and the Hong Kong Mortgage Corporation; C 4 describe the recent developments of the financial institutions in Hong Kong. C 5 analyze the challenges and prospects faced by the financial institutions in Hong Kong; C 6 evaluate Hong Kong’s status as a global financial centre; 1
  • 2. C7 demonstrate mastery of different types of generic skills including collaboration skills, communication skills, critical thinking skills, problem-solving skills, self-management skills and study skills. Teaching and Learning Activities The following teaching and learning activities are designed for this course to achieve the intended learning outcomes mentioned above. About 1/3 of the contact hours are allocated to lectures and the remaining contact hours are allocated to various learning activities. TL 1 Lecture: Lectures are designed to introduce students to the theoretical concepts and recent developments of the financial institutions in Hong Kong. TL 2 Small Group Discussion: Students are divided into groups to help them understand the main concepts in the lectures and to discuss some current issues surrounding the financial institutions in Hong Kong. TL 3 Exercise: Exercises are provided to help students understand the theoretical concepts. TL 4 Term Paper (in groups): Term paper is used to enhance students’ abilities to apply basic concepts and theories to analyze the current issues in the area of money, banking and monetary system. TL 5 Progress Report: In order to provide assistance to students’ writing of the term paper, students are required to submit two progress reports. Guidance and suggestions will be provided for students before their submission of the term papers. TL 6 Presentation: Presentation is used for students to demonstrate their understanding of the content of the term paper and provide chances for them to practice their presentation skills. TL 7 Discussion of newspaper and magazine articles: By providing some articles relating to the area of banking and monetary system in newspapers and magazines, students are encouraged to link theories and current events in the real world. They are provided opportunities to discuss the articles and ask questions. TL 8 Investment Competition: An investment competition is organized to motivate students to be aware of the changing economic and financial environment. TL 9 Forum: Banking and finance forums are organized for students so that they can understand the current issues and exchange views with practitioners in the banking and finance industry. 2
  • 3. Assessment Tasks Continuous Assessment: A 1 Attendance and Participation 10% A 2 Quizzes 25% A 3 Term Paper (group) 10% (individual) 5% A 4 Presentation (group) 5% (individual) 5% Final Assessment: A5 Written Examination 40% Total 100% Alignment of Course Intended Learning Outcomes, Teaching and Learning Activities, and Assessment Tasks Course Intended Teaching and Learning Assessment Tasks Learning Outcomes Activities C1 TL 1-3 A 1-2, 5 C2 TL 1-3 A 1-2, 5 C3 TL 1-3, 7, 9 A 1-2, 5 C4 TL 1-3, 7-9 A 1-2, 5 C5 TL 4-9 A 3-5 C6 TL 4-9 A 3-5 C7 TL 2, 4-7 A 1, 3-4 Course Content Week No. Topic 1-2 Introduction: Financial System and Financial Intermediation a. The importance of studying financial institutions b An overview of the financial system . c. The theory of financial structure Principal Reading: Mishkin (2009): Ch.1-2; Yam (2006) Supplementary Reading: Fabozzi (2010): Ch.1-2 3-4 Depository financial institutions a. Functions and operations of the Hong Kong Monetary Authority (HKMA) 3
  • 4. b. Monetary system and policies c. The regulatory framework of the banking sector d. Recent development of the banking sector Principal Reading: HKMA (2009a): pp4-17; Choi (2009); Latter (2007a): Ch.5; HKDPB (2008); Yam (2009a, 2009b) Supplementary Reading: HKMA (2007c, 2006b, 2005); Ryback (2006); Ho (2004): Ch.3; 5-6 Insurance companies a. Types of insurance b Insurance companies c. The industrial organization of insurance d. Regulatory framework, trends and issues e. Institutional development Principal Reading: Mishkin (2009): Ch.22; OCI (2004): Ch.5; Huddart (2008); Saunders (2008) Supplementary Reading: Ho (2004): Ch.6; Yu (1997): Ch.2-3; Alexander (2007); Fabozzi (2010): Ch.6 7-8 Investment companies a. Types of investment companies b. Types of funds c. Regulation of funds d. Hong Kong as a regional fund management centre Principal Reading: Mishkin (2009): Ch.21; SFC (2009): pp1-10; SFC (2003) Supplementary Reading: Ho (2004): Ch.4; Low (2000): Ch.11; Fabozzi (2010): Ch.7 9 Pension funds a. Introduction to pension plans b. Types of pension plans c. Mandatory Provident Fund Schemes d. Regulation and management of pension plans Principal Reading: Mishkin (2009): Ch.22; MPFA (2006); OCI (2007b): Ch.3 Supplementary Reading: Ho (2004): Ch. 5; Fabozzi (2010): Ch.8 10 Investment banking firms a. Nature of the business b Investment banking structure . c. Competition and challenges for investment banking firms Principal Reading: Mishkin (2009): Ch. 23; SFC (2007) Supplementary Reading: Lee (2008) 4
  • 5. 11 The Hong Kong Mortgage Corporation Limited a. Its establishment and operation b. Different kinds of mortgage businesses c. Recent development Principal Reading: Mishkin (2009): Ch.12; Yam (2008, 2009c) Supplementary Reading: Low (2000): Ch.7; Fabozzi (2010): Ch.22-23 12 Hong Kong as a global financial centre Enhancing Hong Kong as a global financial centre Principal Reading: HKMA (2009): pp94-97; Yam (2007); HKMA (2007a); Yue (2009) Supplementary Reading: HKMA (2007b); Tan (2007); Ho (2004): Ch.17; Burdekin (2008) 13 Term Paper Presentation Resources Textbook: There is no set textbook for this course. Reading lists including chapters in books, articles and other materials downloaded from websites are suggested for each part of the course, which will be continuously updated to reflect the changing financial environment in Hong Kong. Reading List: Alexander, D., 2007. Life Insurance Product Trends in Hong Kong. The Office of the Commissioner of Insurance, I Lens Newsletter, [Online] No.25, 7/2007. Available at: http://www.oci.gov.hk/press/index_02.html Beecham, B. J., 2002. Monetary and Financial System in Hong Kong. 3rd ed. Hong Kong: The Hong Kong Institute of Bankers. Burdekin, R. C. K. & Gregory, C. A. & Brown Jr., W. O., 2008. Asset Market Expansion and Shanghai vs. Hong Kong Listings of Chinese Firms. In R. C. K. Burdekin. China’s Monetary Challenges: Past Experiences and Future Prospects. New York: Cambridge University Press. Choi, Y. K., 2009. Hong Kong Banking Sector: 2008 End-Year Review and Prospects and Priorities for 2009. Hong Kong Monetary Authority, Speech, [Online] 13 Feb 2009. Available at: http://www.info.gov.hk/hkma/eng/speeches/speechs/choi/attach/20090213e.ppt Fabozzi, F. J. Modigliani, F. & Jones, F. K., 2010. Foundations of Financial Markets and Institutions. 4th ed. Pearson. 5
  • 6. Ho, S. S. M. Scott, R. H. & Wong, K. A. eds., 2004. The Hong Kong Financial System: A New Age. Hong Kong: Oxford University Press. Hong Kong Deposit Protection Board (HKDPB), 2008. Full Deposit Protection. HKDPB, [Online]. Available at: http://www.dps.org.hk/en/download/Leaflet.pdf Hong Kong Monetary Authority (HKMA), 2009a. Annual Report 2008. [Online] HKMA. Available at: http://www.info.gov.hk/hkma/eng/public/ar08/pdf/ar2008.pdf HKMA, 2009b. Hong Kong-dollar Debt-market Development in 2008. HKMA Quarterly Bulletin, [Online] March 2009. Available at: http://www.info.gov.hk/hkma/eng/public/qb200903/fa1_print.pdf HKMA, 2007a. Measuring the Position of Hong Kong as an International Financial Centre. HKMA Quarterly Bulletin, [Online] Dec. 2007. Available at: http://www.info.gov.hk/hkma/eng/public/qb200712/E_05_12.pdf HKMA, 2007b. The Foreign Exchange and Derivatives Markets in Hong Kong. HKMA Quarterly Bulletin, [Online] Dec. 2007. Available at: http://www.info.gov.hk/hkma/eng/public/qb200712/E_13_21.pdf HKMA, 2007c. The “Three Refinements” of the Hong Kong dollar Linked Exchange Rate system two years on. HKMA Quarterly Bulletin, [Online] June 2007. Available at: http://www.info.gov.hk/hkma/eng/public/qb200706/E_05_11.pdf HKMA, 2006a. Guide to Hong Kong Monetary and Banking Terms (3rd ed.). [Online] HKMA. Available at: http://www.info.gov.hk/hkma/eng/public/ghkmbt/BT_eng.pdf http://www.info.gov.hk/hkma/gdbook/home.htm HKMA, 2006b. Benefits of Sharing Positive Credit Data. HKMA Quarterly Bulletin, [Online] March 2006. Available at: http://www.info.gov.hk/hkma/eng/public/qb200603/fa1.pdf HKMA, 2005. Implementation of Basel II in Hong Kong. HKMA Quarterly Bulletin, [Online] Sep. 2005. Available at: http://www.info.gov.hk/hkma/eng/public/qb200509/fa1.pdf Huddart, M., 2008. The Next Phase of Wealth Insurance Products. The Office of the Commissioner of Insurance, I Lens Newsletter, [Online] No.29, 11/2008. Available at: http://www.oci.gov.hk/press/index_02.html Jao, Y. C., 1997. Hong Kong as an International Financial Centre: Evolution, Prospects and Policies. Hong Kong: City University of Hong Kong Press. Kidwell, D. S. Blackwell, D. W. Whidbee, D. A. & Peterson, R. L., 2008. Financial Institutions, Markets and Money. 10th ed. Wiley. 6
  • 7. Latter, T., 2007a. Hands On or Hands Off? The Nature and Process of Economic Policy in Hong Kong. Hong Kong: Hong Kong University Press. Latter, T., 2007b. The Hong Kong’s Money: The History, Logic and Operation of the Currency Peg. Hong Kong: Hong Kong University Press. Lau, E., 2008. Development of Islamic Finance in Hong Kong. Hong Kong Monetary Authority, Speech, [Online] 7 Jul 2008. Available at: http://www.info.gov.hk/hkma/eng/speeches/index.htm Lee, S. K. Wong, F. K. & Yuen, W. K., 2008. The Behaviour of the General Public in Applying for IPO Shares: A Survey in Hong Kong. Hong Kong Shue Yan University: Working Papers,. [Online] April 2008. Available at: http://www.hksyu.edu/economics/html_pages/00workingpapers.htm Low, C. K. ed., 2000. Financial Markets in Hong Kong. Singapore: Springer. Mandatory Provident Fund Schemes Authority (MPFA), 2006. Summary Report of A Five- year Investment Performance Review of the MPF System (1 April 2001 – 31 April 2006). [Online] Hong Kong: MPFA Mishkin, R. S. & Eakins, S. G., 2009. Financial Markets and Institutions. 6th ed. Prentice Hall. Office of the Commissioner of Insurance (OCI), 2007a. Study Notes for the Long Term Insurance Examination (2007 Edition). [Online] OCI. Available at: http://www.oci.gov.hk/press/index_04_02.html OCI, 2007b. Study Note for the Mandatory Provident Fund Schemes Examination (2007 Edition). [Online] OCI. Available at: http://www.oci.gov.hk/press/index_04_02.html OCI, 2004. Study Notes for the Principles and Practice of Insurance Examination (2004 Edition). [Online] OCI. Available at: http://www.oci.gov.hk/press/index_04_02.html Rose, P. S., 2008. Bank Management and Financial Services. 7th ed. McGraw-Hill. Rose, P. S. & Marquis, M., 2008. Money and Capital Markets: Financial Institutions and Instruments in a Global Marketplace. 10th ed. McGraw-Hill Irwin. Ryback, W., 2006. How Basel II will affect banks and their clients. Hong Kong Monetary Authority, Speech, [Online] 15 Aug 2006. Available at: http://www.info.gov.hk/hkma/eng/speeches/speechs/ryback/attach/20060815e.ppt Saunders, A. & Cornett, M. M., 2008. Financial Institutions Management: A Risk Management Approach. 6th ed. McGraw-Hill. Saunders, M., 2008. Impact of the Credit Crunch on the Insurance Industry. The Office of the 7
  • 8. Commissioner of Insurance, I Lens Newsletter, [Online] No.28, 7/2008. Available at: http://www.oci.gov.hk/press/index_02.html Securities and Futures Commissions (SFC), 2009. Fund Management Activities Survey 2008. SFC Surveys and Reports, [Online] Jul. 2009. Available at: http://www.sfc.hk/sfc/doc/EN/speeches/public/surveys/09/fmas_090728.pdf SFC, 2007. IPO Activities during 2006 and their Performance. SFC Quarterly Bulletin, [Online].Spring 2007. Available at: http://www.sfc.hk/sfc/doc/EN/speeches/public/bulletin/sfc_bulletin/spring07_IN1.pdf SFC, 2003. Development of Exchanged-traded Funds in Hong Kong. SFC Quarterly Bulletin, [Online] .Spring 2003. Available at: http://www.sfc.hk/sfc/doc/EN/speeches/public/bulletin/sfc_bulletin/spring03_speech1.pdf Tan, C. H. & Lim, J. Y. S., 2007. Singapore and Hong Kong as Competing Financial Centres. Singapore: National University of Singapore. Yam, J., 2009a. Exit Strategies from Deposit Guarantee and Other Temporary Measures. Hong Kong Monetary Authority. Viewpoint, [Online] 20 Aug. 2009. Available at: http://www.info.gov.hk/hkma/eng/viewpt/20090820e.htm Yam, J., 2009b. Central Banks’ Exit Strategies from Quantitative Easing. Hong Kong Monetary Authority. Viewpoint, [Online] 13 Aug. 2009. Available at: http://www.info.gov.hk/hkma/eng/viewpt/20090813e.htm Yam, J. 2009c. Evolution of 70% Loan-to-value Policy. Hong Kong Monetary Authority. Viewpoint, [Online] 4 Jun. 2009. Available at: http://www.info.gov.hk/hkma/eng/viewpt/20090604e.htm Yam, J. 2008. The Hong Kong Monetary Corporation. Hong Kong Monetary Authority. Viewpoint, [Online] 11 Dec. 2008. Available at: http://www.info.gov.hk/hkma/eng/viewpt/20081211e.htm Yam, J., 2007. Hong Kong - New Opportunities as an International Financial Centre. Hong Kong Monetary Authority. Speech, [Online] 8 May 2007. Available at: http://www.info.gov.hk/ hkma/eng/speeches/index.htm Yam, J., 2006. A Basic Law of Finance. Hong Kong Monetary Authority. Viewpoint, [Online] 10 Aug. 2006. Available at: http://www.info.gov.hk/hkma/eng/viewpt/20060810e.htm Yau, R. K. C., 2004. Securities Investment Practice in Hong Kong. 2nd ed. Hong Kong: The Hong Kong Institute of Bankers. Yu, B. T., 1997. Institutional Development of the Insurance Industry. Hong Kong: City University of Hong Kong Press. Yue, E., 2009. Hong Kong: The Natural Gateway to Islamic Finance in Asia – Current Developments. Hong Kong Monetary Authority. Speech, [Online] 18 Feb 2009. 8
  • 9. Available at: http://www.info.gov.hk/hkma/eng/speeches/index.htm 馮邦彥 2002,香港金融業百年 ,三聨,香港 Useful Websites: Hong Kong Monetary Authority http://www.info.gov.hk/hkma/ Secretary for Financial Services and the Treasury http://www.fstb.gov.hk/ Office of the Commissioner of Insurance http://www.oci.gov.hk/ Mandatory Provident Fund Schemes Authority http://www.mpfahk.org.hk/ The Hong Kong Mortgage Corporation Ltd. http://www.hkmc.com.hk/ The Securities and Futures Commission http://www.hksfc.org.hk/ The Hong Kong Association of Banks http://www.hkab.org.hk/ The Hong Kong Exchange and Clearing Ltd. http://www.hkex.com.hk/ Hong Kong Investment Funds Association http://hkifa.org.hk/ 9

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