Mandatory Provident Funds in Hong Kong: Too Little, Too Late
This article examines the history of the establishment of the MPF and its scope to show that the retirement protection it offers is belated and inadequate. In particular, it argues that, on the one hand, the delay and limited scale of the MPF are due in large part to factors such as the reluctance of the government to provide income protection for the elderly, the predominant influence of the vocal business sector, and the absence of a democratically elected and powerful legislature. On the other hand, the democratization of the legislature has been a major factor in bringing forth the MPF, even though this is not the ideal solution preferred by the general public.
Financialization and Economic Inequality in Hong Kong: The Cost of the Finance-led Growth Regime
Most researches tend to attribute economic inequality in Hong Kong to economic restructuring (Ho, Wei and Wong 2005, Zhao and Zhang 2005), globalization (Lee et al. 2007; Chiu and Lui 2004) and inadequate social policies (Goodstadt 2014; Chou and Chow 2005). While these factors are important, these analyses overlook the role of financialization, especially its impact on the wealth gap and social protection. Financialization is a global phenomenon, and appreciation of this factor in the Hong Kong context is crucial for explaining why several policy initiatives, such as the Mandatory Provident Fund (MPF), have paved ways for patrimonial capitalism (cf. Piketty 2014). We intend to fill this gap.
Building an environment for pension reform in developing countries
Fiscal problems are prompting many developing nations to amend and sometimes restructure national old-age programs. As they do so, these countries seek guidance on how to design market and regulatory structures to enhance chances of success. This paper investigates the types of risks facing participants in retirement systems, and examines which financial, regulatory, and labor market institutions appear most supportive of retirement system reforms, and most urgently needed, in developing countries.