Victim, not instigator of the Asian Financial Crisis, Hong Kong was the only economy that succeeded in defending its fully convertible currency, indeed its entire financial system, against speculators, but the price Hong Kong paid for success has been deep recession. Jao gives an objective, even-handed account and analysis of what happened to one of the world's most open economies during that world-roiling event. As an important study of financial events in a globalized economy, Jao's book will be engrossing, cautionary reading for professionals and academics alike, and a major work in the literature on international business, economics, finance, banking, and investment.