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Hong Kong’s economic and political history has been primarily determined by its geographical location. The territory of Hong Kong is comprised of two main islands (Hong Kong Island and Lantau Island) and a mainland hinterland. It thus forms a natural geographic port for Guangdong province in Southeast China. In a sense, there is considerable continuity in Hong Kong’s position in the international economy since its origins were as a commercial entrepot for China’s regional and global trade, and this is still a role it plays today. From a relatively unpopulated territory at the beginning of the nineteenth century, Hong Kong grew to become one of the most important international financial centers in the world. Hong Kong also underwent a rapid and successful process of industrialization from the 1950s that captured the imagination of economists and historians in the 1980s and 1990s.
After the establishment of the People’s Republic of China (PRC) in 1949, the mainland began a process of isolation from the international economy, partly for ideological reasons and partly because of Cold War embargos on trade imposed first by the United States in 1949 and then by the United Nations in 1951. Nevertheless, Hong Kong was vital to the international economic links that the PRC continued in order to pursue industrialization and support grain imports. Even during the period of self-sufficiency in the 1960s, Hong Kong’s imports of food and water from the PRC were a vital source of foreign exchange revenue that ensured Hong Kong’s usefulness to the mainland. In turn, cheap food helped to restrain rises in the cost of living in Hong Kong thus helping to keep wages low during the period of labor-intensive industrialization.
The Open Door Policy of the PRC announced by Deng Xiao-ping at the end of 1978 marked a new era for Hong Kong’s economy. With the newly vigorous engagement of China in international trade and investment, Hong Kong’s integration with the mainland accelerated as it regained its traditional role as that country’s main provider of commercial and financial services. From 1978 to 1997, visible trade between Hong Kong and the PRC grew at an average rate of 28% per annum. At the same time, Hong Kong firms began to move their labor-intensive activities to the mainland to take advantage of cheaper labor. The integration of Hong Kong with the Pearl River delta in Guangdong is the most striking aspect of these trade and investment links. At the end of 1997, the cumulative value of Hong Kong’s direct investment in Guangdong was estimated at US$48 billion, accounting for almost 80% of the total foreign direct investment there. Hong Kong companies and joint ventures in Guangdong province employed about five million people. Most of these businesses were labor-intensive assembly for export, but from 1997 onward there has been increased investment in financial services, tourism and retail trade.
In fact, of course, the reality was very different from the myth of complete laissez-faire. The government’s programs of public housing, land reclamation, and infrastructure investment were ambitious. New industrial towns were built to house immigrants, provide employment and aid industry. The government subsidized industry indirectly through this public housing, which restrained rises in the cost of living that would have threatened Hong Kong’s labor-cost advantage in manufacturing. The government also pursued an ambitious public education program, creating over 300,000 new primary school places between 1954 and 1961. By 1966, 99.8% of school-age children were attending primary school, although free universal primary school was not provided until 1971. Secondary school provision was expanded in the 1970s, and from 1978 the government offered compulsory free education for all children up to the age of 15. The hand of government was much lighter on international trade and finance. Exchange controls were limited to a few imposed by the U.K., and there were no controls on international flows of capital. Government expenditure even fell from 7.5% of GDP in the 1960s to 6.5% in the 1970s. In the same decades, British government spending as a percent of GDP rose from 17% to 20%.
Citation: Schenk, Catherine. “Economic History of Hong Kong”. EH.Net Encyclopedia, edited by Robert Whaples. March 16, 2008. URL
Hong Kong was profoundly affected by the disastrous events in Mainland China in the inter-war period. After overthrow of the dynastic system in 1911, the Kuomintang (KMT) took a decade to pull together a republican nation-state. The Great Depression and fluctuations in the international price of silver then disrupted China’s economic relations with the rest of the world in the 1930s. From 1937, China descended into the Sino-Japanese War. Two years after the end of World War II, the civil war between the KMT and Chinese Communist Party pushed China into a downward economic spiral. During this period, Hong Kong suffered from the slowdown in world trade and in China’s trade in particular. However, problems on the mainland also diverted business and entrepreneurs from Shanghai and other cities to the relative safety and stability of the British colonial port of Hong Kong.
The industrialization of Hong Kong is usually dated from the embargoes of the 1950s. Certainly, Hong Kong’s prosperity could no longer depend on the China trade in this decade. However, as seen above, industry emerged in the nineteenth century and it began to expand in the interwar period. Nevertheless, industrialization accelerated after 1945 with the inflow of refugees, entrepreneurs and capital fleeing the civil war on the mainland. The most prominent example is immigrants from Shanghai who created the cotton spinning industry in the colony. Hong Kong’s industry was founded in the textile sector in the 1950s before gradually diversifying in the 1960s to clothing, electronics, plastics and other labor-intensive production mainly for export.
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Oskar, if your question refers to X-ray projection (radiographic) images please be aware that any measurement in the DICOM image refes to the projected size of the bone (on the detector). To get the real bone size you have to take into account the radiographic magnification, which depends on the distance of the bone from the detector and the focal spot -detector distance. Very often the exact distance of the bone is not known (since it is inside the body) so the size determination from the image has an uncentainty.
Centrum Onkologii-Instytut im. Marii Skłodowskiej-Curie
Thank's Enricomaria. Best from Poland ! :)
Thank's a lt Ulrich. You are very helpfull !!! Best !!! Oskar
Also, computers love binary (and hexadecimal) because the computer circuits and memory are based on "on/off" (either a signal is there or not).
If you write down "1" for Play and "0" for Don't Play, then you could have a combination like HiHat and Tom being "1010", or HiHat and Base being "1001". All four together is "1111".
Well, in this case it means that a Rhythm Code can be written as "90D2C0819082C0A4", instead of "9,0,13,2,12,0,8,1,9,0,8,2,12,0,10,4".
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3. Select the desired amount and the method of withdrawal of funds, then fill in the other required fields. Earnings can be derived using the following methods to withdraw funds: credit / debit cards, bank transfer, Skrill (MoneyBookers), CashU, Webmoney, Western Union. The procedure itself takes about 3-5 days.
4. Bonuses from competition – competition winners will receive bonus prizes in cash or as a bonus to their trading accounts.
Withdrawals in Opteck don’t pose any difficulty. Just keep in mind that the currency in which is the minimum withdrawal amount should correspond to the currency in which you conduct trades. Thus, the output wages will correspond to the original currency trading. In simple words, if you are trading in dollars, the minimum withdrawal amount is $ 50, and for those who trade in pounds sterling £ -50.
So, we can say with certainty that the Opteck is the most reliable and secure broker. The platform Opteck you will find many surprises and innovations. The best specialists of the financial market will be more than happy to provide you with their services.
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Our task is to calculate the profit and loss from this trade at expiration. With practise, you should be able to make this calculation in your head or with a calculator in a just a few seconds.
It is essential to master this mini-game if you want to become a successful options trader. Before you can move on to consider the ‘optionality’ of options (i.e. to understand how they behave before they expire), it is vital that you have the fundamentals completely understood. The most basic fact about an option is whether it is in- or out-of-the-money and what this means for its intrinsic value at expiration. Once you understand how an option’s payoff profile will look for different spot prices at expiration, you can start to understand how it will behave in the days and months leading up to expiration. This is a bit like knowing the final destination of an option; understand that and you will have a better sense of the journey the option will take to get there.
Call or Put: Call Bought or sold: Sold Traded price: 0.27 Spot: 76.23 Strike: 69
:Volcube: Options Education Technology:
Here, we sold the $69 strike calls at $0.27. The options expired with the spot at $76.23. So these calls are in-the-money. Their value is $7.23 ($76.23 – $69). Our loss on these calls is their value less the amount we collected by selling them. In other words, we have lost $6.96 on this trade.
Note that if we had bought the options in these examples instead of sold, our profit and loss is simply the opposite. So with the calls we would have profited from buying them for 27 cents by $6.96. Likewise, if we had bought the puts, paying 36 cents, we would have simply lost of all this premium.
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A 2010 study of 2,182 mergers between 1990 and 2007 experienced a break rate of 8.0%. 5 A study conducted by Baker and Savasoglu, which replicated a diversified risk arbitrage portfolio containing 1,901 mergers between 1981 and 1996, experienced a break rate of 22.7%. 3 The arbitrageur can expect, on average, one or two deals out of ten to break.
A merger begins when one company, the acquirer, makes an offer to purchase the shares of another company, the target. As compensation, the target will receive cash at a specified price, the acquirer's stock at specified ratio, or a combination of the two.
Baker and Savasoglu contend that the best single predictor of merger success is hostility: only 38% of hostile deals were successfully consummated, while so-called friendly deals boasted a success rate of 82%. 3 Cornelli and Li contend that arbitrageurs are actually the most important element in determining the success of a merger. Since arbitrageurs have made significant financial bets that the merger will go through, it is expected that they will push for consummation. For this very reason, the probability that the merger will consummate increases as arbitrageur control increases. 6 In their study, Cornelli and Li found that the arbitrage industry would hold as much as 30%-40% of a target’s stock during the merger process. This represents a significant portion of the shares required to vote yes to deal consummation in most mergers. Thus, takeovers in which arbitrageurs bought shares had an actual success rate higher than the average probability of success implied by market prices. 6 As a result, they can generate substantial positive returns on their portfolio positions.
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