Background: Hong Kong is currently a Special Administrative Region of the People's Republic of China. It has autonomy over many policy areas, including finance and education. It is a community of seven million people, which has changed its focus and identity significantly over the last 25 years, from predominantly manufacturing to a service and knowledge economy with particular strengths in financial services.
Purpose: This paper will consider the market for teacher education places and the market for teachers, and explore the career intention and commitment implications of high numbers of well qualified applicants applying for teaching in the context of reduced work opportunities elsewhere, an increasing higher education focus on intake scores and the challenge, for the teaching profession and the education system, of teaching becoming less secure work. Sources of evidence: Governmental and institutional publications and data, along with research and survey findings, together with comparative literature underpin the reactions to past, present and possible future effects on teacher education in Hong Kong.
Main argument: Given its financial focus, Hong Kong would be expected to suffer significantly during the recent financial crisis and that this would impact across all its sectors including Education and Teacher Education. In addition to the financial crisis, other changes have affected teacher education in Hong Kong, including major reforms in curriculum and school and higher education structure and a significantly diminished birth rate reducing posts in teaching, and raising concerns about job security.
Conclusions: Hong Kong is a very prudently managed economy with substantial reserves and a commitment to "small government" and the impact has been different from many other systems. Places on teacher education programmes remained unchanged. Applications for teacher education programmes however increased significantly during the crisis.
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This paper examines the role of specific and place-based social capital in the recognition and evaluation of international credentials. Whilst research on labour market segmentation has contributed towards an understanding of the spatial variability of the value of human capital, very little attention has been paid to the ways in which the credentials of more privileged social groups may in certain local contexts become valorised. At the same time, an increasing body of work in sociology has drawn attention to the globalisation of credentials and labour market competition. This paper brings together these perspectives, demonstrating how transnational social connections are put to work in the valourisation of 'overseas credentials' within a particular local labour market - Hong Kong's financial services sector. It reveals the extent to which social capital, which is at once transnational and locally embedded, confers value upon particular international credentials, with consequences for individuals' employment prospects. The paper stresses the continuing need to examine international academic credentials in localised contexts.
[Copyright of Globalisation, Societies & Education is the property of Routledge. Full article may be available at the publisher's website:
http://dx.doi.org/10.1080/14767720902907895]

This paper directly tests for differences in returns to education between the employed and self-employed in Hong Kong. Using a step-function, we find significantly smaller returns for the self-employed, suggesting that in the highly competitive labor market of Hong Kong education plays a signaling role. This pattern persists for both genders, when accounting for self-selection into employment status and when accounting for self-employed professionals who signal.
[Copyright of Education Economics is the property of Routledge. Full article may be available at the publisher's website:
http://dx.doi.org/10.1080/0964529042000193925]