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Question 5 (14 marks) (a) Suggest how lemon problem may happen in the international bond market (8 marks). (b) Briefly discuss the approach adopted by

Question 5 (14 marks)

(a) Suggest how lemon problem may happen in the international bond market (8 marks).

(b) Briefly discuss the approach adopted by HKMA for the supervision of operational risk for the authorized institutions (AIs), and how it is implemented. (6 marks)

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