Why Complementarity Matters For Stability Hong Kong Sar And Singapore As Asian Financial Centers

Author : Mrs.Vanessa Le Lesle,Ms.Franziska Ohnsorge,Minsuk Kim,Srikant Seshadri
Publisher : International Monetary Fund
Page : 46 pages
File Size : 50,5 Mb
Release : 2014-07-08
Category : Business & Economics
ISBN : 9781498334464

Get Book

Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers by Mrs.Vanessa Le Lesle,Ms.Franziska Ohnsorge,Minsuk Kim,Srikant Seshadri Pdf

There is much speculation regarding a “race for dominance” among financial centers in Asia, arising from the anticipated financial opening up of China. This frame of reference is, to an extent, a predilection that results from a traditional understanding of financial centers as possessing historical, geographic, and scale economy advantages. This paper, however, suggests that there is an alternative prism through which the evolution of financial centers in Asia needs to be viewed. It underscores the importance of “complementarity” rather than “dominance” to better serve regional and global financial stability. We posit that such complementarity is vital, through network analysis of the roles of Hong Kong SAR and Singapore as the current leading financial centers in the region. This analysis suggests that a competition for dominance can result in de-stabilizing levels of interconnectivity that render the global “network” as a whole more susceptible to rapid propagation of shocks. We then examine the regulatory and policy challenges that may be encountered in furthering such complementary coexistence.

Author : Mrs.Vanessa Le Lesle,Ms.Franziska Ohnsorge,Minsuk Kim,Srikant Seshadri
Publisher : International Monetary Fund
Page : 46 pages
File Size : 42,7 Mb
Release : 2014-07-08
Category : Business & Economics
ISBN : 9781498357135

Get Book

Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers by Mrs.Vanessa Le Lesle,Ms.Franziska Ohnsorge,Minsuk Kim,Srikant Seshadri Pdf

There is much speculation regarding a “race for dominance” among financial centers in Asia, arising from the anticipated financial opening up of China. This frame of reference is, to an extent, a predilection that results from a traditional understanding of financial centers as possessing historical, geographic, and scale economy advantages. This paper, however, suggests that there is an alternative prism through which the evolution of financial centers in Asia needs to be viewed. It underscores the importance of “complementarity” rather than “dominance” to better serve regional and global financial stability. We posit that such complementarity is vital, through network analysis of the roles of Hong Kong SAR and Singapore as the current leading financial centers in the region. This analysis suggests that a competition for dominance can result in de-stabilizing levels of interconnectivity that render the global “network” as a whole more susceptible to rapid propagation of shocks. We then examine the regulatory and policy challenges that may be encountered in furthering such complementary coexistence.

Author : Cynthia Leung,Olaf Unteroberdoerster
Publisher : International Monetary Fund
Page : 24 pages
File Size : 49,8 Mb
Release : 2008-03
Category : Business & Economics
ISBN : UCSD:31822036950087

Get Book

Hong Kong SAR as a Financial Center for Asia by Cynthia Leung,Olaf Unteroberdoerster Pdf

We document Hong Kong SAR's evolving role as an international financial center in the Asia region, the importance of the growing special link with China as well as supply-side advantages, and outline the scope for future financial services growth. Hong Kong SAR has a long established track record as Asia's premier center for cross-border financial transactions. Further financial opening of China is likely to consolidate Hong Kong SAR's leading position as Asia's international financial center over the medium term. However, preserving Hong Kong SAR's first-mover advantage in the long-term calls for a development strategy that balances reaping the benefits from the special China role with the need to transcend into a truly international center in the long run.

Author : Yŏng-chʻŏl Pak,Yunjong Wang,Takatoshi Itō
Publisher : Edward Elgar Pub
Page : 548 pages
File Size : 50,9 Mb
Release : 2005
Category : East Asia
ISBN : UCSD:31822035219500

Get Book

A New Financial Market Structure for East Asia by Yŏng-chʻŏl Pak,Yunjong Wang,Takatoshi Itō Pdf

This book contends that the East Asian financial constitution lacks an appropriate infrastructure, resulting in inefficient allocation of high savings and an over-inflated short-term debt market. It goes on to point out that despite high savings, East Asia's dependency on financial centers outside the region is also relatively high, and that there is no strong region-wide network to connect various financial centers in East Asia. Against this economic background, the contributors make recommendations for the establishment of effective and stable capital recycling in East Asia. The financial intermediary function of the regional financial centers - Hong Kong, Singapore and Tokyo - is evaluated. Discussion focusses on the issues of building an organic network between the financial markets of major economies in the region and enhancing the future role and function of those regional financial centres. The policy implications of the future development of regional financial markets - based on regional financial networks - that could potentially act as intermediaries between the high savings and productive sectors in East Asia are also examined. Concentrating on the major issues identified as central to building a new financial market structure in East Asia, this book will be appeal to those with a special interest in Asian studies and financial economics.

Author : Soogil Young,Dosoung Choi,Jesus Seade,Sayuri Shirai
Publisher : Institute of Southeast Asian Studies
Page : 463 pages
File Size : 47,7 Mb
Release : 2009
Category : Business & Economics
ISBN : 9789812309303

Get Book

Competition among Financial Centres in Asia-Pacific by Soogil Young,Dosoung Choi,Jesus Seade,Sayuri Shirai Pdf

Contents include an overview and policy recommendations; case studies which include Australian content; international perspectives; and issues and findings.

Author : Y. C. Jao
Publisher : Unknown
Page : 200 pages
File Size : 53,5 Mb
Release : 1997
Category : Business & Economics
ISBN : STANFORD:36105112855635

Get Book

Hong Kong as an International Financial Centre by Y. C. Jao Pdf

This book analyzes the role of Hong Kong as a prominent financial centre . Issues such as taxonomy of financial centres, reasons for Hong Kong's past success, competition from other centres, policy issues, and speculation upon Hong Kong's future are discussed.

Author : Chwee Huat Tan,Joseph Young Sain Lim
Publisher : Unknown
Page : 126 pages
File Size : 42,8 Mb
Release : 2007
Category : Competition, International
ISBN : UCSD:31822037144052

Get Book

Singapore and Hong Kong as Competing Financial Centres by Chwee Huat Tan,Joseph Young Sain Lim Pdf

Author : Markus Pohlmann
Publisher : Springer Nature
Page : 461 pages
File Size : 42,7 Mb
Release : 2024-06-29
Category : Electronic
ISBN : 9783658426446

Get Book

Global Economic Elites and the New Spirit of Capitalism by Markus Pohlmann Pdf

Author : Ms.Ratna Sahay,Cheng Hoon Lim,Mr.Chikahisa Sumi,Mr.James P Walsh,Mr.Jerald A Schiff
Publisher : International Monetary Fund
Page : 310 pages
File Size : 49,9 Mb
Release : 2015-08-18
Category : Business & Economics
ISBN : 9781498317191

Get Book

The Future of Asian Finance by Ms.Ratna Sahay,Cheng Hoon Lim,Mr.Chikahisa Sumi,Mr.James P Walsh,Mr.Jerald A Schiff Pdf

Asia’s financial systems proved resilient to the shocks from the global financial crisis, and growth since then has been strong. But new challenges have emerged in the region’s economies, including demographics and aging, the need to diversify from bank-dominated systems, urbanization and infrastructure, and the rebalancing of economic activity. This book takes stock of the challenges facing the region today and how economic systems in Asia’s advanced and emerging market economies compare with the rest of the world.

Author : Nasha Ananchotikul,Shi Piao,Ms. Edda Zoli
Publisher : International Monetary Fund
Page : 41 pages
File Size : 43,9 Mb
Release : 2015-07-17
Category : Business & Economics
ISBN : 9781513532820

Get Book

Drivers of Financial Integration – Implications for Asia by Nasha Ananchotikul,Shi Piao,Ms. Edda Zoli Pdf

Deeper intraregional financial integration is prominent on Asian policymakers’ agenda. This paper takes stock of Asia’s progress toward that objective, analyzing recent trends in cross-border portfolio investment and bank claims. Then, it investigates the drivers of financial integration by estimating a gravity model of bilateral financial asset holdings on a large sample of source and destination countries worldwide, focusing in particular on the role of regulation and institutions. The paper concludes that financial integration in Asia could be enhanced through policies that lower informational frictions, continue to buttress trade integration and capital market development, remove restrictions to foreign flows and bank penetration, and promote a common regulatory framework.

Author : Christopher M. Bruner
Publisher : Oxford University Press
Page : 232 pages
File Size : 42,6 Mb
Release : 2016-11-11
Category : Law
ISBN : 9780190466893

Get Book

Re-Imagining Offshore Finance by Christopher M. Bruner Pdf

Small jurisdictions have become significant players in cross-border corporate and financial services. Their nature, legal status, and market roles, however, remain under-theorized. Lacking a sufficiently nuanced framework to describe their functions in cross-border finance - and the peculiar strengths of those achieving global dominance in the marketplace - it remains impossible to evaluate their impacts in a comprehensive manner. This book advances a new conceptual framework to refine the analysis and direct it toward more productive inquiries. Bruner canvasses extant theoretical frameworks used to describe and evaluate the roles of small jurisdictions in cross-border finance. He then proposes a new concept that better captures the characteristics, competitive strategies, and market roles of those achieving global dominance in the marketplace - the "market-dominant small jurisdiction" (MDSJ). Bruner identifies the central features giving rise to such jurisdictions' competitive strengths - some reflect historical, cultural, and geographic circumstances, while others reflect development strategies pursued in light of those circumstances. Through this lens, he evaluates a range of small jurisdictions that have achieved global dominance in specialized areas of cross-border finance, including Bermuda, Dubai, Singapore, Hong Kong, Switzerland, and Delaware. Bruner further tests the MDSJ concept's explanatory power through a broader comparative analysis, and he concludes that the MDSJs' significance will likely continue to grow - as will the need for a more effective means of theorizing their roles in cross-border finance and the global dynamics generated by their ascendance.

Author : WorldBank
Publisher : World Bank Publications
Page : 284 pages
File Size : 41,8 Mb
Release : 2016-01-21
Category : Business & Economics
ISBN : 9781464806766

Get Book

Global Economic Prospects, January 2016 by WorldBank Pdf

The January 2016 edition of Global Economic Prospects discusses current global and regional economic developments and prospects, analyzing key challenges and opportunities confronting developing countries. This volume addresses, among other topics, spillovers from large emerging markets and macroeconomic vulnerabilities during resource development. Global Economic Prospects is a World Bank Group Flagship Report. Semiannually (January and June), it examines global economic developments and prospects, with a special focus on developing countries. The report includes analysis of topical policy challenges faced by developing countries through in-depth research in the January edition and shorter analytical pieces in the June edition.

Author : International Monetary Fund. Asia and Pacific Dept
Publisher : International Monetary Fund
Page : 120 pages
File Size : 47,9 Mb
Release : 2015-04-27
Category : Business & Economics
ISBN : 9781498339841

Get Book

Regional Economic Outlook, April 2015 by International Monetary Fund. Asia and Pacific Dept Pdf

Asia and the Pacific remains the global growth leader, albeit with a moderated pace of expansion since the global financial crisis. There is considerable diversity across the region: growth in China is slowing to a more sustainable pace, while in Japan a pickup in growth is expected. Non-oil commodity exporters have experienced sharply falling prices, while net importers have benefited from large changes in terms of trade. The April 2015 Regional Economic Outlook examines the volatility risks from this regional diversity, as well as Asia and Pacific’s role in global value chains and the factors affecting financial integration in Asia.

Author : World Bank Group
Publisher : World Bank Publications
Page : 402 pages
File Size : 44,8 Mb
Release : 2020-07-07
Category : Business & Economics
ISBN : 9781464815805

Get Book

Global Economic Prospects, June 2020 by World Bank Group Pdf

The COVID-19 pandemic has, with alarming speed, dealt a heavy blow to an already-weak global economy, which is expected to slide into its deepest recession since the second world war, despite unprecedented policy support. The global recession would be deeper if countries take longer to bring the pandemic under control, if financial stress triggers defaults, or if there are protracted effects on households and firms. Economic disruptions are likely to be more severe and protracted in emerging market and developing economies with larger domestic outbreaks and weaker medical care systems; greater exposure to international spillovers through trade, tourism, and commodity and financial markets; weaker macroeconomic frameworks; and more pervasive informality and poverty. Beyond the current steep economic contraction, the pandemic is likely to leave lasting scars on the global economy by undermining consumer and investor confidence, human capital, and global value chains. Being mostly a reflection of the recent plunge in global energy demand, low oil prices are unlikely to provide much of a boost to global growth in the near term. While policymakers' immediate priorities are to address the health crisis and moderate the short-term economic losses, the likely long-term consequences of the pandemic highlight the need to forcefully undertake comprehensive reform programs to improve the fundamental drivers of economic growth, once the crisis abates. Global Economic Prospects is a World Bank Group Flagship Report that examines global economic developments and prospects, with a special focus on emerging market and developing economies, on a semiannual basis (in January and June). The January edition includes in-depth analyses of topical policy challenges faced by these economies, while the June edition contains shorter analytical pieces.

Author : World Bank
Publisher : World Bank Publications
Page : 234 pages
File Size : 41,9 Mb
Release : 2020-04-07
Category : Business & Economics
ISBN : 9781464815652

Get Book

World Bank East Asia and Pacific Economic Update, Spring 2020 by World Bank Pdf

Growth in the developing East Asia and Pacific region slowed sharply in 2020Q1 because of the negative impact of the Covid-19 on economic activity. The decline has been broad-based reflecting the interconnectedness of the EAP economies and reverberations from the global economy as the virus turned into a pandemic. The Covid-19 outbreak followed an extended period of subdued growth in the region amid multiple external headwinds and heightened trade policy uncertainty. China and other regional economies have implemented monetary and fiscal policy measures to mitigate the negative impact of the outbreak. Growth in the East Asia and Pacific (EAP) region is projected to slow from 5.8 percent in 2019 to lower-than-expected [5.2 percent in 2020], reflecting the expected negative effects of the COVID-19. In this baseline scenario, which is subject to significant uncertainty, growth in the region is expected to recover to [5.6 percent in 2021], as the impact of Covid-19 gradually dissipates. In the medium-term regional growth is expected to continue its downward trend reflecting multiple structural headwinds. Policymakers should focus on designing economically efficient transmission control policies that consider both the marginal costs and the marginal benefits of preventive measures. Such policies would ideally be based on countries’ preparedness and exposure as well as economic circumstances. Targeted fiscal and monetary polices can help reduce the economic disruption caused by COVID-19 in the short term. In the medium-term, there is need to restore depleted buffers, address sources of financial instability, and invest in preventing and coping with infectious disease. Given the growing interdependence between EAP countries, coordinated policies and investments could increase resilience to shocks.