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

Author: Mrs. Vanessa Le Lesle
Publisher: International Monetary Fund
ISBN: 1498369154
Size: 25.67 MB
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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.

Asean Industries And The Challenge From China

Author: D. Jarvis
Publisher: Springer
ISBN: 0230309054
Size: 67.86 MB
Format: PDF, ePub, Docs
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This book explores the impact of the rise of China on South East Asia, addressing the consequences for some of Asia's key economic sectors, including educational services, bio-technology, financial services, and the food industry, among others.

Treasure Islands

Author: Nicholas Shaxson
Publisher: Random House
ISBN: 0099541726
Size: 41.73 MB
Format: PDF, Mobi
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"Dirty money, tax havens and the offshore system describe the ugliest and most secretive chapter in the history of global economic affairs. Tax havens have declared war on honest, law-abiding people around the world. Wealthy individuals hold over ten trillion dollars offshore. Tax havens are the most important single reason why poor people and poor countries stay poor. Britain and the United States are the world's two most important tax havens. Tax havens now lie at the very heart of the global economy. Over half of world trade, and most international lending, is processed through them. Tax havens have been instrumental in nearly every major economic event, in every big financial scandal, and in every financial crisis since the 1970s, including the latest global economic crisis. "Treasure Islands" show how this happens and reveal what the economics text books will not tell you."

Drivers Of Financial Integration Implications For Asia

Author: Nasha Ananchotikul
Publisher: International Monetary Fund
ISBN: 151358183X
Size: 77.32 MB
Format: PDF, ePub
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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.

Capitals Of Capital

Author: Youssef Cassis
Publisher: Cambridge University Press
ISBN: 0521144043
Size: 79.72 MB
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This acclaimed history of international financial centres has been updated to cover the challenges posed by the financial collapse of 2007-8. Exploring the dynamics of the rise and decline of the financial centres, it provides the longer term framework necessary to understand the crisis gripping capitals of capital today.

A Market Theory Of Money

Author: John Hicks
Publisher: Oxford University Press on Demand
ISBN: 0198287240
Size: 49.13 MB
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John Hicks's writing on monetary economics spans over 50 years. This book draws together the common threads of his work in a single succinct statement of the basics of monetary theory. It also outlines a theory of competitive markets which can be linked to the monetary sector; neither standard classical or neo-classical value theory can , on its own, fill the gap between monetary and non-monetary economics. In reviewing his own work, Hicks explains the way in which economic theory has been adjusted to reflect developments in the real economy. He sees these changes, sometimes quite major, as the discovery of truths which have become more appropriate, rather than the the discovery of completely new truths.

Asean Financial Integration

Author: Geert Almekinders
Publisher: International Monetary Fund
ISBN: 1498315283
Size: 60.27 MB
Format: PDF, Mobi
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The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN’s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it will likely be a safe, gradual process consistent with the “ASEAN way” of consensus decision-making. Properly phased and sequenced, closer financial integration has the potential to help increase real incomes and accelerate real convergence within ASEAN and narrow the region’s gap with advanced Asia. Realizing the promise of financial integration will require ASEAN countries to make long-term investments in financial infrastructure. Policymakers can draw on the experience of their more advanced peers and of other regions. Gradualism and safeguards should not be excuses for inaction or financial protectionism. Reliance on flexible policy frameworks and a strengthened and tested regional financial safety net should be part of the agenda. Closer engagement with the Fund could also help.

Precautionary Savings In The Great Recession

Author: Mr. Ashoka Mody
Publisher: International Monetary Fund
ISBN: 1463942370
Size: 73.21 MB
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Heightened uncertainty since the onset of the Great Recession has materially increased saving rates, contributing to lower consumption and GDP growth. Consistent with a model of precautionary savings in the face of uncertainty, we find for a panel of advanced economies that greater labor income uncertainty is significantly associated with higher household savings. These results are robust to controlling for other determinants of saving rates, including wealth-to-income ratios, the government fiscal balance, demographics, credit conditions, and global growth and financial stress. Our estimates imply that at least two-fifths of the sharp increase in household saving rates between 2007 and 2009 can be attributed to the precautionary savings motive.