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

Author: Mrs. Vanessa Le Lesle
Publisher: International Monetary Fund
ISBN: 149835713X
Size: 65.22 MB
Format: PDF, Mobi
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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.

Re Imagining Offshore Finance

Author: Christopher M. Bruner
Publisher: Oxford University Press
ISBN: 0190466898
Size: 59.84 MB
Format: PDF
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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.

Drivers Of Financial Integration Implications For Asia

Author: Nasha Ananchotikul
Publisher: International Monetary Fund
ISBN: 151358183X
Size: 61.83 MB
Format: PDF, Mobi
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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.

The Future Of Asian Finance

Author: Ms. Ratna Sahay
Publisher: International Monetary Fund
ISBN: 1513555596
Size: 52.94 MB
Format: PDF
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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 how systems in Asia’s advanced and emerging market economies compare with the rest of the world and how reforms to develop equity and bond markets have progressed. It then looks forward at how Asian financial systems will evolve in complexity and interconnectedness and what this means for the regional financial centers of Hong Kong SAR and Singapore. Finally, it looks at how the region’s demographic dividend can be harnessed to finance infrastructure, the state of economic and financial integration in ASEAN, the role of capital flows, and how changes to global regulatory regimes will affect Asian financial systems.

Regional Economic Outlook April 2015

Author: International Monetary Fund. Asia and Pacific Dept
Publisher: International Monetary Fund
ISBN: 1475568533
Size: 67.13 MB
Format: PDF, ePub, Docs
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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.

Global Economic Prospects January 2016

Author: WorldBank
Publisher: World Bank Publications
ISBN: 1464806764
Size: 64.28 MB
Format: PDF, ePub, Mobi
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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.

Asean Industries And The Challenge From China

Author: D. Jarvis
Publisher: Springer
ISBN: 0230309054
Size: 44.48 MB
Format: PDF, Kindle
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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.

Asian Godfathers

Author: Joe Studwell
Publisher: Profile Books
ISBN: 1847651445
Size: 58.15 MB
Format: PDF, ePub, Mobi
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40 or 50 families control the economies of Hong Kong, Singapore, Thailand, the Philippines and Indonesia. Their interests range from banking to property, from shipping to sugar, from vice to gambling. 13 of the 50 richest families in the world are in South East Asia yet they are largely unknown outside confined business circles. Often this is because they control the press and television as well as everything else. How do they do it? What are their secrets? And is it good news or bad for the places where they operate? Joe Studwell explosively lifts the lid on a world of staggering secrecy and shows that the little most people know is almost entirely wrong.

Genre In Popular Music

Author: Fabian Holt
Publisher: University of Chicago Press
ISBN: 0226350398
Size: 69.43 MB
Format: PDF, ePub
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Through a collection of case studies, the author examines why music categories and music genres are debated, and why the terms used to describe these categories and genres are always changing.

Singapore A Case Study In Rapid Development

Author: Kenneth Bercuson
Publisher: International Monetary Fund
ISBN: 9781557754639
Size: 76.30 MB
Format: PDF, Mobi
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Since attaining independence in 1965 Singapore has experienced exceptionally rapid growth, low inflation, and a healthy balance of payments. This paper reviews Singapore's economic development from a long-term perspective and examines some of the factors that have contributed to the sustained rapid growth