DRIVING THE GROWTH OF INTL FIN
DRIVING THE GROWTH OF INTL FIN

Author: Daniel Adam John

Publisher: Open Dissertation Press

Published: 2017-01-26

Total Pages: 210

ISBN-13: 9781361041819

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This dissertation, "Driving the Growth of International Financial Centres: an Econometric Analysis of Capital Markets and the Banking Sector" by Daniel Adam, John, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: The study of International Financial Centres (IFCs) has been extensive and interdisciplinary. Within the plethora of studies undertaken on IFCs, the respective roles of the banking sector and capital markets in the development of their national economies have been explored. However, the literature has failed to address the effects of the growth or contraction of both banking and capital markets upon the IFC in which they are established. Understanding how changes to key components of an IFC affect its growth and development can create a more comprehensive picture to help interpret changes in the global financial environment. To ascertain the relative importance of the banking industry and capital markets to the growth and development of an IFC this research conducted an econometric panel data analysis across ten IFCs from 1996 to 2010. The banking sector will be measured in terms of the total bank assets attributable to banks which declare an IFC included in the study to be their headquarters. Likewise, capital markets will be quantified in terms of the total market capitalisation of the stock exchanges located within a specific IFC. The growth and development of an IFC will be measured, by proxy, according to the total size of its labour force in financial sector related employment. The data was analysed using ordinary least squares regression to provide in depth analysis into the relationships between the chosen variables. This study also adds additional depth by contextualising these findings with observed affects such as the legal origin of the IFC and its level of regulation related to both capital markets and the banking industry. The findings of the research demonstrate that both the banking industry and capital markets have a significant affect in driving the growth of IFCs, but the effect of the capital markets is more substantial. This is not the case when comparing developed and developing IFCs. In developing IFCs professional and business services employment is driven by both capital markets and the banking sector; as they seek to build a solid foundation on which to develop their IFC. The thesis seeks to discuss its findings in terms of the bank based verses market based financial system debate, finding that both theories have different merits based on the level of financial development with the IFC. Subjects: Banks and banking, International Financial institutions, International Capital market

3-in-1: Governing A Global Financial Centre
3-in-1: Governing A Global Financial Centre

Author: Jun Jie Woo

Publisher: World Scientific

Published: 2017-06-21

Total Pages: 127

ISBN-13: 9813221186

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3-in-1: Governing a Global Financial Centre provides a comprehensive understanding of Singapore's past development and future success as a global financial centre. It focuses on three transformational processes that have determined the city-state's financial sector development and governance — globalisation, financialisation, and centralisation — and their impacts across three areas: the economy, governance, and technology. More importantly, this book takes a multidimensional approach by considering the inter-related and interdependent nature of these three transformational processes. Just like the 3-in-1 coffee mix that is such an ubiquitous feature of everyday life in Singapore, the individual ingredients of Singapore's success as a global financial centre do not act alone, but as an integrated whole that manifests itself in one final product: the global financial centre.

International Financial Centres after the Global Financial Crisis and Brexit
International Financial Centres after the Global Financial Crisis and Brexit

Author: Youssef Cassis

Publisher: Oxford University Press

Published: 2018-06-26

Total Pages: 267

ISBN-13: 0192549448

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As well as marking the tenth anniversary of the collapse of Lehman Brothers and the consequent unleashing of the global financial crisis, 2018 is also the year of negotiations on the terms of the UK's exit from the European Union. Within a decade the banking world has witnessed two epochal events with potential to redraw the map of international financial centres: but how much has this map actually changed since 2008, and how is it likely to change in the near future? International Financial Centres after the Global Financial Crisis and Brexit gathers together leading economic historians, geographers, and other social scientists to focus on the post-2008 developments in key international financial centres. It focuses on the shifting hierarchies of New York, London, Paris, Geneva, Zurich, Frankfurt, Singapore, Hong Kong, Beijing, Shanghai, and Tokyo to question whether Asian financial centres have taken advantage of the crisis in the West. It also examines the medium-effects of the crisis, the level of regulation, and the rise of new technology (fintech). By exploring these crucial changes, it questions whether shifts in the financial industry and the global landscape will render these centres unnecessary for the functioning of the global economy, and which cities are likely to emerge as hubs of new financial technology.

Business and Politics in Asia's Key Financial Centres
Business and Politics in Asia's Key Financial Centres

Author: J. J. Woo

Publisher: Springer

Published: 2015-12-14

Total Pages: 160

ISBN-13: 9812879854

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This book provides unique insights into the politics of finance and the socio-political relations which drive financial policymaking in Hong kong, Singapore, and Shanghai. While the existing literature in the field focuses mainly on economic explanations for financial centre development, this book fills a gap by focusing on the socio-political relations which underpin the financial policy-making process. Drawing on extensive interviews with senior policy-makers and financial sector professionals, the book describes how state-industry relations drive financial policy-making in three major financial hubs. Insights and policy recommendations drawn from these interviews will be particularly useful for policy-makers and financial sector professionals hoping to draw lessons from the successful development of the three leading Asian financial centres. Business and Politics in Asia's Key Financial Centres draws on public policy theoretical frameworks for its analytical basis. The three chapters focusing on the historical development of Hong Kong, Singapore, and Shanghai also provide a consolidated narrative with regard to the development of these three cities as leading financial centres, while also serving as independent case studies. Scholars focusing on policy processes and political factors that underpin financial sector development, as well as instructors and students of public policy, international political economy, and financial sector policy, will find this book useful for their research.

The Role of the International Financial Centres in Underdeveloped Countries
The Role of the International Financial Centres in Underdeveloped Countries

Author: Xabier Gorostiaga

Publisher: Routledge Library Editions. De

Published: 2013-03-28

Total Pages: 172

ISBN-13: 9780415851558

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This reissue, first published in 1984, presents a study of the key phenomenon of global banking, carried out from special financial centres in underdeveloped countries, which contributed heavily to the contemporary debt crisis. This book gathers together previously disparate and unpublished data to give a detailed picture of the scope and the effects of transnational banking in the new international financial centres which have largely been set up since 1970.

Financial Interdependence, Digitalization and Technological Rivalries
Financial Interdependence, Digitalization and Technological Rivalries

Author: René W.H. van der Linden

Publisher: Springer Nature

Published: 2023-05-18

Total Pages: 178

ISBN-13: 3031278453

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This Palgrave Pivot investigates how the Chinese and United States financial systems are becoming increasingly interdependent, in spite of a simultaneous technological rivalry and ‘decoupling’ between the two nations. The book offers a comparative analysis of Sino-US financial systems before and after the global financial crisis of 2008-2009, demonstrating the deepening integration of China into global financial markets and its move from an indirect bank-based system towards a direct market-oriented system. It discusses the economic and technological competition that has arisen between the US and China, the two largest financial centers based on financial technology, and demonstrates the differences in national interest driving processes of digitalization and FinTech applications. At the same time, the book points to ways in which a market-oriented global financial system and the rapid international growth of financial technology make future cooperation inevitable and necessary. This book places Sino-US financial relations in a broader financial-economic perspective and will be of interest to academics, consultants and students working in banking and finance, international financial markets, comparative economics, monetary theory and Chinese business studies.

London and Paris as International Financial Centres in the Twentieth Century
London and Paris as International Financial Centres in the Twentieth Century

Author: Youssef Cassis

Publisher: OUP Oxford

Published: 2005-01-20

Total Pages: 382

ISBN-13: 0191533475

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London and Paris, the world's two leading financial centres in the nineteenth century, experienced differing fortunes during the twentieth century. While London remained an international financial centre, Paris' influence declined. Yet over the last twenty years deregulation, internationalization, and the advent of the single currency have reactivated their competition in ways reminiscent of their old rivalry before the First World War. This book provides a long-term perspective on the development of each centre, with special attention devoted to the pre-1914 years and to the last decades of the twentieth century, in order to contrast these two eras of globalization. The chapters include both archive-based and synthetic surveys and are written by the leading specialists of the field. This comparison between Europe's two leading capital cities will also provide new insights into two important subjects: the political economy of Britain and France in the twentieth century, and the history of international financial centres. As much as a comparison between London and Paris as international financial centres, this book is an Anglo-French comparison; in other words, it considers, through the prism of finance, several aspects of the two countries' economic, business, social, and political histories. It includes contributions from leading banking, financial, and economic historians, and will be of interest to academics, researchers, and students of Financial and Economic History, and the role of London and Paris in particular.

International Banking and Financial Centers
International Banking and Financial Centers

Author: Yoon S. Park

Publisher: Springer Science & Business Media

Published: 2012-12-06

Total Pages: 271

ISBN-13: 9400925042

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The development of international financial centers (IFCs) has paralleled the rapid expansion of international banking and Eurocurrency activities. During the past decade and a half, the international banking and financial markets have experienced phenomenal growth along with the parallel expansion of IFCs. The size of the Eurocurrency market grew from $110 billion in 1970 to over $4,000 billion by 1987, while the total international assets of all banking institutions rose from $130 billion to $4,800 billion during the same period. Some of the preeminent IFCs are playing a major role in the international financial markets, as demonstrated by the size of their international assets: Bahamas ($144 billion), Cayman Islands ($174 billion), Singapore ($150 billion), Hong Kong ($130 billion), Bahrain ($46 billion), and Panama ($32 billion). The patterns of Euroborrowing and Eurolending activities in these IFCs have been undergoing major changes. These changes came about as a result of the introduction of the floating exchange rate system in 1973, recent financial deregulation, internationalization of the financial markets, securitization of financial assets and liabilities, and global financial innovations. Since the pioneering work of Kindleberger in 1974 on the formation of financial centers, there has not been a comprehensive study to reflect the recent developments, trends and the mystique that have surrounded the IFCs' functions and operations in the international money and capital markets.

Global Financial Centers, Economic Power, and (In)Efficiency
Global Financial Centers, Economic Power, and (In)Efficiency

Author: Fikret Čaušević

Publisher: Springer Nature

Published: 2019-12-26

Total Pages: 180

ISBN-13: 303036576X

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This book scrutinizes global financial flows and stocks, both financial assets and liabilities and their impact on the global balance of economic power, especially as they affect the largest and fastest-growing countries in both the developed and the developing world. It shows how financial flows can promote economic growth and financial capital can serve as a tool for higher growth rates in emerging market economies, but also that the huge amounts of financial capital currently being spent in advanced countries to promote economic growth has produced at best very modest improvements and in some cases negative results. The book opens with an analysis of global capital flows and their concentration. It then offers an analysis of rates of relative economic growth (or decline). The final section deals with the (decreasing) economic efficiency of financial flows and the (un)sustainability of economic growth, especially during the past eight years of economic recovery. Tackling one of the most serious problems in the global economy today, this book will be of interest to academics, researchers, and students of capital markets, financial crisis, and financial economics.