| Description |
1 online resource (46 pages) : color illustrations |
| Series |
IMF working paper ; WP/14/119 |
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IMF working paper ; WP/14/119.
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| Contents |
Cover; Abstract; Contents; I. Introduction; II. Hong Kong SAR and Singapore in the context of other Financial Centers; A. Global or regional financial centers?; B. The Rise of Hong Kong SAR and Singapore as IFCs; C. Competition or Complementarity?; III. Untangling Drivers of Growth; IV. The Coexistence of Hong Kong SAR and Singapore as IFCs; A. Network Analysis Study; V. Regulatory and Supervisory Issues; A. Presence of Foreign Financial Institutions; B. The importance of Sound Financial Regulation in IFCs; C. Regulatory Cooperation, Priorities and Challenges |
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VI. Summary, Conclusions, and RecommendationsVII. Appendix; A. Connections and Shocks; B. Untangling Drivers of Growth: Constant Market Share Analysis; C. Some Regulatory Background for Hong Kong SAR and Singapore; VIII. References |
| Summary |
"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"--Abstract |
| Notes |
"Strategy, Policy and Review Department"--Page 2 of pdf |
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"July 2014"--Page 2 of pdf |
| Bibliography |
Includes bibliographical references (pages 45-46) |
| Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed July 8, 2014) |
| Subject |
Financial institutions -- China -- Hong Kong
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Financial institutions -- State supervision -- China -- Hong Kong
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Financial services industry -- China -- Hong Kong
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Financial services industry -- State supervision -- China -- Hong Kong
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Financial institutions -- Singapore
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Financial institutions -- State supervision -- Singapore
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Financial services industry -- Singapore
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Financial services industry -- State supervision -- Singapore
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Financial institutions
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Financial institutions -- State supervision
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Financial services industry
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Financial services industry -- State supervision
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China -- Hong Kong
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Singapore
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| Form |
Electronic book
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| Author |
Le Leslé, Vanessa, author.
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International Monetary Fund. Strategy, Policy, and Review Department, issuing body.
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| ISBN |
9781498369152 |
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1498369154 |
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1498334466 |
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9781498334464 |
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