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Why Complementarity Matters For Stability Hong Kong Sar And Singapore As Asian Financial Centers
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Book Synopsis Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers by : Mrs.Vanessa Le Lesle
Download or read book Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers written by Mrs.Vanessa Le Lesle and published by International Monetary Fund. This book was released on 2014-07-08 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers by : Mrs.Vanessa Le Lesle
Download or read book Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers written by Mrs.Vanessa Le Lesle and published by International Monetary Fund. This book was released on 2014-07-08 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Hong Kong SAR as a Financial Center for Asia by : Cynthia Leung
Download or read book Hong Kong SAR as a Financial Center for Asia written by Cynthia Leung and published by International Monetary Fund. This book was released on 2008-03 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis The Future of Asian Finance by : Ms.Ratna Sahay
Download or read book The Future of Asian Finance written by Ms.Ratna Sahay and published by International Monetary Fund. This book was released on 2015-08-18 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Hong Kong as an International Financial Centre by : Y. C. Jao
Download or read book Hong Kong as an International Financial Centre written by Y. C. Jao and published by . This book was released on 1997 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Singapore and Hong Kong as Competing Financial Centres by : Chwee Huat Tan
Download or read book Singapore and Hong Kong as Competing Financial Centres written by Chwee Huat Tan and published by . This book was released on 2007 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Global Economic Elites and the New Spirit of Capitalism by : Markus Pohlmann
Download or read book Global Economic Elites and the New Spirit of Capitalism written by Markus Pohlmann and published by Springer Nature. This book was released on with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Drivers of Financial Integration – Implications for Asia by : Nasha Ananchotikul
Download or read book Drivers of Financial Integration – Implications for Asia written by Nasha Ananchotikul and published by International Monetary Fund. This book was released on 2015-07-17 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Re-Imagining Offshore Finance by : Christopher M. Bruner
Download or read book Re-Imagining Offshore Finance written by Christopher M. Bruner and published by Oxford University Press. This book was released on 2016-11-11 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Global Economic Prospects, January 2016 by : WorldBank
Download or read book Global Economic Prospects, January 2016 written by WorldBank and published by World Bank Publications. This book was released on 2016-01-21 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 ISBN 13 :1498339840 Total Pages :120 pages Book Rating :4.4/5 (983 download)
Book Synopsis Regional Economic Outlook, April 2015 by : International Monetary Fund. Asia and Pacific Dept
Download or read book Regional Economic Outlook, April 2015 written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2015-04-27 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis A New Financial Market Structure for East Asia by : Yŏng-chʻŏl Pak
Download or read book A New Financial Market Structure for East Asia written by Yŏng-chʻŏl Pak and published by Edward Elgar Pub. This book was released on 2005 with total page 548 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Global Economic Prospects, June 2020 by : World Bank Group
Download or read book Global Economic Prospects, June 2020 written by World Bank Group and published by World Bank Publications. This book was released on 2020-07-07 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis World Bank East Asia and Pacific Economic Update, Spring 2020 by : World Bank
Download or read book World Bank East Asia and Pacific Economic Update, Spring 2020 written by World Bank and published by World Bank Publications. This book was released on 2020-04-07 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1498340040 Total Pages :18 pages Book Rating :4.4/5 (983 download)
Book Synopsis IMF Research Bulletin, September 2014 by : International Monetary Fund. Research Dept.
Download or read book IMF Research Bulletin, September 2014 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2014-10-11 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: This issue of the IMF Research Bulletin opens with a letter from the new editor, Rabah Arezki. The Research Summaries are a "Primer on 'Global Liquidity'" (Eugenio Cerutti, Stijn Claessens, and Lev Ratnovski); and "Trade Integration adn Business Cycle Synchronization" (Kevin Cheng, Romain Duval, and Dulani Senevirante). The Q&A column looks at "Seven Questions on the Global Housing Markets" (Hites Ahir, Heedon Kang, and Prakash Loungani). September 2014 issue of the Bulletin also includes updates on IMF Working Papers, Staff Discussion Notes, and Recommended Readings from the IMF Bookstore, as well as special announcements on new staff publications and the Fifteenth Annual Jacques Polak Research Conference. Also included is information on the latest issue of “IMF Economic Review” with a link to an article by Paul Krugman.
Book Synopsis The Role of offshore Centers in International Financial Intermediation by : Marcel Cassard
Download or read book The Role of offshore Centers in International Financial Intermediation written by Marcel Cassard and published by International Monetary Fund. This book was released on 1994-09-01 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :INTERNATIONAL MONETARY FUND ISBN 13 :9781498372930 Total Pages :0 pages Book Rating :4.3/5 (729 download)
Book Synopsis Global Financial Stability Report, April 2015 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Global Financial Stability Report, April 2015 written by International Monetary Fund. Monetary and Capital Markets Department and published by INTERNATIONAL MONETARY FUND. This book was released on 2015-04-15 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The current report finds that, despite an improvement in economic prospects in some key advanced economies, new challenges to global financial stability have arisen. The global financial system is being buffeted by a series of changes, including lower oil prices and, in some cases, diverging growth patterns and monetary policies. Expectations for rising U.S. policy rates sparked a significant appreciation of the U.S. dollar, while long term bond yields in many advanced economies have decreased—and have turned negative for almost a third of euro area sovereign bonds—on disinflation concerns and the prospect of continued monetary accommodation. Emerging markets are caught in these global cross currents, with some oil exporters and other facing new stability challenges, while others have gained more policy space as a result of lower fuel prices and reduced inflationary pressures. The report also examines changes in international banking since the global financial crisis and finds that these changes are likely to promote more stable bank lending in host countries. Finally, the report finds that the asset management industry needs to strengthen its oversight framework to address financial stability risks from incentive problems between end-investors and portfolio managers and the risk of runs due to liquidity mismatches.
