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EMERGING GLOBAL FINANCIAL CENTERS IN TERMS OF COMPETITIVENESS

 
24.11.2011 13:57
Автор: Kakorin Myhaylo Oleksiyovich, Taras Shevchenko National University, Kyiv
[Секція 8. Світова економіка та міжнародні відносини;]
Becoming an international financial center (IFC) has traditionally had strong appeal for many countries and particularly, in more recent years, for more advanced emerging economies. A review of both theory and history of IFCs indicates that successful current centers appear to have a number of characteristics that may be viewed as important requirements or prerequisites. Economically strong and credible banks and a strong legal system, including property rights, contract enforcement, a functional and credible court system, and bankruptcy processes, are basic requirements. Few countries, particularly developing economies, possess these.
The transformation of global capital markets into a new supranational order is continuing apace despite the current market crisis. Nationally based financial operations are shrinking and internationally oriented operations are taking their place. Globalization usually implies decentralization. But while the international network of financial centers is indeed expanding, a leaner system dominated by a handful of strategic cities is evolving. As financial operations disperse around the world, only a few cities will have the resources to be dominant.
Using clustering and correlation we have identified three key measures that determine a financial centre’s profile along different dimensions of competitiveness:
● Connectivity
● Speciality
● Diversity
Connectivity – the extent to which a centre is well known around the world and how much non-resident professionals believe it is connected to other financial centres. If the weighted assessments for a centre are provided by over 60% of other centres, this centre is deemed to be ‘Global’. If the ratings are provided by over 45% of other centres, this centre is deemed to be ‘Transnational’.
Diversity – the breadth of industry sectors that flourish in a financial centre. We consider this ‘richness’ of the business environment to be measurable in a similar way to that of the natural environment and therefore, use a combination of indices (calculated on the instrumental factors) to assess a centre’s diversity. A high score means that a centre is well diversified; a low diversity score reflects a less rich business environment.
Speciality – the depth within a financial centre of the following industry sectors: asset management, investment banking, insurance, professional services and wealth management. A centre’s ‘speciality’ performance is calculated from the the industry sector ratings.
In Table 1, “Diversity” (Breadth) and “Speciality” (Depth) are combined on one axis to create a two dimensional table of financial centre profiles. The 75 centres are assigned a profile on the basis of a set of rules for the three measures: how well connected a centre is, how broad its services are and how specialised it is.
This profile table shows the nine Global Leaders (in the top left of the table) which have both broad and deep financial services activities and are connected with many other financial centres. This list includes London, New York and Hong Kong, the leading global financial centres. Paris, Dublin and Amsterdam are Global Diversified centres as they are equally well connected but do not exhibit the same depth in different sectors to be considered Global Leaders. Similarly, Geneva, Beijing, Jersey, Luxembourg and Dubai are Global Specialists (specialising primarily in Asset Management) but do not have a sufficiently broad range of financial services activities to be Global Leaders. The only Global Contender is Moscow which is assigned a global profile because there is widespread awareness of its activities, but its financial services are not currently sufficiently broad and deep for it to be considered a leader.



The emerging financial system will sharply differ from earlier versions, which were strings of closed domestic markets with a few scattered global centers such as the offshore markets and Swiss international banking. Traditionally, each national center duplicated all financial functions for its own economy, and collaboration between national markets was crude and rare. Today, however, cooperation is on the rise. Leading financial services firms are now setting up operations across the globe while traditional national centers are becoming home to foreign firms with global operations. Leading cities like London and New York are executing complex operations for firms and governments from myriad countries, packaging capital in innovative ways while working with secondary cities through affiliates and direct exports of financial services. In contrast, other cities in the global network are playing "gateway" roles, such as monitoring capital flows or issuing bonds.
The dramatic growth in recent decades of international trade and investment flows has precipitated a massive increase in the demand for financial intermediaries and markets to facilitate and manage this process. This rising demand, combined with non-linearities in financial services supply, such as scale and agglomeration economies, has seen a tendency for the booming financial services industry to concentrate in particular geographical centres.

References
1. Global Financial Centers, Foreign Affairs, www.foreignaffairs.com
2. "International Financial Centres Forum Launched", Cayman Financial Review, retrieved 16 March 2011
3. Offshore Financial Centres, Richard Roberts.
4. Global Finacial Centres Index, Zyen corporation, zyen.com
5. "New York Isn’t the World’s Undisputed Financial Capital." Heather Timmons. The New York Times.
6. Beth Gardiner. "The London Banking Center Is Beginning to Feel Like Itself Again". The New York Times: Global Business.
7. Financial Stability Forum, Report of the Working Group on Offshore Centres, Basel, Switzerland, April 5, 2010.

e-mail: mkakorin@gmail.com
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