Competition among financial centres in Asia-Pacific

Prospects, benefits, risks and policy challenges

Soogil Young, Dosoung Choi, Jesús Seade, Sayuri Shirai

Research output: Book/ReportBook

Abstract

Many cities in the Asia-Pacific region serve as financial centres in their respective national jurisdictions or local areas. Noting that most were engaged in efforts to become premier international financial centres (IFCs) in competition with one another, the Korea National Committee for Pacific Economic Cooperation (KOPEC) convened an international conference in Seoul, Korea in October 2007 to examine the prospects for success for seven such financial centres (Hong Kong, Seoul, Shanghai, Singapore, Sydney, Tokyo and Wellington), weigh the costs and benefits of such competition for local economies as well as the region as a whole, and derive implications for cooperation among the regional governments. The present volume consists of case studies and commentaries presented at the conference as well as the synthesis report, which draws conclusions from those papers and commentaries. One of those conclusions is that, given the power of scale economies as well as the lack of integration of the financial markets in the region, none of the regional financial centres, even Hong Kong, Singapore or Tokyo, considered alone represents a meaningful rival to London or New York, the two existing global financial centres. The synthesis report thus argues for regional cooperation to integrate all those financial centres into an Asia-Pacific IFC network. It further argues that the present global financial crisis presents a major opportunity for regional governments to create such an IFC network that will challenge London and New York in quality as well as quantity of international financial business while helping the latter two overcome the current global crisis. This would open the path towards a stable and resilient Asia-Pacific financial community, with the constituent regional economies no longer vulnerable to the problems of the so-called original sin and double mismatch.

Original languageEnglish
PublisherInstitute of Southeast Asian Studies
Number of pages399
ISBN (Print)9789812309303
Publication statusPublished - 2009

Fingerprint

Korea
Singapore
Hong Kong
willingness to integrate
economic cooperation
regional economy
present
local economy
financial market
mismatch
financial crisis
jurisdiction
economy
costs
community

ASJC Scopus subject areas

  • Social Sciences(all)

Cite this

Young, S., Choi, D., Seade, J., & Shirai, S. (2009). Competition among financial centres in Asia-Pacific: Prospects, benefits, risks and policy challenges. Institute of Southeast Asian Studies.

Competition among financial centres in Asia-Pacific : Prospects, benefits, risks and policy challenges. / Young, Soogil; Choi, Dosoung; Seade, Jesús; Shirai, Sayuri.

Institute of Southeast Asian Studies, 2009. 399 p.

Research output: Book/ReportBook

Young S, Choi D, Seade J, Shirai S. Competition among financial centres in Asia-Pacific: Prospects, benefits, risks and policy challenges. Institute of Southeast Asian Studies, 2009. 399 p.
Young, Soogil ; Choi, Dosoung ; Seade, Jesús ; Shirai, Sayuri. / Competition among financial centres in Asia-Pacific : Prospects, benefits, risks and policy challenges. Institute of Southeast Asian Studies, 2009. 399 p.
@book{7087831236b44633ad41666e8d9e071b,
title = "Competition among financial centres in Asia-Pacific: Prospects, benefits, risks and policy challenges",
abstract = "Many cities in the Asia-Pacific region serve as financial centres in their respective national jurisdictions or local areas. Noting that most were engaged in efforts to become premier international financial centres (IFCs) in competition with one another, the Korea National Committee for Pacific Economic Cooperation (KOPEC) convened an international conference in Seoul, Korea in October 2007 to examine the prospects for success for seven such financial centres (Hong Kong, Seoul, Shanghai, Singapore, Sydney, Tokyo and Wellington), weigh the costs and benefits of such competition for local economies as well as the region as a whole, and derive implications for cooperation among the regional governments. The present volume consists of case studies and commentaries presented at the conference as well as the synthesis report, which draws conclusions from those papers and commentaries. One of those conclusions is that, given the power of scale economies as well as the lack of integration of the financial markets in the region, none of the regional financial centres, even Hong Kong, Singapore or Tokyo, considered alone represents a meaningful rival to London or New York, the two existing global financial centres. The synthesis report thus argues for regional cooperation to integrate all those financial centres into an Asia-Pacific IFC network. It further argues that the present global financial crisis presents a major opportunity for regional governments to create such an IFC network that will challenge London and New York in quality as well as quantity of international financial business while helping the latter two overcome the current global crisis. This would open the path towards a stable and resilient Asia-Pacific financial community, with the constituent regional economies no longer vulnerable to the problems of the so-called original sin and double mismatch.",
author = "Soogil Young and Dosoung Choi and Jes{\'u}s Seade and Sayuri Shirai",
year = "2009",
language = "English",
isbn = "9789812309303",
publisher = "Institute of Southeast Asian Studies",

}

TY - BOOK

T1 - Competition among financial centres in Asia-Pacific

T2 - Prospects, benefits, risks and policy challenges

AU - Young, Soogil

AU - Choi, Dosoung

AU - Seade, Jesús

AU - Shirai, Sayuri

PY - 2009

Y1 - 2009

N2 - Many cities in the Asia-Pacific region serve as financial centres in their respective national jurisdictions or local areas. Noting that most were engaged in efforts to become premier international financial centres (IFCs) in competition with one another, the Korea National Committee for Pacific Economic Cooperation (KOPEC) convened an international conference in Seoul, Korea in October 2007 to examine the prospects for success for seven such financial centres (Hong Kong, Seoul, Shanghai, Singapore, Sydney, Tokyo and Wellington), weigh the costs and benefits of such competition for local economies as well as the region as a whole, and derive implications for cooperation among the regional governments. The present volume consists of case studies and commentaries presented at the conference as well as the synthesis report, which draws conclusions from those papers and commentaries. One of those conclusions is that, given the power of scale economies as well as the lack of integration of the financial markets in the region, none of the regional financial centres, even Hong Kong, Singapore or Tokyo, considered alone represents a meaningful rival to London or New York, the two existing global financial centres. The synthesis report thus argues for regional cooperation to integrate all those financial centres into an Asia-Pacific IFC network. It further argues that the present global financial crisis presents a major opportunity for regional governments to create such an IFC network that will challenge London and New York in quality as well as quantity of international financial business while helping the latter two overcome the current global crisis. This would open the path towards a stable and resilient Asia-Pacific financial community, with the constituent regional economies no longer vulnerable to the problems of the so-called original sin and double mismatch.

AB - Many cities in the Asia-Pacific region serve as financial centres in their respective national jurisdictions or local areas. Noting that most were engaged in efforts to become premier international financial centres (IFCs) in competition with one another, the Korea National Committee for Pacific Economic Cooperation (KOPEC) convened an international conference in Seoul, Korea in October 2007 to examine the prospects for success for seven such financial centres (Hong Kong, Seoul, Shanghai, Singapore, Sydney, Tokyo and Wellington), weigh the costs and benefits of such competition for local economies as well as the region as a whole, and derive implications for cooperation among the regional governments. The present volume consists of case studies and commentaries presented at the conference as well as the synthesis report, which draws conclusions from those papers and commentaries. One of those conclusions is that, given the power of scale economies as well as the lack of integration of the financial markets in the region, none of the regional financial centres, even Hong Kong, Singapore or Tokyo, considered alone represents a meaningful rival to London or New York, the two existing global financial centres. The synthesis report thus argues for regional cooperation to integrate all those financial centres into an Asia-Pacific IFC network. It further argues that the present global financial crisis presents a major opportunity for regional governments to create such an IFC network that will challenge London and New York in quality as well as quantity of international financial business while helping the latter two overcome the current global crisis. This would open the path towards a stable and resilient Asia-Pacific financial community, with the constituent regional economies no longer vulnerable to the problems of the so-called original sin and double mismatch.

UR - http://www.scopus.com/inward/record.url?scp=84894993137&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84894993137&partnerID=8YFLogxK

M3 - Book

SN - 9789812309303

BT - Competition among financial centres in Asia-Pacific

PB - Institute of Southeast Asian Studies

ER -