Emerging Economies and International Financial Centers

George G. Kaufman
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George G. Kaufman: Loyola University Chicago and Federal Reserve Bank of Chicago, USA

Review of Pacific Basin Financial Markets and Policies (RPBFMP), 2001, vol. 04, issue 04, 365-377

Abstract: A number of emerging economies are considering directing public resources to developing an international financial center (IFC). They are doing so because of the perceived advantages of IFCs, including high value added, quick development, and low fixed-cost plant and equipment. But being an IFC also has costs, including high fragility, spillover of problems from the center to the domestic economy, and quick departure of footloose human capital. This paper evaluates the benefits and costs of becoming an IFC, enumerates the characteristics of IFCs, traces the history of IFCs, and describes recent changes in the ranking of major IFCs. It concludes that this may not be an opportune time for emerging economies to devote public resources to developing an IFC.

JEL-codes: G1 G2 G3 (search for similar items in EconPapers)
Date: 2001
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Citations: View citations in EconPapers (7)

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DOI: 10.1142/S0219091501000577

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