Internationalization of Financial Markets: World Financial Centres

Vitalii Klevtcov () and Artem Zamlelyy
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Vitalii Klevtcov: Moscow State Institute of International Relations (MGIMO University)
Artem Zamlelyy: Moscow State Institute of International Relations (MGIMO University)

A chapter in Financial Markets Evolution, 2021, pp 65-75 from Palgrave Macmillan

Abstract: Abstract The chapter analyses the processes of financial markets and global financial centers development. It is revealed that internationalization has provided a subjective division of financial markets, aggravated the growing confrontation between traditional financial institutions and entities with lower costs when selling financial products and financial services. This makes it necessary to reformat the business models of financial organizations and to measure financial markets’ digitalization. The deformation of the traditional structure of financial markets ought to take place alongside the expansion of alternative financial mechanisms under the influence of the internationalization of tool-financial technologies and the weak flexibility of financial institutions. It is proved that technological innovations have predetermined changes in the financial market in developing its infrastructure, subject composition, products, and the regulator’s role.

Keywords: Internationalization; World financial centre; Financial market; Digital economy; Financial technology; D53; F01 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-3-030-71337-9_5

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DOI: 10.1007/978-3-030-71337-9_5

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