The competitive position of Shanghai in the Asia-Pacific region: a comparative study

Yi-Cheng Liu, Wen Yang and Chao-Cheng Mai

Asia-Pacific Journal of Accounting & Economics, 2012, vol. 19, issue 2, 198-209

Abstract: This paper looked at 12 International Financial Centers (IFCs) in the Asia-Pacific region by employing hierarchical cluster analysis and principal component analysis and applying them to 10 financial variables. This study has demonstrated that as a result of increased foreign financial institutions’ participation and the expansion of markets’ size, Shanghai is fast closing up the gap with other major IFCs. Shanghai might pose a challenge not only to Hong Kong but also to Tokyo in the next few years if China’s Government further liberalizes its financial markets to foreigners and augments the range of financial instruments.

Date: 2012
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DOI: 10.1080/16081625.2012.667381

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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