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Hong Kong as An International Financial Centre: Measuring its Position and Determinants

Lillian Cheung and Vincent Yeung
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Lillian Cheung: Research Department, Hong Kong Monetary Authority
Vincent Yeung: Research Department, Hong Kong Monetary Authority

No 714, Working Papers from Hong Kong Monetary Authority

Abstract: Traditional measures of concentration of financial market activities do not adequately reflect an economy¡¦s status as an international financial centre (IFC). In this paper, we construct alternative measures that better capture the ability of an IFC to attract capital flows and international demand for its financial services, as well as its attractiveness as a place for international financial institutions to congregate. We also explore the determinants of the competitiveness of IFCs in an analytical and empirical framework. Our findings suggest that, in addition to the pull factors of the IFC, push or demand factors from the economies importing financial services from the IFC are also important. The rise of Mainland China represents a potentially important push factor for the demand for financial services exports from Hong Kong, and hence its status as an IFC.

Keywords: International financial centre; financial services exports; financial sector FDI (search for similar items in EconPapers)
JEL-codes: F21 G15 G28 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2007-09
New Economics Papers: this item is included in nep-cna
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