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150128 ||| eng |
| 020 |
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|a 9781498334464
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| 100 |
1 |
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|a Le Lesle, Vanessa
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| 245 |
0 |
0 |
|a Why Complementarity Matters for Stability—Hong Kong SAR and Singapore as Asian Financial Centers
|c Vanessa Le Lesle, Franziska Ohnsorge, Minsuk Kim, Srikant Seshadri
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2014
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| 300 |
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|a 46 pages
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| 651 |
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4 |
|a Hong Kong Special Administrative Region, People's Republic of China
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| 653 |
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|a Depository Institutions
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| 653 |
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|a Banks and banking, Foreign
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| 653 |
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|a Stock exchanges
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| 653 |
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|a Banks
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| 653 |
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|a Finance
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| 653 |
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|a Industries: Financial Services
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| 653 |
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|a Banks and banking
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| 653 |
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|a Financial institutions
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| 653 |
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|a Financial services
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| 653 |
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|a Micro Finance Institutions
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| 653 |
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|a Capital market
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| 653 |
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|a Competition
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| 653 |
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|a Financial Institutions and Services: Government Policy and Regulation
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Mortgages
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| 653 |
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|a Financial markets
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| 653 |
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|a Stock markets
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Financial services industry
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| 653 |
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|a Banking
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| 653 |
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|a Foreign banks
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| 653 |
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|a Finance: General
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| 653 |
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|a Securities markets
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| 700 |
1 |
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|a Kim, Minsuk
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| 700 |
1 |
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|a Ohnsorge, Franziska
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| 700 |
1 |
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|a Seshadri, Srikant
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
0 |
|a 10.5089/9781498334464.001
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| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2014/119/001.2014.issue-119-en.xml?cid=41724-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a There is much speculation regarding a “race for dominance” among financial centers in Asia, arising from the anticipated financial opening up of China. This frame of reference is, to an extent, a predilection that results from a traditional understanding of financial centers as possessing historical, geographic, and scale economy advantages. This paper, however, suggests that there is an alternative prism through which the evolution of financial centers in Asia needs to be viewed. It underscores the importance of “complementarity” rather than “dominance” to better serve regional and global financial stability. We posit that such complementarity is vital, through network analysis of the roles of Hong Kong SAR and Singapore as the current leading financial centers in the region. This analysis suggests that a competition for dominance can result in de-stabilizing levels of interconnectivity that render the global “network” as a whole more susceptible to rapid propagation of shocks. We then examine the regulatory and policy challenges that may be encountered in furthering such complementary coexistence
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