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Title Why complementarity matters for stability : Hong Kong SAR and Singapore as Asian financial centers / V. Le Lesle [and others]
Published [Washington, D.C.] : International Monetary Fund, [2014]
©2014
Online access available from:
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Description 1 online resource (46 pages) : color illustrations
Series IMF working paper ; WP/14/119
IMF working paper ; WP/14/119
Summary "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"--Abstract
Notes "July 2014"--Page 2 of pdf
"Strategy, Policy and Review Department"--Page 2 of pdf
Bibliography Includes bibliographical references (pages 45-46)
Notes Online resource; title from pdf title page (IMF.org Web site, viewed July 8, 2014)
Subject Financial institutions -- State supervision -- China -- Hong Kong.
Financial institutions -- State supervision -- Singapore.
Financial institutions -- China -- Hong Kong.
Financial institutions -- Singapore.
Financial services industry -- State supervision -- China -- Hong Kong.
Financial services industry -- State supervision -- Singapore.
Financial services industry -- China -- Hong Kong.
Financial services industry -- Singapore.
Form Electronic book
Author Le Leslé, Vanessa.
International Monetary Fund. Strategy, Policy, and Review Department.
ISBN 1498369154
9781498369152
Other Titles Hong Kong SAR and Singapore as Asian financial centers