Emerging Financial Centers

"This vol. contains the chief financial legislation of seven developing financial centers. The legislation is, in each case, intro. by an essay analyzing the individual legal and institutional framework..." -- pref.

As well as marking the tenth anniversary of the collapse of Lehman Brothers and the consequent unleashing of the global financial crisis, 2018 is also the year of negotiations on the terms of the UK's exit from the European Union. Within a decade the banking world has witnessed two epochal events with potential to redraw the map of international financial centres: but how much has this map actually changed since 2008, and how is it likely to change in the near future? International Financial Centres after the Global Financial Crisis and Brexit gathers together leading economic historians, geographers, and other social scientists to focus on the post-2008 developments in key international financial centres. It focuses on the shifting hierarchies of New York, London, Paris, Geneva, Zurich, Frankfurt, Singapore, Hong Kong, Beijing, Shanghai, and Tokyo to question whether Asian financial centres have taken advantage of the crisis in the West. It also examines the medium-effects of the crisis, the level of regulation, and the rise of new technology (fintech). By exploring these crucial changes, it questions whether shifts in the financial industry and the global landscape will render these centres unnecessary for the functioning of the global economy, and which cities are likely to emerge as hubs of new financial technology.

IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

Essay from the year 2017 in the subject Economics - Finance, grade: MA, Yale University, language: English, abstract: International Finance Center (IFC) are an integral part of the modern international financial economy. One of its basic components is the availability of developed national financial markets, actively interacting with similar markets in other countries. As an example, the United States can lead the UK, Japan, in economic development which play an important role the financial markets, and the major cities of these countries (New York, London, Tokyo), are the major international financial centers. Cities can be seen as the gateway to the global economy. They are important for the functioning of both national and global economy, since they are concentrated huge financial, informational and intellectual resources, based most of the major industrial, commercial, financial and service companies, specialized credit and financial institutions and banks. In addition to traditional MFC in the last decades of the 20th century a number of new financial centers competing for the role of international. The acceleration of globalization and especially its financial component, led to an increase in strength and influence regional financial centers, in particular, such as Hong Kong (Hong Kong). The financial market of China, which is traditionally considered to be emerging financial markets have long been a mature international financial centers that have an impact not only on the regional economy, but also in the distribution of global capital flows. The study of the functioning of the MFC, their development trends is the most important area for the understanding of the new global economy, its characteristics and movement mechanisms. At the same time identifying new trends in the development of Asian financial centers, particularly their inclusion in the competition for international corporations have mastered the financial market, is both scientific and practical interest. This makes it possible to identify local features of financial globalization as a result of the connection and the active development of the Asia-Pacific Economic Space with new financial centers, show their role, prospects and competitiveness in the global economy. Of particular importance is the study of the development of Chinese financial market, especially given the fact that the IMF has recognized the yuan a freely usable currency, reflecting the expanding role of China in world trade, a significant increase in the use of the yuan in the international scale and the growth of operations with it.

One thousand years ago, a handful of dynamic medieval city states developed trade at the frontier of capitalism. Their unique commercial ambition led to the emergence of finance capitals of international significance: Finance Masters. From the 11th century onward, international financial hubs, led by astute and bold merchant bankers and visionary leaders, inspired the numerous innovations that triggered economic revolutions in the last millennium and laid the ground for modern finance. This book explores not only classic financial centers, but also offshore financial centers and gambling centers to connect them to contemporary finance, and it also delves into the unique function of leading financial hubs to execute financial transactions over a wide geographical domain and transform the world economy.The 2008-2009 Great Recession showed that working on fundamental issues such as market structure, pricing mechanism, and games was indeed necessary but probably still insufficient to create the antibodies needed to mitigate systemic risk and prevent the irrational exuberance capable of triggering devastating economic crash. In the continuation of the Theory of Moral Sentiments written by Adam Smith in 1759, seventeen years before his Wealth of Nations, it seems a deeper historical understanding of the key success factors which quietly assembled in the backyard of our market economy can be a useful lifeline. This book aims to explain the widening gulf that emerged over time between economics, regulatory and ethical considerations necessary to a smoother functioning of markets.Finance Masters is also a book about the extraordinary men who led the evolution of modern finance with the innovations that changed the course of economic history. This book tries to capture the salient factors behind the geography of finance hubs from the early fairs in medieval England and Venice to Wall Street in contemporary New York. The development and the legacy of those 'Finance Masters' deserve more attention to reflect upon the evolution of incumbent players and better understand their possible future. This book a must read for economics and finance students and young finance professionals, who seek a broader and better understanding of the origins of modern economics.