Financial Markets And Institutions A Comparison Of China And International Financial Centers

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.

China’s emerging financial markets reflect the usual contrast between the country’s measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ‘‘QJ’’ Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.

This Palgrave Pivot investigates how the Chinese and United States financial systems are becoming increasingly interdependent, in spite of a simultaneous technological rivalry and ‘decoupling’ between the two nations. The book offers a comparative analysis of Sino-US financial systems before and after the global financial crisis of 2008-2009, demonstrating the deepening integration of China into global financial markets and its move from an indirect bank-based system towards a direct market-oriented system. It discusses the economic and technological competition that has arisen between the US and China, the two largest financial centers based on financial technology, and demonstrates the differences in national interest driving processes of digitalization and FinTech applications. At the same time, the book points to ways in which a market-oriented global financial system and the rapid international growth of financial technology make future cooperation inevitable and necessary. This book places Sino-US financial relations in a broader financial-economic perspective and will be of interest to academics, consultants and students working in banking and finance, international financial markets, comparative economics, monetary theory and Chinese business studies.

This book provides an overview of Hong Kong’s role as an international financial centre, focusing especially on how Hong Kong has contributed significantly, and continues to contribute significantly, to China’s economic development. It considers the importance of Hong Kong’s stock market in raising finance for Chinese companies, explores the potential of Hong Kong as an offshore financial centre, and discusses recent regulatory reforms. It concludes by assessing the prospects for Hong Kong’s continuing success as a global financial centre, and puts forward recommendations for policies which would help secure continuing success.

This book analyzes the role of Hong Kong as a prominent financial centre . Issues such as taxonomy of financial centres, reasons for Hong Kong's past success, competition from other centres, policy issues, and speculation upon Hong Kong's future are discussed.

China’s emerging financial markets reflect the usual contrast between the country’s measured approach toward policy, regulatory, and market reform, and the dynamic pace of rapid economic growth and development. But they also offer unusual challenges and opportunities. In the past five years, the pace of opening and reform has accelerated sharply. Recapitalization and partial privatization of the largest banks, and the allowance of some joint venture and branch operations for foreign financial institutions, are making rapid headway in developing and expanding financial services and improving access to domestic business and households. This book provides the most extensive look available at the evolving Chinese financial system. It begins with alternative perspectives on the evolution of the financial system and the broad outlines of its prospects and potential contribution to economic growth. Three articles review broad aspects of the financial system. Franklin Allen, Jun ‘‘QJ’’ Qian, Meijun Qian, and Mengxin Zhao lead off with overviews of the banking system and performance of the equity market and other institutions.

Understanding Financial Accounts seeks to show how a range of questions on financial developments can be answered with the framework of financial accounts and balance sheets, by providing non-technical explanations illustrated with practical examples.

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.