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Aspects, Models and Measures for Assessing the Competitiveness of International Financial Services in a Particular Location

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  • George M. von Furstenberg

    (National Science Foundation, USA, Hong Kong Institute for Monetary Research)

Abstract

The International Financial Services (IFS) industry is restructuring internally and by location. This paper outlines the economic forces and analytical methods that may be applied to examine the economic drivers of these processes as ever more countries and cities are vying for attracting IFS providers and their clients. The ICT revolution has made those IFS that can be commoditized footloose in search of cost efficiency. High value-added services, however, will continue to be developed and co-ordinated in a few major IFS centers that have invested in, or capitalized on, regional or global advantages for themselves and their clients. This fragmentation and geographic dispersion of the industry by service function and sophistication may facilitate analyses of the comparative economic efficiency of particular financial services by methods such as stochastic frontier analysis.

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Bibliographic Info

Paper provided by Hong Kong Institute for Monetary Research in its series Working Papers with number 182007.

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Length: 23 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:hkm:wpaper:182007

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Related research

Keywords: Offshore financial centers; international financial services; financial business location; financial business efficiency; data envelopment analysis; stochastic frontier analysis;

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References

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  1. Yin-wong Cheung & Dickson Tam & Matthew S. Yiu, 2006. "Does the Chinese Interest Rate Follow the US Interest Rate?," Working Papers 192006, Hong Kong Institute for Monetary Research.
  2. Andrew K. Rose & Mark Spiegel, 2006. "Offshore Financial Centers: Parasites or Symbionts?," NBER Working Papers 12044, National Bureau of Economic Research, Inc.
  3. Gary H. Jefferson & Albert G. Z. Hu & Jian Su, 2006. "The Sources and Sustainability of China's Economic Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 37(2), pages 1-60.
  4. Lessard, Donald R. & Tschoegl, Adrian E., 1988. "Panama's International Banking Center : The direct employment effects," Journal of Banking & Finance, Elsevier, vol. 12(1), pages 43-50, March.
  5. Guonan Ma & RobertN McCauley, 2008. "Efficacy Of China'S Capital Controls: Evidence From Price And Flow Data," Pacific Economic Review, Wiley Blackwell, vol. 13(1), pages 104-123, 02.
  6. Brissimis, Sophocles N. & Delis, Manthos D. & Tsionas, Efthymios G., 2010. "Technical and allocative efficiency in European banking," European Journal of Operational Research, Elsevier, vol. 204(1), pages 153-163, July.
  7. Andrew K. Rose, 2006. "A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed," NBER Working Papers 12711, National Bureau of Economic Research, Inc.
  8. Hans Genberg, 2005. "External shocks, transmission mechanisms and deflation in Asia," BIS Working Papers 187, Bank for International Settlements.
  9. Jongkyou Jeon & Yonghyup Oh & Doo Yong Yang, 2006. "Financial Market Integration in East Asia: Regional or Global?," Asian Economic Papers, MIT Press, vol. 5(1), pages 73-89, January.
  10. Fu, Xiaoqing (Maggie) & Heffernan, Shelagh, 2007. "Cost X-efficiency in China's banking sector," China Economic Review, Elsevier, vol. 18(1), pages 35-53.
  11. George M. von Furstenberg, 2006. "The Economics of Offshore Financial Services and the Choice of Tax, Currency, and Exchange-Rate Regimes," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
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