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Emerging Economies and International Financial Centers

Author

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  • George G. Kaufman

    (Loyola University Chicago and Federal Reserve Bank of Chicago, USA)

Abstract

A number of emerging economies are considering directing public resources to developing an international financial center (IFC). They are doing so because of the perceived advantages of IFCs, including high value added, quick development, and low fixed-cost plant and equipment. But being an IFC also has costs, including high fragility, spillover of problems from the center to the domestic economy, and quick departure of footloose human capital. This paper evaluates the benefits and costs of becoming an IFC, enumerates the characteristics of IFCs, traces the history of IFCs, and describes recent changes in the ranking of major IFCs. It concludes that this may not be an opportune time for emerging economies to devote public resources to developing an IFC.

Suggested Citation

  • George G. Kaufman, 2001. "Emerging Economies and International Financial Centers," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 4(04), pages 365-377.
    • Handle: RePEc:wsi:rpbfmp:v:04:y:2001:i:04:n:s0219091501000577
    DOI: 10.1142/S0219091501000577
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    Citations

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    Cited by:

    1. Cécile Carpentier & Jean-François L'Her & Jean-Marc Suret, 2007. "Competition and Survival of Stock Exchanges: Lessons From Canada," CIRANO Working Papers 2007s-26, CIRANO.
    2. Du, Huibin & Xia, Qiongqiong & Ma, Xuan & Chai, Lihe, 2014. "A new statistical dynamic analysis of ecological niches for China’s financial centres," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 395(C), pages 476-486.
    3. M. Zharikov & М. Жариков, 2018. "Инструменты реформы мировой валютной системы: интернационализация валют стран БРИКС // The Instruments to Reform the World System of Currencies: Internationalising the Currencies of the BRICS," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 6(3), pages 19-28.
    4. M. Zharikov & М. Жариков В., 2018. "Российский рубль в региональной и глобальной динамике // The Russian Rouble in the Regional and Global Dynamics," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 6(4), pages 6-17.
    5. M. Zharikov & М. Жариков, 2019. "Москва как новый офшорный центр юаня // Moscow to be a New Offshore Centre of the Yuan," Review of Business and Economics Studies // Review of Business and Economics Studies, Финансовый Университет // Financial University, vol. 7(1), pages 6-18.
    6. George Furstenberg, 2008. "Assessing the Competitiveness of International Financial Services in Particular Locations: A Survey of Methods and Perspectives," Open Economies Review, Springer, vol. 19(4), pages 539-556, September.
    7. Wicaksono, Ahmad Tibrizi Soni, 2022. "Islamic Bank Deposits during COVID-19 Pandemic: A Spatial Finance Approach," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 56(1), pages 135-149.

    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G3 - Financial Economics - - Corporate Finance and Governance

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