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Hong Kong as An International Financial Centre: Measuring its Position and Determinants

Author

Listed:
  • Lillian Cheung

    (Research Department, Hong Kong Monetary Authority)

  • Vincent Yeung

    (Research Department, Hong Kong Monetary Authority)

Abstract

Traditional measures of concentration of financial market activities do not adequately reflect an economy¡¦s status as an international financial centre (IFC). In this paper, we construct alternative measures that better capture the ability of an IFC to attract capital flows and international demand for its financial services, as well as its attractiveness as a place for international financial institutions to congregate. We also explore the determinants of the competitiveness of IFCs in an analytical and empirical framework. Our findings suggest that, in addition to the pull factors of the IFC, push or demand factors from the economies importing financial services from the IFC are also important. The rise of Mainland China represents a potentially important push factor for the demand for financial services exports from Hong Kong, and hence its status as an IFC.

Suggested Citation

  • Lillian Cheung & Vincent Yeung, 2007. "Hong Kong as An International Financial Centre: Measuring its Position and Determinants," Working Papers 0714, Hong Kong Monetary Authority.
    • Handle: RePEc:hkg:wpaper:0714
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    File URL: http://www.info.gov.hk/hkma/eng/research/working/pdf/HKMAWP07_14_full.pdf
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    Citations

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    Cited by:

    1. Rabin Hattari & Ramkishen S. Rajan, 2009. "Cross-border Mergers and Acquisitions (M&As) in Developing Asia: The Role of Financial Variables," Working Papers 362009, Hong Kong Institute for Monetary Research.
    2. Robert N. McCauley & Eric Chan, 2009. "Hong Kong and Shanghai: Yesterday, Today and Tomorrow," NBER Chapters, in: Financial Sector Development in the Pacific Rim, pages 13-37, National Bureau of Economic Research, Inc.
    3. Imad Moosa & Larry Li & Riley Jiang, 2016. "Determinants of the Status of an International Financial Centre," The World Economy, Wiley Blackwell, vol. 39(12), pages 2074-2096, December.
    4. Li, Kui-Wai, 2011. "Identifying the Signs of Currency Speculation in Hong Kong's Linked exchange Rate," MPRA Paper 35279, University Library of Munich, Germany.
    5. Chak Hung J. Cheng & Michael K. Salemi, 2009. "Feast and Famine: Explaining Big Swings in the Hong Kong Economy between 1981 and 2007," Working Papers 372009, Hong Kong Institute for Monetary Research.
    6. Alicia García-Herrero, 2011. "Hong Kong as an international banking center: present and future," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 16(3), pages 361-371.
    7. International Monetary Fund, 2008. "People’s Republic of China: Hong Kong Special Administrative Region: Selected Issues," IMF Staff Country Reports 2008/042, International Monetary Fund.

    More about this item

    Keywords

    International financial centre; financial services exports; financial sector FDI;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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