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Hong Kong SAR as a Financial Center for Asia: Trends and Implications

Author

Listed:
  • Mr. Olaf Unteroberdoerster
  • Cynthia Leung

Abstract

We document Hong Kong SAR's evolving role as an international financial center in the Asia region, the importance of the growing special link with China as well as supply-side advantages, and outline the scope for future financial services growth. Hong Kong SAR has a long established track record as Asia's premier center for cross-border financial transactions. Further financial opening of China is likely to consolidate Hong Kong SAR's leading position as Asia's international financial center over the medium term. However, preserving Hong Kong SAR's first-mover advantage in the long-term calls for a development strategy that balances reaping the benefits from the special China role with the need to transcend into a truly international center in the long run.

Suggested Citation

  • Mr. Olaf Unteroberdoerster & Cynthia Leung, 2008. "Hong Kong SAR as a Financial Center for Asia: Trends and Implications," IMF Working Papers 2008/057, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2008/057
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    Citations

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    Cited by:

    1. Mr. Olaf Unteroberdoerster & Ms. Runchana Pongsaparn, 2011. "Financial Integration and Rebalancing in Asia," IMF Working Papers 2011/243, International Monetary Fund.
    2. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.
    3. 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.
    4. Mr. Olaf Unteroberdoerster & Hongyi Chen, 2008. "Hong Kong SAR Economic Integration with the Pearl River Delta," IMF Working Papers 2008/273, International Monetary Fund.
    5. Tatsuyoshi Miyakoshi & Kui-Wai Li & Junji Shimada, 2014. "Rational expectation bubbles: evidence from Hong Kong's sub-indices," Applied Economics, Taylor & Francis Journals, vol. 46(20), pages 2429-2440, July.
    6. Shirai, Sayuri, 2009. "The Impact of the US Subprime Mortgage Crisis on the World and East Asia," MPRA Paper 14722, University Library of Munich, Germany.
    7. Shin-ichi Fukuda & Junji Yamada, 2012. "Why Did Large-scale Deflation Occur? What Did It Bring About?: From Hong Kong's Experiences in the First Half of the 2000s," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 8(1), pages 93-122, June.
    8. 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.
    9. 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.
    10. IRINA Yarygina & И. Ярыгина З., 2015. "Роль Банков Развития В Обеспечении Экономических Интересов Брикс // The Role Of Development Banks In Supporting Economic Interests Of Brics Countries," Экономика. Налоги. Право // Economics, taxes & law, ФГОБУ "Финансовый университет при Правительстве Российской Федерации" // Financial University under The Government of Russian Federation, issue 3, pages 102-108.
    11. Niv Horesh, 2013. "Development trajectories: Hong Kong vs. Shanghai," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 27(1), pages 27-39, May.

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