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About the Publication Many cities in the Asia-Pacific region serve as financial centres in their respective national jurisdictions or local areas. Noting that most were engaged in efforts to become premier international financial centres (IFCs) in competition with one another, the Korea National Committee for Pacific Economic Cooperation (KOPEC) convened an international conference in Seoul, Korea in October 2007 to examine the prospects for success for seven such financial centres (Hong Kong, Seoul, Shanghai, Singapore, Sydney, Tokyo and Wellington), weigh the costs and benefits of such competition for local economies as well as the region as a whole, and derive implications for cooperation among the regional governments.
           The present volume consists of case studies and commentaries presented at the conference as well as the synthesis report, which draws conclusions from those papers and commentaries. One of those conclusions is that, given the power of scale economies as well as the lack of integration of the financial markets in the region, none of the regional financial centres, even Hong Kong, Singapore or Tokyo, considered alone represents a meaningful rival to London or New York, the two existing global financial centres. The synthesis report thus argues for regional cooperation to integrate all those financial centres into an Asia-Pacific IFC network. It further argues that the present global financial crisis presents a major opportunity for regional governments to create such an IFC network that will challenge London and New York in quality as well as quantity of international financial business while helping the latter two overcome the current global crisis. This would open the path towards a stable and resilient Asia-Pacific financial community, with the constituent regional economies no longer vulnerable to the problems of the so-called original sin and double mismatch.
          
          
          
          
          
Table of Contents
Competition among Financial Centres in Asia-Pacific: Prospects, Benefits, Risks and Policy Challenges
Preliminary pages with Keynote Address, by Dominic Barton
PART I: OVERVIEW AND POLICY RECOMMENDATIONS
1. Competition among Financial Centres in Asia Pacific: Prospects, Benefits, Risks and Policy Challenges, by Dosoung Choi Jesus Seade Sayuri Shirai Soogil Young
PART II: CASE STUDIES
2. Hong Kong and East Asias Financial Centres and Global Competition, by Jesus Seade
3. Singapore as a Leading International Financial Centre: Vision, Strategies, Roadmap and Progress, by Tan Khee Giap
4. Promoting Tokyo as an International Financial Centre, by Sayuri Shirai
5. Can Tokyo Become a Global Financial Centre?, by Masahiro Kawai
6. Making Australia a Supplier of Fund Management to the World, by Nicholas Gruen
7. Building the Shanghai International Financial Centre: Strategic Target, Challenges and Opportunities, by Xu Mingqi
8. The Kiwi that Had to Fly: Path Dependence and Evolutionary Niches among International Financial Centres, by Roger J Bowden
9. Seoul as an International Financial Centre: Roadmap, Progress and Challenges, by Hansoo Kim
10. Comments on Case Studies by Discussants Session I: Hong Kong and Singapore; Session II: Tokyo and Sydney; Session III: Shanghai, Wellington and Seoul, by Sang Kee Min David Hong Simon Cooper Hugh T Patrick Tan Teck Meng James Rooney Sang Yong Park
PART III: INTERNATIONAL PERSPECTIVES
11. Financial Centres in the Asia-Pacific Region: Recent Trends and Developments, by David Cowen
12. Competition and Integration: Financial Centres and Financial Market Integration in Asia, by Jong-Wha Lee
13. Financial Centres in the Asia-Pacific Region, by John Walker
PART IV: OBSERVATIONS
14. Issues and Findings, by Kihwan Kim Yung-Chul Park John Burton
Appendix
Index
Co-publication: ISEAS / KOPEC / PECCInstitute of Southeast Asian Studies (ISEAS) and Korea National Committee for Pacific Economic Cooperation (KOPEC) and Pacific Economic Cooperation Council (PECC) co-publication.
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