Financial centres of Asia: learning lessons from the crisis

Abstract

The article analyzes the main factors that have contributed to strengthening positions of the financial centres of East and Southeast Asia in the modern era. It is noted that government policies with respect to the international movement of capital conducted during and after the global financial crisis of 2008-2009 have had a significant impact on this process. These policies are aimed at increasing access to the financial markets for foreign investors through liberalization and restructuring of regulation, improvement of legal systems and creation of modern infrastructure. The article examines the main features of global financial centres of Singapore, Hong Kong and Shanghai, the areas of specialization in the financial services industry. The author assesses the prospects for their participation in the formation of a new financial architecture in the interest of domestic financial markets’ development and their further integration into the global financial system.