Business and Politics in Asia's Key Financial Centres

Hong Kong, Singapore and Shanghai

verfasst von: J. J. Woo

Verlag: Springer Singapore

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

Einloggen, um Zugang zu erhalten

Über dieses Buch

This book provides unique insights into the politics of finance and the socio-political relations which drive financial policymaking in Hong kong, Singapore, and Shanghai. While the existing literature in the field focuses mainly on economic explanations for financial centre development, this book fills a gap by focusing on the socio-political relations which underpin the financial policy-making process. Drawing on extensive interviews with senior policy-makers and financial sector professionals, the book describes how state-industry relations drive financial policy-making in three major financial hubs. Insights and policy recommendations drawn from these interviews will be particularly useful for policy-makers and financial sector professionals hoping to draw lessons from the successful development of the three leading Asian financial centres. Business and Politics in Asia's Key Financial Centres draws on public policy theoretical frameworks for its analytical basis. The three chapters focusing on the historical development of Hong Kong, Singapore, and Shanghai also provide a consolidated narrative with regard to the development of these three cities as leading financial centres, while also serving as independent case studies. Scholars focusing on policy processes and political factors that underpin financial sector development, as well as instructors and students of public policy, international political economy, and financial sector policy, will find this book useful for their research.

Inhaltsverzeichnis

Frontmatter

Chapter 1. Introduction

Abstract

The (re)emergence of Asia as an economic power has been accompanied by the rise of Asian cities as hubs of financial activity. Three cities have gained risen through the ranks to establish themselves as Asia’s leading International Financial Centres (IFCs): Hong Kong, Singapore and Shanghai. In acting as intermediaries for global flows of capital, the three cities have effectively become nexus of power and finance. This book represents an attempt to understand the ways in which the political-economic context impacts financial sector development and policy-making. This chapter provides an overview of the book and briefly discusses its core arguments.

J. J. Woo

Chapter 2. IFC Studies and the Politics of Finance

Abstract

Drawing from an existing literature on financial sector development and policy as well as work by economic geographers, a well-established literature on IFCs has emerged to provide both scholars and practitioners with an useful lens for understanding cities as hubs of financial activities. This chapter provides a review and critical assessment of this literature. It argues that the existing IFC literature does not adequately take into account contextual and spatial variables, focusing instead on financial policy only at a general level and within the domestic economy.

J. J. Woo

Chapter 3. Taking a Public Policy Theoretical Approach

Abstract

As cities vie to become top financial centres and policy-makers seek to establish the conditions and factors necessary for the establishment of a successful financial services sector, there is an increasing need to take a policy-oriented approach to understanding IFC development. Furthermore, policies associated with IFC development are often enmeshed within an overarching financial policy subsystem with its inherent sociopolitical institutions, norms and logic. Drawing from the policy subsystems and policy instruments approaches, this chapter provides an integrative framework of analysis in the form of the nested instrumental approach. This framework addresses both the policy and politics of IFC development, in the process embedding policy mix design within the sociopolitical context of the policy subsystem configuration.

J. J. Woo

Chapter 4. Hong Kong

Abstract

Hong Kong is currently Asia’s leading IFC. It owes its success to its low taxes, sound legal system, efficient regulatory regime and proximity to China. The Hong Kong government’s commitment to free market principles, a laissez-faire model of financial governance and general political freedom has also contributed to the city’s attractiveness as a location for doing business and expatriate living. This chapter discusses Hong Kong’s development as an IFC by focusing on its determinants of comparative advantage, model of financial governance, regulatory regime, financial policy mix and financial policy subsystem.

J. J. Woo

Chapter 5. Singapore

Abstract

While Singapore is typically ranked behind Hong Kong in most IFC rankings, it is largely seen as a close competitor to the SAR and contender for top IFC in Asia. Its success has been driven by government interventions such as a favourable tax regime and robust legal–regulatory framework, as well as the active participation of industry and other non-state actors in financial policy-making. This chapter discusses Singapore’s development as an IFC by focusing on its determinants of comparative advantage, model of financial governance, regulatory regime, financial policy mix and financial policy subsystem.

J. J. Woo

Chapter 6. Shanghai

Abstract

Shanghai is one of the most important financial centres to have emerged in Asia. It is China’s main financial centre, serving the largest economy in Asia. Given its strategic importance to China, Shanghai’s development as an IFC is a state-driven process that is inextricably linked to overall national economic development. This chapter discusses Shanghai’s development as an IFC by focusing on its determinants of comparative advantage, model of financial governance, regulatory regime, financial policy mix, and financial policy subsystem.

J. J. Woo

Chapter 7. Comparisons and Analysis

Abstract

This chapter provides a comparative analysis of Hong Kong, Singapore and Shanghai, taking a structured approach to assessing the similarities and differences across the three cases, in the process delineating and addressing some of the structural and causal explanations for these differences and similarities. This is followed by an application of the nested instrumental approach to the three cases, allowing for a deeper and richer analysis that addresses how policy interventions and the sociopolitical context impact IFC development.

J. J. Woo

Chapter 8. Conclusions

Abstract

This chapter provides an overview of the book and its arguments as well as its findings without delving specifically into the details discussed in the earlier chapters. It also discusses potential avenues for future research and highlights the need to incorporate sociopolitical contextual variables into future studies of IFCs.

J. J. Woo

Titel: Business and Politics in Asia's Key Financial Centres
verfasst von: J. J. Woo
Verlag: Springer Singapore
Electronic ISBN: 978-981-287-985-1
Print ISBN: 978-981-287-983-7
DOI: https://doi.org/10.1007/978-981-287-985-1