Development and Finance from issue 2007/2

János Erős

Financial Centres in the Age of Globalisation – Stability and Realignment

- Abstract -

JEL G-20

The realignment of positions in the world economy can exert an impact on the financial influence of certain regions. 1. In Europe, financial centres are becoming increasingly concentrated while there are also signs of a division of functions. 2. In the Far East, China, India, South Korea and the so-called Asian Tigers are carving out an increasingly important role in the world economy and the international financial system. China and some of its financial centres may trigger off a major reshuffle not only at a regional but also at a global level. 3. The dynamic development of the Russian economy driven by the hydrocarbon industry can also have a major impact at regional level. The ambition of Russian monetary policy is to convert the rouble into a key currency and turn Moscow into an international financial centre. 4. The dynamic development of OFCs is a logical consequence of globalisation. These centres attract international companies and private individuals with highly favourable tax arrangements.

János Erős, economist

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