International Financial Centers in Multi-Polar World

DOI: 10.20542/0131-2227-2012-1-30-39

L. Khudyakova, Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO RAN), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation (

Abstract. The advanced development of the financial industry at the end of XX – the beginning of XXI centuries substantially increased global competition in this area. This is reflected in the willingness of many rapidly developing states and countries with economies in transition to establish the international financial centers (MFCs). Such centers are positioned as a kind of development projects that deserve special financial support from the national governments. The article considers the basic background and history of the MFCs, the trend to migrate from the East to the West. The author proposes a classification of these centers and analyses the main characteristics and features of new MFCs.

Keywords: global financial markets, international financial centers (MFCs), London, New York, Dubai, Shanghai, Mumbai, Warsaw

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For citation:
Khudyakova L. International Financial Centers in Multi-Polar World. World Eonomy and International Relations, 2012, no. 1, pp. 30-39.

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