972
Acknowledgements. The paper was written with the support of budget financing for fundamental research at RANEPA.
Abstract. Modern financial markets are global and strenuously competing for global investment. Tightening of global competition between national financial sectors predetermines their conversion into a form of international financial centers (IFC). We classified the IFC into “traditional” and “off-shore”, and identified “traditional” markets/centers that are developing in accordance with the government programs aimed at improving global competitiveness of national financial markets, including programs of national financial markets transformation into IFC. The paper contains a short description of successive reforms of the financial markets in such countries as China, Hong Kong, Republic of Korea and India which are the biggest competitors to Russia in the global financial market. Based on the analysis of these programs, we formulated the success factors of financial sector reforms. The success of the reform was evaluated according to three groups of parameters: a) achievement of the stated objectives (if they had been clearly stated); b) increase in global rankings of the national financial market (Global Financial Centres Index of the Z/Yen Group Limited, Financial Development Index Rankings of the World Economic Forum and International Financial Centers Development Index of the alliance between Xinhua and Dow Jones); c) substantial increase of the studied countries’ role within some sectors of the global financial market. In such terms, there are signs of reforms’ success in Hong Kong, China, Republic of Korea and India, and, conversely, of the failure of similar programs in Russia and Kazakhstan. The principal conclusion is that the primary factor of success is the general quality of work of the state as an institution. Special governmental policies and measures aimed at the development of the national financial market may be productive and may become a potential competitive advantage if the application of the recommendations of international financial institutions is based on full consideration of national specifics and characteristics of the respective markets.
Keywords: financial markets, international financial centers, reforms, global competitiveness, financial regulators, banking systems, competitive advantages, protection of investors
REFERENCES
1. Deutsche Bundesbank. Finanzplatz Deutschland – Rahmenbedingungen und neuere Entwicklungen. Monatsberichte der Deutschen Bundesbank, 1992, no. 44 (3), ss. 23-31.
2. Drobyshevskii S.M., Khud'ko E.V., Velikova E.E. Perspektivy sozdaniya mezhdunarodnogo finansovogo tsentra v Rossiiskoi Federatsii [Prospects for Establishing International Financial Center in the Russian Federation]. Moscow, Gaidar Institute, 2010. 108 p.
3. The Russian Stock Market and the Creation of an International Financial Center. Ideal Model of the Russian Stock Market in the Long Term (until 2020). Moscow, NAUFOR, 2008. 395 p. (In Russ.)
4. Securities and Futures Commission. Establishment of Securities and Futures Commission. Davidson Report. 28 May 1988, pp. 27-52. Available at: https://www.sfc.hk/web/doc/EN/speeches/public/others/speechbook/chapter2.pdf (accessed 05.02.2016).
5. Securities and Futures Commission. Fund Management Activities Survey 2014. Hong Kong, Securities and Futures Commission, July 2015. 25 p.
6. Securities and Futures Commission. Annual Report 2014–2015. Hong Kong, Securities and Futures Commission, 2015. 156 p.
7. Chen D. Legal Development in China’s Securities Market during Three Decades of Reform and Opening-Up. Asia Law Institute, Working Paper Series No. 005. August 2009. 19 p.
8. Mirkin Ya.M., ed. Finansovye strategii modernizatsii ekonomiki: mirovaya praktika [Financial Strategies of Economic Modernization: World Practice]. Moscow, Magistr, 2014. 496 p.
9. Wong Sonia M.L. China’s Stock Market: A Marriage of Capitalism and Socialism. Cato Journal, 2006, vol. 26, no. 3, pp. 389-424.
10. Vdovin A. Bankovskaya sistema KNR: klyuchevye problemy formirovaniya [China’s Banking System: Key Problems of Formation]. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2014, no. 9, pp. 75-83.
11. Tszyan V., Lapshin V. Kitaiskii rynok obligatsii [The Chinese Bond Market]. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2014, no. 2, pp. 32-37.
12. Vakhrushin I.V. Rynok tsennykh bumag KNR: sostoyanie, razvitie, perspektivy [Securities Market of China: Current Status, Development Prospects]. Diss. kand. ekon. nauk. Moscow, 2009.
13. China Banking Regulatory Commission 2014 Annual Report. Beijing, China Banking Regulatory Commission, 2015. 181 p.
14. China Securities Regulatory Commission 2014 Annual Report. Beijing, China Securities Regulatory Commission, 2015. 113 p.
15. New Leadership's Strategy: Policy Direction for Financial Reform. Available at: http://www.fsc.go.kr/eng/new_policy/highlights.jsp?bbsid=BBS0128#30879 (accessed 10.11.2015).
16. Borodina S., Shvyrkov O., eds. Investitsii v stranakh BRIKS: Otsenka riska i korporativnogo upravleniya v Brazilii, Rossii, Indii i Kitae [Investments in BRICS Countries: Evaluating Risk and Governance in Brazil, Russia, India & China]. Moscow, Alpina Publishers, 2010. 356 p.
17. A Hundred Small Steps. Report of the Committee on Financial Sector Reforms. New Delhi, Committee on Financial Sector Reforms, 2009. 192 p.
Registered in System SCIENCE INDEX
No comments