The Competition of International Financial Centres and the Role of Law

ECONOMIC LAW AS AN ECONOMIC GOOD, ITS RULE FUNCTION AND ITS TOOL FUNCTION IN THE COMPETITION OF SYSTEMS, K. Meessen, ed., ch. 16, Munich: Sellier, 2009

18 Pages Posted: 25 May 2009

See all articles by Douglas W. Arner

Douglas W. Arner

The University of Hong Kong - Faculty of Law

Date Written: May 2009

Abstract

This chapter looks briefly at some of the factors involved in financial centre development and in the competition to be one of the leading, global financial centres. Overall, the conclusion which emerges is that the development of financial centres is an evolutionary process of strategically building sophisticated human and institutional infrastructure to support the searching for economic opportunities. At the same time, with the effects of the subprime crisis emanating from the United States still being felt, there has been a questioning of whether the benefits of financialisation are perhaps now being outweighed by the costs. On balance, however, it seems likely that globalisation of finance and the role of global financial centres will continue.

Keywords: financial center competition, financial center development

Suggested Citation

Arner, Douglas W., The Competition of International Financial Centres and the Role of Law (May 2009). ECONOMIC LAW AS AN ECONOMIC GOOD, ITS RULE FUNCTION AND ITS TOOL FUNCTION IN THE COMPETITION OF SYSTEMS, K. Meessen, ed., ch. 16, Munich: Sellier, 2009 . Available at SSRN: https://ssrn.com/abstract=1409543

Douglas W. Arner (Contact Author)

The University of Hong Kong - Faculty of Law ( email )

Pokfulam Road
Hong Kong, Hong Kong
China

HOME PAGE: http://hub.hku.hk/rp/rp01237

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