Australia as an International Financial Services Centre: Assessment of Determinants, Position and Future Prospects

15 Pages Posted: 9 Jul 2010

See all articles by Kevin Daly

Kevin Daly

University of Western Sydney - School of Business

Date Written: July 9, 2010

Abstract

In general, a financial centre can be defined as ‘a place in which there is a high concentration of managed financial institutions and financial markets performing activities which are internationally recognised for their management efficacy, efficiency, and legal standing.

Australia’s financial sector(gross value added) relative to the overall economy is very similar to that of many other developed economies, such as the US, UK, Japan and Canada, but significantly less than a number of overseas financial centres, most notably Luxembourg, Hong Kong and Singapore.

In this study we construct a number of traditional and alternative measures to assess the importance of Australia as an International Managed Financial Services Centre relative to other major centres. In particular we draw comparisons between inward/outward international investment positions and the exports of financial services. Due to data limitations, these measures are compared on a country rather than on a city level on which activities of an IFC should be based.

Keywords: International Financial Services Centre

Suggested Citation

Daly, Kevin, Australia as an International Financial Services Centre: Assessment of Determinants, Position and Future Prospects (July 9, 2010). Australian Centre for Financial Studies - Finsia Banking and Finance Conference 2010, Available at SSRN: https://ssrn.com/abstract=1636632 or http://dx.doi.org/10.2139/ssrn.1636632

Kevin Daly (Contact Author)

University of Western Sydney - School of Business ( email )

Sydney, NSW 1797
Australia

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
267
Abstract Views
1,598
Rank
223,996
PlumX Metrics