Description
This book, informed by over 20 years of research by the authors, examines the development of international financial centres (IFCs), with a focus on China and emerging markets. The rise of China and Southeast Asia has drawn global scholarly attention, but recent events, including the COVID-19 pandemic and the ongoing Russia-Ukraine conflict, have prompted new questions about the interplay of finance and geopolitics. How are IFCs established in emerging economies? How do global crises and new technologies reshape their networks and operations? This book explores these issues through economic and financial geography perspectives, analyzing the optimal IFC ecosystem: a robust “information hinterland and heartland” (enduring emerging markets) and a strong legal framework (reputable law firms, accountants, and local systems). It compares China’s IFC development with global counterparts, tracing their historical rise and fall to offer insights for future IFC growth.
Grounded in data-driven analysis, the book documents the origins, drivers, and evolution of IFCs. It serves as both an academic textbook and a research reference, benefiting scholars and researchers in economics, finance, international business, and financial geography. This work will shape academic discourse for years to come.
Table of Contents
Chapter 1. Introduction.- Part I: Theoretical framework and development.- 2. Overview on Literature on Geography of Finance and IFC Development.- 3. Determinants of International Financial Centres I: the geography of finance, information hinterland and heartland.- 4. Determinants of International Financial Centres II: legal systems - common versus civil laws.- 5. Determinants of International Financial Centres III: Information Technology, FinTech, and Open AIs.- Part II. Empirical Studies.- 6. Comparative Studies of Global IFCs Performance: Empirical Analysis from Law-finance Perspectives.- 7. Emerging and spatial restructuring of financial centres in Mainland China and Hong Kong: an empirical study and assessment.- 8. Commentary on Chapter 7: the Latest Development of Hong Kong as IFC amid the changing local political and geopolitical circumstances.- 9. Stock Markets as Standard-Setters: an Investigation of Dual-Listed Chinese Companies on the H- and A- share Markets.- 10. Cross-Listing as a Means to Improve the Corporate Governance of Domestic Listed Companies on the Chinese Stock Markets.- 11. Regulatory Cooperation between Hong Kong and Mainland China’s Financial Centres - A Three-Level Comparative Analysis.- 12. Where Does the Role of Chinese Government in Land Development Stand in a Global Context: An International Comparative Study.- 13. China’s Land and Property Development: Real Estate Bubble and Its Possible Consequence.- 14. Epilogue II Follow-up of Chapters 11 and 12 The Latest Overall Debts in China and International Comparisons.- 15. Conclusion.
