The Korea National Committee for Pacific Economic Cooperation (KOPEC) convened, in collaboration with the Korea Securities Research Institute (KSRI), an International Conference on Competition among Financial Centers in Asia Pacific: Prospects, Benefits and Costs – Stumbling Blocks or Building Blocks towards a Regional Financial Community in Seoul, Korea, on October 15-16, 2007 as part of its contribution to the work of the Pacific Economic Cooperation Council (PECC). Noting that several or more financial centers in Asia Pacific were respectively engaged in efforts to become premier international financial centers in competition with one another, KOPEC organized this conference to examine the prospects for success for the respective financial centers, weigh the costs and benefits of such competition for local economies as well as the region as a whole, and derive implications of the on-going competition for cooperation among the regional governments. The conference examined the cases of seven financial centers in the region – Tokyo, Seoul, Shanghai, Hong Kong, Singapore, Sydney, and Wellington. The conference drew the participation of authoritative finance experts from the economies where these cities were located as case study authors and of a number of distinguished experts and practitioners from in and out of Korea as discussants. The conference was also attended by Mr. Dominic Barton, Chairman, Asia McKinsey and Co., who gave the keynote address, as well as Messrs. David Cowen, Jong-Wha Lee, and Masahiro Kawai, three senior officials respectively representing the IMF, ADB, and ADB Institute, who provided their insights on the subject matter. The conference drew an attentive audience of about 150 finance professionals and academics, both Korean and international. The present paper is a synthesis report on the findings from the conference. Its release precedes the publication of theth conference report which, consisting of the highly informative papers and commentaries presented at the conference, is being prepared by KOPEC and the Institute of Southeast Asian Studies (ISEAS) Publishing in Singapore for release in early 2009. This synthesis report has been jointly authored by Prof. Sayuri Shirai of Japan, Prof. Dosoung Choi of Korea, Prof. Jesús Seade of Hong Kong, and Soogil Young, whose respective contributions constitute the report in the order listed here. The synthesis paper was publicly released in its preliminary version at the conference on Global Financial Crisis and the International Financial Center Competition in Asia-Pacific: Implications and Challenges for Asia and Korea held in Seoul, Korea, on November 4, 2008, co-organized by KOPEC and the Seoul Financial Forum.
|Institute of Southeast Asian Studies ; International Development Research Centre
|Number of pages
|Published - 2009