19 - 12 - 2018
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Bakhteeva Diana Islyamovna
3-rd year student of the World economic relationsfaculty,
Finance University under the Government of the Russian Federation

Abstract

In this article the descriptions of the existing world financial centers, their liquidity and investment appeal are described. There is an analysis and comparison between world financial centers of America and the Asian countries, it is told about their advantages, shortcomings and further situation in the world financial market.

Keywords: the world financial center, stock exchange, New York, Hong Kong, Singapore, financial stream, liquidity, the taxation, the capitalization market, the developed countries, developing countries, actions.

Аннотация

В данной статье описываются существующие мировые финансовые центры, их ликвидность и инвестиционная привлекательность. Происходит анализ и сравнение между мировыми финансовыми центрами Америки и Азиатских стран, рассказывается об их преимуществах, недостатках и дальнейшем положении на мировом финансовом рынке.

Ключевые слова: мировой финансовый центр, фондовая биржа, Нью-Йорк, Гонконг, Сингапур, финансовый поток, ликвидность, налогообложение, рынок капитализации, развитые страны, развивающиеся страны, акции.

The modern international financial economy cannot be considered complete without world financial centers. For the effective functioning of the modern international economy, the existence of developed national markets, which are in constant interaction with each other, is an integral part. What are the world financial centers? World financial centers are the centers of banks concentration and other specialized financial institutions that carry out the deals with international currency, credit and financial transactions, transactions with securities and gold. . This market mechanism serves as an instrument for managing global financial flows through such channels as foreign investments in fixed and working capital, operations with securities, etc. World financial centers are not only stable lenders but also serve as developers of a long-term strategy for overcoming the financial problems that are emerging in the 21st century. At the moment, the main global financial centers are London, New York and Tokyo, which perform more than 50% of foreign exchange operations on stock exchanges around the world.
But it cannot be denied that in recent years the economic growth of the developing countries of Asia has become more and more rapid and noticeable. According to the study conducted by the McKinsey Global Institute, a world-renowned company in the management consulting market for more than 25 years, in 2012, about 30% of the world's financial flows were sent to developing countries, which is 6 times the number of injections in 2002. In addition, In this regard, it seems to us especially relevant to analyze and compare the international financial centers of America and the countries of Asia.
Initially, I would like to talk about the world financial center, where more than two-thirds of the assets of foreign banks operating in the US, the average daily turnover of the foreign exchange market reaches $ 200 billion. This is New York. The most liquid stock markets in the world are in New York (Figure 1), which is another factor that attracts investors from all over the world. The largest stock exchanges NASDAQ and NYSE, as well as one of the world's leading financial centers - Wall Street are located in New York

Figure 1. Stock market capitalization (billions of US dollars)

Биржи

2013г.

2014г.

NYSE Euronext (US)

11.796

13.394

NASDAQ OMX (US)

3.845

3.889

Tokyo Stock Exchange Group

3.325

3.828

London Stock Exchange Group

3.266

3.613

NYSE Euronext (Europe)

2.447

2.930

Shanghai Stock Exchange

2.357

2.716

Hong Kong Exchanges

2.258

2.711

TMX Group

1.912

2.170

BM&BOVESPA

1.229

1.546

Austalian Securities Exchange

1.198

1.454


Source: The Data of World Federation of Exchanges

Unfortunately, the terrorist attacks that occurred in New York in September 2001 affected these attitudes: the trust of foreign businessmen has fallen dramatically, the number of international transactions has sharply decreased, and money has been withdrawn from the accounts of American banks. After acceptance Sarbanes-Oxley Act in 2002, which complicated the procedure for preparing the financial reporting activities of the company, the influence of New York, as MFC, on the world market has decreased. Because of this, a number of foreign companies were reoriented to other exchanges, for example, the London Stock Exchange. But despite the increased control of operations on the stock exchange, New York is still one of the leading international centers of the world. The US, according to the US Department of Economics and Statistics, broke the world record for the influx of foreign investment in the period from 2000-2010, and they amounted to 1.7 trillion dollars.
Now I want to talk about countries developing at a frantic pace and creating an effective economic structure. At the moment, the investment attractiveness of Southeast Asia is getting higher and higher, as Hong Kong, Singapore and Shanghai, the pearls of this region, have a wide range of opportunities for international business. Despite the fact that in 1995 the magazine Fortune predicted death to Hong Kong, in 2007 they also apologized, writing: "Well, we were wrong." At the moment, Hong Kong ranks third in the ranking of global financial centers (Figure 2), Hong Kong's economy occupies the 9th position in the world, GDP per capita is higher than in many developed countries of Europe. Investors are attracted by the taxation system existing in Hong Kong: the absence of taxes on capital, the tax on individual income is 15%, corporate tax is 16.5%.
Singapore, as a financial center, was formed fairly quickly, this was facilitated by the following factors: stability of the macroeconomic, political security, non-corrupt state, a favorable investment climate. Today, Singapore is the fourth largest center of foreign exchange trading in the world, the second - among the largest centers of over-the-counter secondary trade in Asia and plays an important role in the sphere of trade in consumer goods. Due to the fact that the tax authorities can not control the bank accounts of individuals, the risks of losing assets are greatly reduced. I also want to note that the dividends received by the shareholder are not taxed, because since 2003 the country has a single-level taxation system.

Figure 2

Source: The Global Financial Centres Index 21

The decentralization of financial flows in the modern world is one of the reasons why interaction with authoritarian governments is not effective. This is one of the reasons why there are still doubts that Shanghai and other Asian countries will be able to fully occupy the seats of the American MFCs.
At the moment, the argument about whether Asian MFCs can outrun the US MFC is not entirely justified. But we would like to say that, regardless of the fact that the data of the MFC had different development paths, different history and different directions, each of them is competitive in the market and will prosper for more than one year. Well, who will take the leading place in the market in 2050? We'll find out later. And as they say on Wall Street, "past results do not guarantee future success."

References

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