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Abstract
Traditional measures of concentration of financial market activities do not adequately
reflect an economy's status as an international financial centre (IFC). In this paper, we
construct alternative measures that better capture the ability of an IFC to attract capital
flows and international demand for its financial services, as well as its attractiveness as a
place for international financial institutions to congregate. We also explore the
determinants of the competitiveness of IFCs in an analytical and empirical framework.
Our findings suggest that, in addition to the pull factors of the IFC, push or demand
factors from the economies importing financial services from the IFC are also important.
The rise of Mainland China represents a potentially important push factor for the demand
for financial services exports from Hong Kong, and hence its status as an IFC.
JEL Classification Numbers: F21; G15; G28
Keywords: International financial centre; financial services......

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Approximate Word Count: 11753
Approximate Pages: 48 (250 words per double-spaced page)

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