Necessary conditions for establishing an international financial center in Asia

Establishing an international financial center appears to be an important goal of many governments in emerging markets in Asia to support national economic growth. The establishment of such a center requires a multifaceted approach in which theoretical and practical aspects are important to consider...

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Autores principales:	Thang Cong Nguyen, Nhan Thien Nguyen, Duc Hong Vo
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2020
Materias:	freedom to trade market size higher education and training government size bayesian averaging of classical estimates asian region Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/1959f34811714afd810481cbcf14226c
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spelling	oai:doaj.org-article:1959f34811714afd810481cbcf14226c2021-12-02T14:41:55ZNecessary conditions for establishing an international financial center in Asia2331-197510.1080/23311975.2020.1823597https://doaj.org/article/1959f34811714afd810481cbcf14226c2020-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2020.1823597https://doaj.org/toc/2331-1975Establishing an international financial center appears to be an important goal of many governments in emerging markets in Asia to support national economic growth. The establishment of such a center requires a multifaceted approach in which theoretical and practical aspects are important to consider. This study is conducted to examine and identify the necessary conditions leading to the establishment of a center in the Asian region. We identify 14 determinants in the current literature. We then construct 16,384 models to consider the relevance and importance of each of these 14 determinants in the context of the Asian region. The Bayesian averaging of classical estimates (BACE) is used with a sample of 35 Asian countries in this paper. Findings from our paper indicate that emerging and developing countries in the Asian region should focus on the following fundamental determinants: freedom to trade internationally, market size, higher education and training, and the size of the government. Policy implications are offered based on our findings.Thang Cong NguyenNhan Thien NguyenDuc Hong VoTaylor & Francis Grouparticlefreedom to trademarket sizehigher education and traininggovernment sizebayesian averaging of classical estimatesasian regionBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 7, Iss 1 (2020)
institution	DOAJ
collection	DOAJ
language	EN
topic	freedom to trade market size higher education and training government size bayesian averaging of classical estimates asian region Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	freedom to trade market size higher education and training government size bayesian averaging of classical estimates asian region Business HF5001-6182 Management. Industrial management HD28-70 Thang Cong Nguyen Nhan Thien Nguyen Duc Hong Vo Necessary conditions for establishing an international financial center in Asia
description	Establishing an international financial center appears to be an important goal of many governments in emerging markets in Asia to support national economic growth. The establishment of such a center requires a multifaceted approach in which theoretical and practical aspects are important to consider. This study is conducted to examine and identify the necessary conditions leading to the establishment of a center in the Asian region. We identify 14 determinants in the current literature. We then construct 16,384 models to consider the relevance and importance of each of these 14 determinants in the context of the Asian region. The Bayesian averaging of classical estimates (BACE) is used with a sample of 35 Asian countries in this paper. Findings from our paper indicate that emerging and developing countries in the Asian region should focus on the following fundamental determinants: freedom to trade internationally, market size, higher education and training, and the size of the government. Policy implications are offered based on our findings.
format	article
author	Thang Cong Nguyen Nhan Thien Nguyen Duc Hong Vo
author_facet	Thang Cong Nguyen Nhan Thien Nguyen Duc Hong Vo
author_sort	Thang Cong Nguyen
title	Necessary conditions for establishing an international financial center in Asia
title_short	Necessary conditions for establishing an international financial center in Asia
title_full	Necessary conditions for establishing an international financial center in Asia
title_fullStr	Necessary conditions for establishing an international financial center in Asia
title_full_unstemmed	Necessary conditions for establishing an international financial center in Asia
title_sort	necessary conditions for establishing an international financial center in asia
publisher	Taylor & Francis Group
publishDate	2020
url	https://doaj.org/article/1959f34811714afd810481cbcf14226c
work_keys_str_mv	AT thangcongnguyen necessaryconditionsforestablishinganinternationalfinancialcenterinasia AT nhanthiennguyen necessaryconditionsforestablishinganinternationalfinancialcenterinasia AT duchongvo necessaryconditionsforestablishinganinternationalfinancialcenterinasia
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Necessary conditions for establishing an international financial center in Asia

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