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The validity of research for the offshore financial markets of Singapore, both inside and outside the separation

Author: HuSong
Tutor: TangZhuChang
School: Fudan University
Course: Finance
Keywords: offshore financial market Singapore segregated mode VAR model empirical analysis
CLC: F832.6
Type: Master's thesis
Year: 2011
Downloads: 164
Quote: 0
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Abstract


The recent several decades has witnessed the trend of financial globalization and deregulation, the frequent capital flow throughout the world, the close cooperation between different countries and areas, as well as the development of related technology. Accordingly, offshore financial markets, as the most significant financial innovation of the last century, are playing a more active role in financial areas. Reviewing the history of the main financial centers, we can find out that all of them are the combination of onshore markets and offshore markets. In 2008, the strategy of building Shanghai into an international financial center was formally documented, and since then, the development of offshore financial markets has drawn lots of attention. Till now, pilot programs of offshore financial business have been launched in three cities--Shanghai, Shenzhen, and Tianjin, but it seems the specific scheme is still far away.Due to different management styles of onshore and offshore financial business, offshore financial markets can be classified into four modes:completely segregated; partially segregated; tax haven; completely integrated. Based on empirical analysis through VAR model, this paper intends to prove the efficiency of Singapore offshore financial market, which adopts the completely segregated mode. On one hand, the completely segregated mode creates the isolation of the offshore market from the onshore market, but on the other hand, governments can more conveniently supervise and manage the two markets respectively, and thus protect the internal market from the shock cause by fluctuations in the international financial market. Further, in this mode, offshore market and internal market actually compete with each other, and the competition will force domestic financial institutions take more effective measures, enhancing financial depth and capital openness of a country.At the startup period of offshore financial markets, most developing countries have adopted the completely segregated mode. So the experience of Singapore will be very enlightening to China, which is right on the way to formally build the offshore markets. In addition, China should launch corresponding favorable policies and enforce regulation.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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