English abstract
In recent years, there has been an increasing recognition of the need to improve the understanding of the activities of financial centers because these centers have captured a significant proportion of global financial flows. Financial centres provide financial services predominantly to nonresidents. In conducting its surveillance of economic and financial policies, the international counciles are interested in the impact on the national economies of its member countries of the operations undertaken in financial centres. Second, there are specific vulnerabilities to financial system stability in countries operating financial centres.
Although the scope for regulatory arbitrage is being minimized through various multilateral initiatives, anonymity, opacity of financial operations and legal protection in some financial centres have heightened the potential for financial abuses. Third, because financial centres depend on their ability to attract global financial business, competition is strong, and incentives for compliance with international standards are significantly different in financial centres compared to primarily domestic markets. There is a greater risk that profitability is achieved at the expense of regulatory and supervisory standards. This paper proposes a framework for determine the financial centre destinations and relations between tourism policies.
