| Outline of Final Research Achievements |
This project, depending on the concepts of network, hierarchy, and complementarity, and clearly including the borrowers’ viewpoint, searches the functions of international financial centres. In consideration of funds flow directions, the centres are divided into three groups: borrowing, lending, and straddle centres. The latest centre is both a lender and an accepter of liquidities. In the framework, I clarify borrowers, lenders, and intermediaries and the interdependence of their needs. As the result, I clarify the relationship between international financial centres and the newly industrializing economies which has self-reinforcing characteristic with using of key currencies in foreign trade finance and long-term capital exports and functioning of international financial centres as depository of liquidities.
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