Toward Asian Pacific Financial Centers: A Comparative Study of Financial Developments in Taiwan, Hong Kong and Singapore

There are many societal similarities among Taiwan, Hong Kong and Singapore. However, with respect to financial developments, there is no denying that Hong Kong and Singapore score higher than Taiwan with regard to liberalization and internationalization. The financial developments of the three regions are compared retrospectively and prospectively along the lines of financial institutions, financial markets and government controls. The differences in the relative scales of the three regions' financial industries are highlighted together with a comparison of their developmental processes.