World economy and international economic relations

Specialization of countries in the global market of financial services

Economic Annals-XXI

Economic Annals-ХХI: Volume 168, Issue 11-12, Pages: 9-13

Citation information:
Voinova, E. (2017). Specialization of countries in the global market of financial services. Economic Annals-XXI, 168(11-12), 9-13. doi: https://doi.org/10.21003/ea.V168-02

View Full-TextDownload PDF

Evgeniia Voinova
PhD (Economics),
Associate Professor,
Odesa I. I. Mechnikov National University
2 Dvorianska Str., Odesa, 65026, Ukraine
jane_voinova@yahoo.com
ORCID ID: https://orcid.org/0000-0002-6446-3077

Specialization of countries in the global market of financial services

Abstract. The author provides a critical analysis of the applied techniques of specialization indices calculation. According to the author’s calculations of the CSC index, the Balassa index (by export and employment) and the Krugman index of specialization of countries in the global financial services market for 2005-2015, the countries of the world were divided into the following groups: zero exporters of financial services, countries with absolute specialization, countries with factor-export specialization, countries with factor specialization, countries with export specialization, countries with partial export specialization and countries without explicit specialization. The findings of the research indicate that such countries as Luxembourg, Switzerland, the United States, Ireland, Canada and the United Kingdom have absolute specialization in financial services. Among the countries with factor-export specialization are South Africa and Australia; with factor specialization – Israel, South Korea, New Zealand and Austria; with export specialization – Kiribati, Hong Kong, Singapore, Afghanistan, Bermuda, Burkina Faso, Cyprus, Lebanon, Germany, and Latvia, with partial export specialization – Malta, Algeria, Liberia, Sweden, Benin, Guyana, Japan, Norway and France. Countries without explicit specialization are represented by the rest 123 countries of the world.

Keywords: Financial Services; Index of Specialization; Global Market of Financial Services; CSC Index; Balassa Index; Krugman Index

JEL Classification: F01; G15; G20

DOI: https://doi.org/10.21003/ea.V168-02

References

  1. Herzog, C., & Unal, D. (2011a). Industry or Services: The European Specialization Dilemma. CEPII. Vol 317. 1-4.
    Retrieved from https://ideas.repec.org/a/cii/cepill/2011-317.html
  2. Herzog, C., & Unal, D. (2011b). International specialization: the focus on services. CEPII.
    Retrieved from http://www.cepii.fr/blog/bi/post.asp?IDcommunique=37
  3. Krenz, A. (2014a). Adjustment Dynamics of Countries’ Specialization in the European Union. Applied Economic Letters, 21, 671-674.
    doi: https://doi.org/10.1080/13504851.2014.882069
  4. Krenz, A. (2014b). Services Sectors’ Concentration and Countries’ Specialization Patterns in the European Union: a Comparative Ana­lysis with a Special Focus on France, Germany, Greece, and the UK. Regional and Sectoral Economic Studies, 14(1), 23-32.
    Retrieved from http://www.usc.es/economet/journals2/eers/eers1412.pdf
  5. Marel, E. (2011). Determinants of Comparative Advantage in Services. Sciences-Po. Working Paper March 20, 2011.
    Ret­rieved from http://ecipe.org/app/uploads/2014/12/vanderMarel_DeterminantsComparativeAdvantages_in_services20032011.pdf
  6. Stefaniak-Kopoboru, J., & Kuczewska, J. (2016). Export Specia­lization in Services of the Visegrad Countries. Equilibrium. Quarterly Journal of Economics and Economic Policy, 11(2), 265-284.
    doi: https://doi.org/10.12775/EQUIL.2016.012
  7. Aiginger, K. (2000). Specialisation of European Manufacturing. WIFO Austrian Economic Quarterly, 5(2), 81-92.
    Retrieved from https://econpapers.repec.org/article/wfowquart/y_3a2000_3ai_3a2_3ap_3a81-92.htm
  8. Hirschman, A. O. (1980). National power and the structure of foreign trade. Berkeley: University of California Press.
  9. Traistaru, I., Nijkamp, P., & Longhi, S. (2002). Regional Specialization and Concentration of Industrial Activity in Accession Countries. ZEI Working Paper, 16.
    Retrieved from https://www.researchgate.net/profile/Simonetta_Longhi/publication/23730469_
    Regional_specialisation_and_location_of_industrial_activity_in_accession_countries/links/00b4951827
    c9bab8f8000000/Regional-specialisation-and-location-of-industrial-activity-in-accession-countries.pdf
  10. Amiti, M. (1997). Specialisation patterns in Europe. Center for Economic Performance. Discussion Paper No. 363.
    Retrieved from http://cep.lse.ac.uk/pubs/download/DP0363.pdf
  11. Brülhart, M. (2000). Evolving Geographical Specialisation of European Manufacturing Industries. University of Lausanne.
    Retrieved from http://www.hec.unil.ch/deep/textes/00.08.pdf
  12. Frias, I., Iglesias, A., & Neira, I. (2000). Regional specialization and trade patterns in Europe. Working Paper Series Economic Development, 46, 1-21. University of Santiago de Compostela. Faculty of Economics. Econometrics.
    Retrieved from http:/www.usc.es/economet/aeeadepdf/aeeade46.pdf
  13. Palan, N., & Schmiedeberg, C. (2008). Specialization Patterns of European Countries. FIW.
    Retrieved from http://www.fiw.ac.at/fileadmin/Documents/Veranstaltungen/Forschungskonferenz/4._foko/
    Einreichungen_und_Praesentationen/43.Palanetal.Specialization%20of%20Countries.pdf
  14. Lindeman, M. (2011). Country’s strategy in export of financial services. Procedia – Social and Behavioral Sciences, 24, 960-971.
    doi: https://doi.org/10.1016/j.sbspro.2011.09.035
  15. Hoekman, B., & Mattoo, A. (2007). Services Trade and Growth. Working Paper No. 4461. World Bank Policy Research.
    Retrieved from http://siteresources.worldbank.org/EXTPREMNET/Resources/489960-1338997241035/
    Growth_Commission_Workshops_Global_Trends_Hoekman_Mattoo_Paper.pdf
  16. Ray, A. I. (2009). Russia in transition towards a world financial centre: barriers and opportunities. Mirovoye i natsionalnoye Khozyaystvo (World and National Economics), 2.
    Retrieved from http://www.mirec.ru/2009-02/rossiya-na-puti-k-statusu-mirovogo-finansovogo-centra-prepyatstviya-i-vozmozhnosti
  17. Archibugi, D., & Pianta, M. (1992). The Technological Specialization of Advanced Countries. A Report to the EEC an International Science and technology activities. Springer Netherlands.
  18. Guardia, C. D., & Molero, J. (2003, December). Compared Analysis of the International Competitiveness of the Services Sector in Some OECD’s Countries. SETI.
    Retrieved from https://www.coleurope.eu/content/development/references-servicesEUinst/pdf/
    SETI/COMPARED%20ANALYSIS%20OF%20THE%20INTERNATIONAL%20COMPETITIVENESS%
    20OF%20THE%20SERVICES%20SECTOR%20IN%20SOME%20OECD´s%20COUNTRIES.pdf
  19. UNCTADSTAT (2016a). Goods and services (BPM6): Exports and imports of goods and services, annual, 2005-2015.
    Retrieved from http://unctadstat.unctad.org/wds/TableViewer/tableView.aspx?ReportId=89795
  20. UNCTADSTAT (2016b). Services (BPM6): Exports and imports by service-category, shares and growth, annual, 2005-2015.
    Retrieved from http://unctadstat.unctad.org/wds/ReportFolders/reportFolders.aspx?sRF_ActivePath=p,15912&sRF_Expanded=,p,15912
  21. OECD.Stat (2017). Population and employment by main activity.
    Retrieved from http://stats.oecd.org/Index.aspx?DataSetCode=SNA_TABLE3#
  22. International Labour Organization (ILO) (2017, November). Employment by sector – ILO modeled estimates.
    Retrieved from http://www.ilo.org/ilostat/faces/oracle/webcenter/portalapp/pagehierarchy/Page3.jspx?MBI_ID=33
  23. Statistics Finland (2017). Imports and exports of services by service item 2013-2015, EUR mil., Appendix table 1. Helsinki.
    Retrieved from http://tilastokeskus.fi/til/pul/2015/pul_2015_2016-11-25_tau_001_en.html

Received 23.01.2017

View Full-TextDownload PDF
In, , , , , ,

More Papers