Tokyo, Hong Kong and Singapore as competing financial centres

Abstract

In the 1990s, Asia’s share of international capital flows increased dramatically. Most of this rapid increase was, of course, due to the increase in the capture by Asia’s developing countries of these flows. In the 1990s, it is also notable that private flows overwhelmingly explain this dramatic increase. Total net capital flows to East Asia and the Pacific increased from US$26.5 billion in 1990 to US$105.3 billion in 1995 (Reidel 1997). In the same period, net official flows barely increased, from US$6.1 billion to US$7.2 billion, while private flows increased four times, from US$20.4 billion to US$90.3 billion (Table 6.1). Of these private capital flows, portfolio flows increased five times in the same period (from US$2.2 billion to US$12.2 billion).

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