Mumbai - An International Financial Centre

Resources assembled by team of consultants


1. The Emergence of IFCs: A brief history

Working Group on Offshore Financial Centres, Financial Stability Forum, 2000. [pdf]

Cities and geography of financial centres, Thomas Gehrig, 1998. [pdf]

What Moves German Bund Futures Contracts on the Eurex?, Ahn, H.-J. Cai, J. Cheung, 2002. [link]

Why do the LIFFE and DTB bund futures contracts trade at different prices?, Francis Breedon, 1996. [link]

Market liquidity and depth on computerised and open outcry trading system, C. Pirrong, 1996. [link]

2. 21st Century IFS provided by IFCs

Is India's National Stock Exchange (NSE) a globally competitive derivatives trading exchange?, Nathan Corson and Raghvendra Kedia. [xls]

Financial services in the global economy, HM Treasury, 2005. [link]

UK financial services sector: Rising to the challenges and opportunities of globalisation, HM Treasury,2005. [pdf]

Guide to sources of financial services statistics, International Financial Services, 2006. [pdf]

Offshore Financial Centers, IMF Background Paper, 2000. [link]

Global Financial Centers Index Report, 2007. [link]

3. Case studies: London, New York, Singapore, Dubai

Cities and geography of financial centres, Thomas Gehrig, 1998. [pdf]

The flickering global city, Eric Slater, 2004. [pdf]

Impact of offshore financial centers on international financial markets, Gunter Dufey and Sohnke, 1997. [link]

The formation of American financial centers, by John Colin Yee, 2006. [pdf]

Tsunami? War? Singapore Manages India's Risk, Andy Mukherjee, 2006. [link]

Hong Kong and Singapore as International Financial Centres: A Comparative Functional Perspective, Ng Beoy Kui, 1998. [pdf]

Singapore as a regional financial centre, Denis Hew, 2002. [pdf]

Singapore financial services sector: The road ahead, Ngiam Kee Jin, 2003. [pdf]

The emergence and development of Singapore as a regional financial centre, Raj Brown, 2006. [pdf]

London: The world's global village, Lloyd's, 2006. [link]

Key facts about the City of London and the 'Square Mile', City of London, 2006. [link]

International financial markets in the UK, International Financial Services, London, 2006. [pdf]

Report on outlook for banks operating in the city of London, Radley & Associates, 2004. [pdf]

Greenspan: London an important financial center, USA Today, 2002. [link]

Economic Development Team action plan for 2006/2007, City of London Corporation, 2006. [pdf]

Reinventing New York: Competing in the next century's global economy, Hugh O'Neill and Mitchell Moss, 1991. [pdf]

4. Domestic and Offshore demand for International Financial Services (IFS) in India

India; On the growth turnpike, Vijay Kelkar, 2004. [pdf]

Economic, industry and corporate trends, 2020, Economic Intelligence Unit, 2006. [pdf]

International banking and financial market developments, BIS Quarterly Review, 2006. [pdf]

Milestone in the internationalisation of the INR, Ajay Shah, [link]

5. Augmenting IFS provision via BPO

The Next Job Outsourced to India Could Be Yours: Mark Gilbert, Mark Gilbert, 2006. [link]

Making a miracle, Robert E. Lucas, 1993. [link]

GlobeOp, Largest Hedge Fund Administrator in India, Opens Third Office, GlobeOp, 2006. [pdf]

Wall Street gets outsourced to Mumbai, Bloomberg, 2006. [pdf]

SEC-certified TWI analysts to track US stocks from Mumbai, Business Line, 2006. [link]

6. Market deficiencies in Mumbai that inhibit the provision of IFS

The development of the Asian bond markets, Barry Eichengreen, 2004. [pdf]

The limits of arbitrage, A. Shleifer, R. W. Vishny, 1997. [link]

Report of High Level Committee on Corporate Bonds and Securitization, R. H. Patil, 2005. [pdf]

Agricultural commodity markets in India: Policy issues for growth, Susan Thomas, 2004. [pdf]

Accelerating India's growth through financial system reform, McKinsey Global Institute report, 2006. [link]

A comparative analysis of Mumbai and Shanghai, James Laurenceson and Abhaya Kamalakanthan, 2004. [pdf]

Mumbai leads financial way, Business Guardian, 2006. [link]

Security markets infrastructure for small countries, Ajay Shah, Susan Thomas, 2003. [pdf]

How the financial sector in India was reformed, Susan Thomas, 2006. [pdf]

7. The macroeconomic fallout of an IFC

Report of the Committee on Fuller Capital Account Convertibility, S. S. Tarapore, 2006. [pdf]

Reconciling the irreconcilable, Percy Mistry, 2006. [pdf]

Towards estimating India's implicit pension debt, Gautam .Bhardwaj, Surendra A. Dave, 2006. [pdf]

Flexible exchange rates as shock absorbers, S. Edwards, E. L. Yeyati, 2003. [link]

Doing everything wrong on debt flows, Ajay Shah, 2006. [link]

Local currency bond markets, J.D.Burger, F.E.Warnock, 2006. [pdf]

Some apparent puzzles for contemporary monetary policy, Rakesh Mohan, 2006. [pdf]

Monetary policy strategy: How did we get here?, F.S.Mishkin, 2006. [pdf]

From fixed to float: Operational aspects of moving toward exchange rate flexibility, R.Duttagupta, G.Fernandez, C.Karacadag, 2004. [pdf]

Moving to a flexible exchange rate: How, when and how fast?, R.Duttagupta, G.Fernandez, C.Karacadag, 2006. [link]

Towards an independent federal Reserve Bank of India: A political economy agenda for reconstitution, A. Chandavarkar, 2006. [link]

Monetary policy rules in emerging market economies: Issues and evidence, M.S.Mohanty, M.Klau, 2004. [pdf]

India's currency regime and its consequences, Ila Patnaik, 2007. [link]

India's policy stance on reserves and the currency, Ila Patnaik, 2003. [pdf]

India's experience with a pegged exchange rate, Ila Patnaik, 2005. [pdf]

India's experience with capital flows: The elusive quest for a sustainable current account deficit, Ajay Shah, Ila Patnaik, 2007. [link]

Domestic saving and international capital flows, M. Feldstein, C. Horioka, 1980. [link]

Flying blind, Ajay Shah, 2006. [link]

Capital controls: myth and reality, Nicolas E. Magud, Carmen Reinhart and Kenneth Rogoff, 2006. [pdf]

Why capital account convertibility in India is premature, John Williamson. [pdf]

8. Financial Regime Governance: Its role in an IFC and a comparative perspective

Offshore financial centers: parasites or symbionts? [pdf]

Evaluating Better Regulation: Building the System, European Policy Forum, 2006. [pdf]

Competitiveness of US capital markets, Henry M. Paulson, 2006. [link]

9. What are the limitations of financial regime governance?

Matrix of Regulatory Issues Influencing the Emergence of Mumbai as an International Financial Centre (IFC). [xls]

Third world multinationals: The characteristics of Indian firms investing abroad, R. Lall,1986. [link]

Banking sector reform in India, Nachiket Mor, R.Chandrasekar,2005. [pdf]

Competition and scope of activities in financial services, S.Claessens, D.Klingebiel, 2001. [link]

Benefits and costs of integrated financial services provision in developing countries, S.Claessens,2002. [pdf]

10. Why does financial regime governance have these limitations?

Foreign Exchange City Business Series, October 2006, International Financial Services, London. [pdf]

Comparing Indian and Chinese progress on financial sector reforms, Ajay Shah, 2006. [link]

FSA as a Regulatory Role Model, Jayanth Varma, 2006. [link]

11. Reforming financial regime governance

A sustainable and scalable approach in Indian pension reform, Ajay Shah, 2006. [pdf]

Individuals in currency trading, Ajay Shah, 2006. [link]

Treating customers fairly - towards fair outcomes for consumers, Financial Services Authority, 2006. [pdf]

Treating Customers Fairly and more principles-based regulation, Clive Briault, 2006. [link]

A framework for assessing the benefits of financial regulation, A report prepared for Financial Services Authority, 2006. [pdf]

The cost of regulation study, commissioned by the FSA and the FSPP, 2005. [pdf]

Emerging market debt & venture hedge funds: free-ridership, legal and market remedies, John Nolan, 2001. [link]

12. Tax policy for an IFC in Mumbai

Debating the Tobin Tax, New rules for Global Finance, 2003. [pdf]

Paying taxes: the global picture, World Bank report, 2006. [pdf]

Report of the Task Force on Implementation of the Fiscal Responsibility and Budget Management Act, 2003, Ministry of Finance, Government of India, 2004. [link]

13. A perspective on Mumbai's strengths

Ensuring India's offshoring future, Diana Farrell, Noushir Kaka and Sacha Sturze, 2005. [pdf]

Identifying the Key Elements of Sustainable Growth, Global Competiveness Report 2006-2007, 2006. [pdf]

Country Rankings 2006-2007, World Economic Forum, 2006. [pdf]

World Competitiveness Yearbook, 2005, Institute for Management Development, 2005. [link]

Doing Business - Economy Rankings, World Bank, 2006. [link]

14. Urban infrastructure and governance

The competitive position of London as a Global Financial Centre, The Corporation of London, 2005. [pdf]

International Investment, Ownership and Risk in the City of London Office Market: An Analysis of Trends 1972-1997, Andrew E Baum and Colin M Lizieri, 1998. [pdf]

Global Office Occupancy Costs Survey, DRZ Research, 2005. [pdf]

Institution building in the financial sector, Overview of G20 discussions, 2005. [pdf]

Why rich Mumbai has such apalling real estate, Andy Mukherjee, 2007. [link]

15. The HPEC's recommendations

HPEC Report on Making Mumbai an International Financial Centre: Timelines for Recommended Actions. [doc]