Regional financial centers and their role in the global economy

Abstract

This article considers the scientific approaches to the interpretation of the regional financial centers essence and determination of the place they occupy in the system of financial centers of the world. Based on the comparison of existing approaches differences between regional and international financial centers are specified. Key characteristics of regional financial centers distinguishing them from other types of financial centers are grounded. Specific features of financial markets operating in regional centers are considered. Competitive positions of some regional centers in the ranking of financial centers of the world are assessed. Characteristics of regional financial center that are subject to further development and improvement in order to obtain the international status are defined