Abstract
The gyrations of capital flows during and after the recent financial crisis have declined somewhat, as shown by the weakening of uphill flows of capital to US Treasury bonds. Financial flows to emerging economies have stabilised, and reserve managers in central banks are taking a few credit risks compared to the usual “flight to quality”, as the economy emerges from a structural reduction in US Treasury bonds. These themes are reflected in the new geography of capital markets, which is beginning to see new large continent-sized jurisdictions taking centre stage. The purpose of this Report is to provide, through an overview of the structural factors that are shaping the new geography of finance, the rationales behind the emergence of new Financial Hubs in Asia-China and Europe.
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