Levchenko A.V.Institute of World Economy and International Relations (IMEMO) of Russian Academy of Sciences, Moscow, Russian Federation antimofa@yandex.ru
Subject The article considers the competitive ability of Korean and Russian Financial Centers (Pusan, Seoul, Moscow) and the government policy of the two countries related to financial centers formation. Objectives The purpose of the research is to designate the ways to enhance the competitive edge of Russian financial centers based on the Korean experience. Methods I perform the comparative and structural analyses to compare the position of Korean and Russian financial centers in international ratings (GFCI of Z/Yen Group, and IFCDI of Xinhua News Agency and DJ), and identify major areas of competitive ability of Seoul and Moscow. The systems analysis helped identify major factors of competitiveness. Results The core of Korean IFC competitiveness is a developed financial sector and reputation advantages. The Korean financial sector has achieved a higher level and dynamics of development in terms of lending, capitalization, and insurance premiums. The main factors of Korean financial success include breakthrough measures for IFC creation (capital and financial market liberalization, consolidation and elimination of contradictions in legislation), feasible and detailed financial policy, etc. The article presents the main spheres of the Korea experience in IFC development applicable to Russia. Conclusions and Relevance A successful program for building a financial center in Russia requires accelerating the financial sector development, creating a system of several financial centers, positioning by specialization (bonds) and geography (Eurasian region, West Europe), enhancing reputation in the international financial market.
Keywords: international financial center, financial development, competitiveness factors, financial sector reform
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