Existing studies of Hong Kong's and Singapore's success as leading Asian international financial centers (IFCs) have largely focused on economic structural factors at the neglect of political economic contextual variables. Taking a policy subsystems approach and based on extensive field research, this article attempts to address this shortcoming by conceptualizing the "policy relations" that exist between state, industry, and other non-state actors in the two IFCs and delineating the "division of policy roles" among these actors. In the process, this article contributes toward the existing IFC literature and conceptualizes the sociopolitical relations that exist among financial sector actors. Copyright © 2015 Taylor & Francis Group, LLC.
CitationWoo, J. J. (2015). Policy relations and policy subsystems: Financial policy in Hong Kong and Singapore. International Journal of Public Administration, 38(8), 553-561. doi: 10.1080/01900692.2014.949750
- Financial governance
- Financial policy
- International financial centers
- Policy subsystems