The successful environment of international finance center(IFC) is closely linked to the advances in financial openness. Beyond just functioning as facilitating international financial transactions, the IFC will be sustainable under more opened financial system. On the other hand, the IFC as well as financial opening is expected to raise further the degree of financial development(FD). In this study, the effects of financial opening and the existence of IFC on the financial development are examined.In empirical work, cross-country sample of 106 countries are used and 11 of them are identified as IFC nations. The measure of financial openness are based on the IMF's annual Report on Exchange Arrangements and Exchange Restrictions(AREAER). For the degree of financial development, five quantitative indicators are used: liquid liabilities, claims of deposit money banks on non-financial domestic sectors, claims on private sector by deposit money banks and other financial institutions, stock market capitalization, total value traded on the stock market. All these FD indicators are measured as share of GDP. (The rest is omitted.)

국문요약

제1장 서론

제2장 금융발전의 결정요인들: 기존의 연구
1. 법규
2. 부존여건
3. 정치경제적 요인
4. 기타

제3장 세계각국의 금융발전 현황

제4장 금융개방과 금융발전
1. 기본 모형
2. 경제발전단계의 역할

제5장 국제금융센터와 금융발전

제6장 국제금융센터의 여건: 제도의 중요성 검토
1. 제도변수들
2. 실증분석

제7장 결론 및 정책시사점

참고문헌

Executive Summary