Question :What is the role of global financial centers in global financial system and

how global financial centers can help in economic growth of developing countries?
Definition of financial centers:
A economic center is an area where there's excessive awareness of financial
establishments. The area can be a metropolis, county, or somewhere large.
Financial centers have the nice business and communications infrastructure
wherein people behavior big volumes of worldwide and domestic trading
transactions. The globe’s most crucial financial facilities are New York, London,
and Tokyo. Regional and countrywide monetary centers engage with the main
facilities and might characteristic as commercial enterprise feeders. They may offer
them with local get entry to.
The Global Financial Centers Index (GFCI) is a ranking of the competitiveness
of economic centers primarily based on over 29,000 economic center tests from an
internet questionnaire together with over one hundred indices from businesses
consisting of the World Bank, the Organization for Economic Co-operation and
Development (OECD), and the Economist Intelligence Unit. The first index turned
into published in March 2007. It has been collectively published two times in step
with 12 months by Z/Yen Group in London and the China Development Institute
in Shenzhen due to the fact 2015, and is extensively quoted as a top supply for
ranking financial/monetary centers.