Specialization of countries in the global market of financial services

The author provides a critical analysis of the applied techniques of specialization indices calculation. According to the author’s calculations of the CSC index, the Balassa index (by export and employment) and the Krugman index of specialization of countries in the global financial services market for 2005-2015, the countries of the world were divided into the following groups: zero exporters of financial services, countries with absolute specialization, countries with factor-export specialization, countries with factor specialization, countries with export specialization, countries with partial export specialization and countries without explicit specialization. The findings of the research indicate that such countries as Luxembourg, Switzerland, the United States, Ireland, Canada and the United Kingdom have absolute specialization in financial services. Among the countries with factorexport specialization are South Africa and Australia; with factor specialization Israel, South Korea, New Zealand and Austria; with export specialization Kiribati, Hong Kong, Singapore, Afghanistan, Bermuda, Burkina Faso, Cyprus, Lebanon, Germany, and Latvia, with partial export specialization Malta, Algeria, Liberia, Sweden, Benin, Guyana, Japan, Norway and France. Countries without explicit specialization are represented by the rest 123 countries of the world.