What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014 | Zendy

Dariusz Wójcik | Zendy; Eric Knight | Zendy; Vladimír Pažitka | Zendy

AI Assistant Blog Pricing

Home ZAIA Blog

Open Access

What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014

Author(s) -

Dariusz Wójcik,

Eric Knight,

Vladimír Pažitka

Publication year - 2017

Publication title -

journal of economic geography

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 2.518

H-Index - 102

eISSN - 1468-2710

pISSN - 1468-2702

DOI - 10.1093/jeg/lbx008

Subject(s) - enforcement , investment banking , globalization , business , investment (military) , revenue , financial system , financial market , stock market , finance , stock (firearms) , competition (biology) , foreign direct investment , economics , market economy , macroeconomics , politics , political science , law , mechanical engineering , paleontology , ecology , horse , biology , engineering

Globalisation, financialisation and technology have fuelled competition among international financial centres, with investment banks playing an important part in the process. This study introduces novel data on cross-border investment banking revenues in 2000-14 by city, and investigates their determinants. It shows that international financial centres emerge from cities that are already leading domestic financial centres, with large, deep, flexible and open labour markets, and a large and internationalised non-financial sector, in countries with strong rule of law and contract enforcement. Stock market returns, corporate and finance-specific taxation, English as the official language, and legal family of origin do not seem to matter

The content you want is available to Zendy users.

Already have an account? Click here to sign in.

Having issues? You can contact us here

Accelerating Research