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Goodbye Reykjavik: international banking centres and the global financial crisis
Author(s) -
Derudder Ben,
Hoyler Michael,
Taylor Peter
Publication year - 2011
Publication title -
area
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.958
H-Index - 82
eISSN - 1475-4762
pISSN - 0004-0894
DOI - 10.1111/j.1475-4762.2010.00968.x
Subject(s) - financial crisis , financial system , capital (architecture) , point (geometry) , international banking , business , finance , economics , geography , macroeconomics , geometry , mathematics , archaeology
This empirical paper analyses how leading international banking centres (IBCs) have been faring under the 2008 global financial crisis. We aggregate data derived from The Banker's annual list of the world's leading banks at the city level to map changing levels of Tier 1 capital between 2007 and 2008 and returns on capital in 2008. The results point to a general but nonetheless variegated shift ‘from West to East’ in the world of IBCs. The paper concludes with a brief review of the implications for future research on financial geographies in general and the geographies of the financial crisis in particular.