Premium
The correlates of international financial‐center status
Author(s) -
Eichengreen Barry,
Shah Nachiket
Publication year - 2020
Publication title -
review of international economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.513
H-Index - 58
eISSN - 1467-9396
pISSN - 0965-7576
DOI - 10.1111/roie.12441
Subject(s) - openness to experience , transparency (behavior) , economics , financial stability , point (geometry) , financial system , center (category theory) , finance , government (linguistics) , political science , chemistry , philosophy , geometry , mathematics , crystallography , law , psychology , social psychology , linguistics
We consider the correlates of international financial‐center status. Our estimates point to the flexibility, transparency, and stability of the economic and social environment as determinants of financial center‐status. They point also to roles for monetary and financial stability, financial openness, financial scale and development, technology and size of government. We draw out the implications of this analysis for the future prospects of actual and aspiring international financial centers such as London, New York, and Shanghai.