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- Title
What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014.
- Authors
Wójcik, Dariusz; Knight, Eric; Pažitka, Vladimír
- Abstract
Globalisation, financialisation and technology have fuelled competition among international financial centres (IFCs), with investment banks playing an important part in the process. This study introduces novel data on cross-border investment banking revenues in 2000-2014 by city, and investigates their determinants. It shows that IFCs 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.
- Subjects
GLOBALIZATION; FINANCIALIZATION; INTERNATIONAL financial institutions; INVESTMENT banking
- Publication
Journal of Economic Geography, 2018, Vol 18, Issue 1, p1
- ISSN
1468-2702
- Publication type
Article
- DOI
10.1093/jeg/lbx008