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Les capitales financières : la place de Francfort et ses perspectives

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  • Hans-Helmut Kotz
  • Reinhard H. Schmidt

Abstract

[eng] Financial locations : Frankfurt’s place and perspectives . The introduction of a common currency as well as the harmonization of rules and regulations in Europe has significantly reduced distance in all its guises. With reduced costs of overcoming space, this emphasizes centripetal forces and it should foster consolidation of financial activity. In a national context, as a rule, this led to the emergence of one financial center. Hence, Europeanization of financial and monetary affairs could foretell the relegation of some European financial hubs such as Frankfurt and Paris to third-rank status. Frankfurt’s financial history is interesting insofar as it has lost (in the 1870s) and regained (mainly in the 1980s) its preeminent place in the German context. Because Europe is still characterized by local pockets of information-sensitive assets as well as a demand for variety the national analogy probably does not hold. There is room in Europe for a number of financial hubs of an international dimension, including Frankfurt. . JEL classification : F15, F36, G1, G2, N20, R12 [fre] L’introduction d’une monnaie unique et l’harmonisation de la réglementation en Europe ont considérablement réduit les distances, dans tous les sens du terme. Avec la réduction des coûts que cela entraîne, des forces centripètes ont été mises en branle et devraient pousser à la concentration des activités financières. Dans un cadre national, en général, cela a entraîné l’apparition d’un centre financier unique. En conséquence, l’européanisation des questions financières et monétaires pouvait laisser prévoir la relégation de certains centres financiers européens comme Francfort ou Paris à un statut de troisième rang. L’histoire financière de Francfort est, à cet égard, particulièrement intéressante dans la mesure où cette place a perdu (dans les années 1870) et regagné (surtout dans les années 1980) sa prééminence dans le cadre de l’Allemagne. Dans la mesure où l’Europe reste caractérisée par l’existence de poches locales d’investissements sensibles à l’information et par une demande de diversité, le raisonnement par analogie nationale n’a probablement plus cours. Il y a donc place en Europe pour un certain nombre de centres financiers de dimension internationale, y compris Francfort. . Classification JEL : F15, F36, G1, G2, N20, R12

Suggested Citation

  • Hans-Helmut Kotz & Reinhard H. Schmidt, 2007. "Les capitales financières : la place de Francfort et ses perspectives," Revue d'Économie Financière, Programme National Persée, vol. 90(4), pages 157-175.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_90_4_4408
    DOI: 10.3406/ecofi.2007.4408
    Note: DOI:10.3406/ecofi.2007.4408
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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