The Evolutionary Chain of International Financial Centers
AbstractFinancial products are unstandardized and subject to a great deal of uncertainty. They tend to concentrate geographically because of the reduction in information costs resulting from close contacts. Concentration leads to economies of scale and encourages external economies. Great financial centers enjoy a high degree of persistence but are not immune from decline and eventual demise. Yet, their achievements are passed along in a an evolutionary manner. In revisiting the historical record of seven international financial centers –Florence, Venice, Genoa, Antwerp, Amsterdam, London and New Yorku' the paper finds evidence of a long evolutionary chain of banking and finance. As to the present and the future, the forces of integration are likely to give an additional boost to the persistence of international financial centers.
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Amsterdam; Antwerp; Banking; Evolution; Finance; Florence; Genoa; London; Money; New York; Venice;
Other versions of this item:
- Michele FRATIANNI, 2007. "The Evolutionary Chain of International Financial Centers," Working Papers 303, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- Michele Fratianni, 2007. "The Evolutionary Chain of International Financial Centers," Working Papers 2007-14, Indiana University, Kelley School of Business, Department of Business Economics and Public Policy.
- G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-02-14 (All new papers)
- NEP-DEV-2009-02-14 (Development)
- NEP-EVO-2009-02-14 (Evolutionary Economics)
- NEP-HIS-2009-02-14 (Business, Economic & Financial History)
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