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The Location of Financial Activities: The Impact of New Technologies and the Financial Crisis

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Author Info
Gunther Capelle-Blancard
Yamina Tadjeddine

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Abstract

The location of financial activities is traditionally characterized by a great deal of inertia. However, the boom in new information and communication technologies, the globalization of economies and the 2007-08 financial crisis have considerably modified the geography of finance. Financial globalization has, first of all, had a heavy impact on the level of spatial concentration / dispersion of activities. The dynamics have not acted in a uniform way – schematically speaking three levels can be distinguished. On the urban scale, financial activities have been spread out (suburbanization), while on the regional scale or the national scale, due to financial globalization, financial activities have been more tightly grouped. Lastly, on the international scale, a movement of dispersion has mainly been observed, along with a specialization of financial centers. The 2007-08 financial crisis might well accentuate this last effect and cause an upheaval in world hierarchy. Actually, the financial centers that are most elastic to the economic situation – London, New York and tax havens – are massively losing jobs, while the stock markets in Shanghai, Hong Kong and Bombay are now upstaging them as major players.

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Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2009-26.

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Length: 20 pages
Date of creation: 2009
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Handle: RePEc:drm:wpaper:2009-26

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Related research
Keywords: Financial Geography; International Financial Centers; Globalization; Informational Externalities;

Find related papers by JEL classification:
E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
G2 - Financial Economics - - Financial Institutions and Services
R1 - Urban, Rural, and Regional Economics - - General Regional Economics

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Gordon L. Clark, 2002. "London in the European financial services industry: locational advantage and product complementarities," Journal of Economic Geography, Oxford University Press, vol. 2(4), pages 433-453, October.
  2. Tom Arnold & Philip Hersch & J. Harold Mulherin & Jeffry Netter, 1999. "Merging Markets," Journal of Finance, American Finance Association, vol. 54(3), pages 1083-1107, 06. [Downloadable!] (restricted)
  3. Jessie P.H. Poon, 2003. "Hierarchical Tendencies of Capital Markets Among International Financial Centers," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 34(2), pages 135-156. [Downloadable!] (restricted)
  4. Stuart S. Rosenthal & William C. Strange, 2005. "The geography of entrepreneurship in the New York metropolitan area," Economic Policy Review, Federal Reserve Bank of New York, issue Dec, pages 29-53. [Downloadable!]
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This page was last updated on 2009-11-23.

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