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Emergence and development of a financial cluster: the evolution of Andorra’s banking deposits in the long-term, 1931-2007

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  • Marc Galabert Macià

    (Facultat d'Economia i Empresa; Universitat de Barcelona (UB))

Abstract

This paper explores the origins of Andorra’s financial cluster. It shows that the free movement of currency, the protection of infant industry, and geographical concentration lie at the foundation of the cluster’s competitive advantage. Drawing on a new set of data, the paper also provides for the first time an estimate of the total deposits held by Andorra’s banks between 1931 and 2007. Based on this new information, the paper reaches the conclusion that the development of the cluster went through four distinct phases in which large companies, acting as leaders, played an important role in enhancing the cluster’s business capabilities.

Suggested Citation

  • Marc Galabert Macià, 2014. "Emergence and development of a financial cluster: the evolution of Andorra’s banking deposits in the long-term, 1931-2007," UB School of Economics Working Papers 2014/317, University of Barcelona School of Economics.
    • Handle: RePEc:ewp:wpaper:317web
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    More about this item

    Keywords

    Competitive advantage; Cluster lifecycle; Financial system; Leading firms; Infant industry protection;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • N84 - Economic History - - Micro-Business History - - - Europe: 1913-

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