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The Evolutionary Chain of International Financial Centers

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Author Info
Michele Fratianni (Department of Business Economics and Public Policy, Indiana University Kelley School of Business)

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Abstract

Financial 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 York — 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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File URL: http://www.bus.indiana.edu/riharbau/RePEc/iuk/wpaper/bepp2007-14-fratianni.pdf
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Publisher Info
Paper provided by Indiana University, Kelley School of Business, Department of Business Economics and Public Policy in its series Working Papers with number 2007-14.

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Date of creation: Aug 2007
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Handle: RePEc:iuk:wpaper:2007-14

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Related research
Keywords: banking evolution finance money Genoa Venice Florence Antwerp Amsterdam London New York

Find related papers by JEL classification:
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management
N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative

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References listed on IDEAS
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  1. Fratianni, Michele & Spinelli, Franco, 2006. "Italian city-states and financial evolution," European Review of Economic History, Cambridge University Press, vol. 10(03), pages 257-278, December. [Downloadable!]
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