Advanced Search
MyIDEAS: Login

Evolution, spatial selforganisation and path dependence : Tokyo's role as an international financial center


Author Info

  • Reszat, Beate
Registered author(s):


    Japan's markets for money, capital and foreign exchange are among the biggest worldwide. For many years, Tokyo's role as the leading financial center in Asia has been unchallenged. However, recently, other places in the region such as Singapore and Hong Kong have invested heavily to strengthen their competitiveness, and countries like Malaysia and Thailand stand in line to follow their example. This raises two questions: First, how can the emergence of financial centers be explained in general? Second, what are Tokyo's longer-term prospects and how are they affected by the various influences? The study draws the attention to the role of evolutionary forces and the way by which micromotives and the interaction of many agents produces macrobehavior. In this preliminary paper representing a very early stage of research, financial markets are considered as emergent systems characterised by a high degree of complexity. Starting from an analysis of the strengths and weaknesses of a basic concept of the New Economic Geography possible alternatives to capture the idea of evolving financial markets are discussed. Then a tentative classification of financial places in Asia and, in particular, Tokyo's future role is given. -- Japans Finanzmärkte zählen zu den größten der Welt. Lange Zeit erschien die Rolle Tokios als führendes Finanzzentrum Ostasiens unumstritten. In den letzten Jahren haben jedoch in einigen Ländern der Region alte und neue Märkte begonnen, verstärkt in Wettbewerb dazu zu treten. Das wirft die Frage auf, welche Faktoren generell die Entwicklung von Finanzzentren beeinflussen und in welcher Weise insbesondere Tokio davon betroffen ist. Die folgende Studie, die höchst vorläufiger Natur ist und die Forschungsarbeit in einem sehr frühen Stadium darstellt, lenkt die Aufmerksamkeit auf die Bedeutung evolutionärer Veränderungen. Finanzmärkte werden hier als emergente Systeme betrachtet, die durch ein hohes Maß an Komplexität gekennzeichnet sind. Ausgangspunkt der Analyse ist eine Beschreibung der Stärken und Schwächen eines Ansatzes aus der Neuen Ökonomischen Geographie zur Erklärung von Agglomeration, die Weiterentwicklung seiner grundlegenden Ideen und die Untersuchung, in welcher Weise sich diese auf die Evolution von Finanzmärkten anwenden lassen. Daran schließt sich der Versuch einer vorläufigen Klassifikation von Finanzplätzen in Asien an, bei der besonderes Augenmerk auf Tokios zukünftige Rolle in der Region gerichtet ist.

    Download Info

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
    File URL:
    Download Restriction: no

    Bibliographic Info

    Paper provided by Hamburg Institute of International Economics (HWWA) in its series HWWA Discussion Papers with number 93.

    as in new window
    Date of creation: 2000
    Date of revision:
    Handle: RePEc:zbw:hwwadp:26371

    Contact details of provider:
    Postal: Neuer Jungfernstieg 21, D-20347 Hamburg
    Phone: 0049-40-42834-0
    Fax: 0049-40-42834-451
    Web page:
    More information through EDIRC

    Related research


    Find related papers by JEL classification:


    References listed on IDEAS
    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.:
    as in new window
    1. Fujita,Masahisa, 1989. "Urban Economic Theory," Cambridge Books, Cambridge University Press, number 9780521346627, October.
    2. Dosi, Giovanni, 1997. "Opportunities, Incentives and the Collective Patterns of Technological Change," Economic Journal, Royal Economic Society, vol. 107(444), pages 1530-47, September.
    3. Scheinkman, Jose A & Woodford, Michael, 1994. "Self-Organized Criticality and Economic Fluctuations," American Economic Review, American Economic Association, vol. 84(2), pages 417-21, May.
    Full references (including those not matched with items on IDEAS)



    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


    Access and download statistics


    When requesting a correction, please mention this item's handle: RePEc:zbw:hwwadp:26371. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics).

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.