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International Financial Services: Location Preferences and Economies


  • George M. von Furstenberg

    (Indiana University, Department of Economics, Wylie Hall, Bloomington, IN 47405/USA)


Advanced and rapidly developing countries vie to bring International Financial Services (IFS) industries to some of their major cities or to keep them there. The ICT revolution has made those IFS that can be commoditized footloose in search of cost efficiency. High value-added financial services, however, continue to be produced in a few major IFS centers that have capitalized on regional or global advantages for themselves and their clients. The resulting pattern of functional fragmentation and geographic dispersal could facilitate analyzing the competitiveness of different lines of the financial services business in a particular location. Yet the conclusiveness of methods applied to do so in the past recently has been questioned. In addition, internationally active banks’ growing emphasis on intermediating between financial institutions rather than clients from the nonfinancial sector, plus the leveraging of their balance sheets through carry trades and securitization, have posed new challenges for the evaluation of their comparative efficiency across activities and over time. Hence stock-taking appears called for.

Suggested Citation

  • George M. von Furstenberg, 2009. "International Financial Services: Location Preferences and Economies," Credit and Capital Markets, Credit and Capital Markets, vol. 42(4), pages 487-508.
  • Handle: RePEc:kuk:journl:v:42:y:2009:i:4:p:487-508

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    References listed on IDEAS

    1. Martin Hellwig, 2009. "Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis," De Economist, Springer, vol. 157(2), pages 129-207, June.
    2. Hellwig, Martin, 1997. "Unternehmensfinanzierung, Unternehmenskontrolle und Ressourcenallokation: Was leistet das Finanzsystem?," Sonderforschungsbereich 504 Publications 97-02, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    3. Barry Eichengreen, 2009. "From the Asian crisis to the global credit crisis: reforming the international financial architecture redux," International Economics and Economic Policy, Springer, vol. 6(1), pages 1-22, June.
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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F30 - International Economics - - International Finance - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General


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