Historical Perspective on International Financial Centers
International financial services in their most basic conceivable forms have been provided, in one form or another, for at least two millennia. The growth of international finance as we know it (financial services, institutions and markets) has been shaped by history in response to requirements for capital specific to different times and different places. In early times, when there was no infrastructure, no central banking, and no financial regulation, merchants and bankers worked alone and had great difficulty in raising funds for their investments. They eventually diversified their sources of funds (to royalty, church, landed aristocracy and wealthy professionals) and began collaborating with partners in other locations. These early impulses resulted in incipient clusters of financial expertise that were later to evolve into what we call international financial centers (IFCs) nowadays.
Volume (Year): XII (2012)
Issue (Month): 1 (May)
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