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What have we learned about political participation changing a financial centre’s competitiveness?

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  • Bryane Michael

    (University of Hong Kong and University of Oxford)

Abstract

What role does polyarchy (and thus increased democracy) play in aiding the development of an international financial centre? Little research has addressed to date. In this paper, we look at that literature in preparation for econometric analysis in the future. The evidence, such as it exists, suggests that some jurisdictions use autocracy (less polyarchy) to help grow out their financial centres. These results could impact decisions ranging from Brexit to Hong Kong’s autonomy in its post-2047 period.

Suggested Citation

  • Bryane Michael, 2024. "What have we learned about political participation changing a financial centre’s competitiveness?," Journal of Banking Regulation, Palgrave Macmillan, vol. 25(4), pages 451-466, December.
    • Handle: RePEc:pal:jbkreg:v:25:y:2024:i:4:d:10.1057_s41261-024-00232-3
    DOI: 10.1057/s41261-024-00232-3
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    More about this item

    Keywords

    International financial centres; Finance juntas; Financial competitiveness;
    All these keywords.

    JEL classification:

    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • F55 - International Economics - - International Relations, National Security, and International Political Economy - - - International Institutional Arrangements
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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