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Géographie de l'industrie financière aux États-Unis

Author

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  • Éric Monnet
  • Pierre Uhel

Abstract

[fre] Cet article montre l’importance des facteurs de concentration dans la dynamique de la géographie financière des États-Unis, en dépit des forces de dispersion traditionnelles dues à l’histoire juridique et politique du pays, et de la dématérialisation constante des échanges. Si quelques fonds d’investissement ont opté pour des localisations inédites, et bien que la géographie de chaque secteur possède des caractéristiques propres, la tendance générale est bien au regroupement qui favorise les externalités positives des réseaux financiers. La qualification des emplois, le volume d’actifs gérés et l’étendue des activités ne cessent d’augmenter dans les centres financiers existants, en contraste avec un net rééquilibrage national du nombre d’emplois financiers. Par la densité de son réseau, New York domine très largement le secteur mais les centres secondaires (Chicago, Boston, quelques villes de Californie ou du centre) continuent leur expansion, souvent en profitant de leur spécialités et avantages comparatifs existants. . Classification JEL : G20, J21, O51, R12 [eng] The geography of the financial industry in the United States . This article shows that although many traditional dispersion forces - due to the political and legal history of the United States and to the growing dematerialization of exchange - still have a great influence on the geography of the financial industry, new dominant factors help agglomeration to arise. Even though some fund managers have chosen to move in new peripheries, and taking into account that the geography of each sector is very different, we show that firms still tend to concentrate in order to benefit from the positive externalities of the financial network. Jobs’ qualification, the volume of assets, and the spectrum of activities do not keep growing in existing financial centers, in spite of a rebalancing of the number of employments at the national level. With the outstanding density of its network, New York is the unchallenged leader of the sector, but some secondary centers (like Boston, Chicago, cities in California or in the center of the country) maintain their expansion, taking advantage of their specializations and strategic positions. . Classification JEL : G20, J21, O51, R12

Suggested Citation

  • Éric Monnet & Pierre Uhel, 2007. "Géographie de l'industrie financière aux États-Unis," Revue d'Économie Financière, Programme National Persée, vol. 90(4), pages 71-92.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_90_4_4404
    Note: DOI:10.3406/ecofi.2007.4404
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    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2007_num_90_4_4404
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    References listed on IDEAS

    as
    1. Rebecca Demsetz, 1997. "Human resources needs in the evolving financial sector," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 3(Nov).
    2. Edward L. Glaeser & Albert Saiz, 2003. "The rise of the skilled city," Working Papers 04-2, Federal Reserve Bank of Philadelphia.
    3. James A. Orr & Giorgio Topa, 2006. "Challenges facing the New York metropolitan area economy," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 12(Jan).
    4. François Champarnaud & Vincent Remay, 2000. "Places financières et concurrence entre marchés boursiers," Revue d'Économie Financière, Programme National Persée, vol. 57(2), pages 109-118.
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    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

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