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Financial Geographies and Emerging Markets in Europe

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  • Karreman, B.

Abstract

This study examines the contemporary financial geographies in Central and Eastern Europe and argues how these may affect the established European finacial centre network in the future. As the development of the financial sector in Europe’s emerging markets is largely dependent on foreign investments, explicit attention is directed to determine which emerging centres exhibit sufficient power to attract multinational financial service firms. In addition, it is empirically assessed form which locations these investments are controlled. The results show a distinct spatial order of financial centres organized around three main city clusters: a ‘south-east’ cluster controlled by Athens, a ‘central-east’ cluster around Vienna and a ‘Baltics’ cluster directed from Copenhagen and Stockholm. Based on the results it is argued that these centres of control, with Vienna in particular, may enhance their competitiveness as a financial centre due to their strategic position in the growing markets of Central and Eastern Europe.

Suggested Citation

  • Karreman, B., 2008. "Financial Geographies and Emerging Markets in Europe," ERIM Report Series Research in Management ERS-2008-054-ORG, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    • Handle: RePEc:ems:eureri:13222
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    File URL: https://repub.eur.nl/pub/13222/ERS-2008-054-ORG.pdf
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    Cited by:

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    2. Martijn J. Burger & Frank G. Van Oort & Koen Frenken & Bert Van Der Knaap, 2009. "Networks And Economic Agglomerations: Introduction To The Special Issue," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 100(2), pages 139-144, April.
    3. Teodora Dogaru & Martijn Burger & Bas Karreman & Frank Oort, 2015. "Functional and Sectoral Division of Labour within Central and Eastern European Countries: Evidence from Greenfield FDI," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 106(1), pages 120-129, February.

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    JEL classification:

    • M - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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