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Attractivité des places financières et fragmentation de l’activité dans l’industrie des fonds d’investissement
[International Financial Centers specialisation in investment funds activities]

Author

Listed:
  • Yao, Jean-Marie

Abstract

This paper presents a model of activities fragmentation in investment funds industry. We consider two strategies: the national one is similar to protectionism and the other is relative to the international market. The financial center proposes adequate combinations of these two strategies in order to attract the maximum of investment funds firms. The profit of the center is measured by the income drawn from the taxation that increases with the market share and the tax rate of the place. By a static simulation game, this paper describes the partial and the total delocalization of investment funds firm. Firstly, that helps us explain investment funds firms' fragmentation of the activity. Secondly we can show a typology of the financial centers, as size or activity is concerned. ---------------- Cet article présente un modèle de fragmentation de l’activité dans l’industrie des fonds d’investissement. Nous considérons deux stratégies: l'une nationale est assimilable à du protectionnisme et l’autre est tournée vers l’international. Les places financières proposent des combinaisons adéquates de ces deux stratégies en vue d’attirer le maximum de firmes d’investissement. Le profit des places financières est mesuré par le revenu tiré de la fiscalité qui augmente avec la part de marché et le taux d’imposition de la place. Par un jeu de simulation statique, cet article décrit la délocalisation partielle ou totale des firmes de fonds. Cela permet dans un premier temps d’expliquer la fragmentation de l’activité des fonds, puis dans un second temps de cerner la typologie des centres financiers, tant du point de vue de la taille que de l’activité.

Suggested Citation

  • Yao, Jean-Marie, 2007. "Attractivité des places financières et fragmentation de l’activité dans l’industrie des fonds d’investissement [International Financial Centers specialisation in investment funds activities]," MPRA Paper 4542, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:4542
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    More about this item

    Keywords

    International Financial Centers; Investment Funds; Localisation; Attractiveness; competitiveness; activities specialization ---- Centres financiers; Fonds d’investissement; Localisation; Attractivité; Fragmentation de l’activité;
    All these keywords.

    JEL classification:

    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
    • G2 - Financial Economics - - Financial Institutions and Services

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