What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014
Globalisation, financialisation and technology have fuelled competition among international financial centres (IFCs), with investment banks playing an important part in the process. This study introduces novel data on cross-border investment banking revenues in 2000-2014 by city, and investigates th...
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| Format: | Journal article |
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Oxford University Press
2017
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| _version_ | 1826300835552821248 |
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| author | Wojcik, D Knight, E Pazitka, V |
| author_facet | Wojcik, D Knight, E Pazitka, V |
| author_sort | Wojcik, D |
| collection | OXFORD |
| description | Globalisation, financialisation and technology have fuelled competition among international financial centres (IFCs), with investment banks playing an important part in the process. This study introduces novel data on cross-border investment banking revenues in 2000-2014 by city, and investigates their determinants. It shows that IFCs emerge from cities that are already leading domestic financial centres, with large, deep, flexible and open labour markets, and a large and internationalised non-financial sector, in countries with strong rule of law and contract enforcement. Stock market returns, corporate- and finance-specific taxation, English as the official language, and legal family of origin do not seem to matter. |
| first_indexed | 2024-03-07T05:23:11Z |
| format | Journal article |
| id | oxford-uuid:dfa2f683-197c-452d-be2f-0a35d67aabf7 |
| institution | University of Oxford |
| last_indexed | 2024-03-07T05:23:11Z |
| publishDate | 2017 |
| publisher | Oxford University Press |
| record_format | dspace |
| spelling | oxford-uuid:dfa2f683-197c-452d-be2f-0a35d67aabf72022-03-27T09:40:51ZWhat turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014Journal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:dfa2f683-197c-452d-be2f-0a35d67aabf7Symplectic Elements at OxfordOxford University Press2017Wojcik, DKnight, EPazitka, VGlobalisation, financialisation and technology have fuelled competition among international financial centres (IFCs), with investment banks playing an important part in the process. This study introduces novel data on cross-border investment banking revenues in 2000-2014 by city, and investigates their determinants. It shows that IFCs emerge from cities that are already leading domestic financial centres, with large, deep, flexible and open labour markets, and a large and internationalised non-financial sector, in countries with strong rule of law and contract enforcement. Stock market returns, corporate- and finance-specific taxation, English as the official language, and legal family of origin do not seem to matter. |
| spellingShingle | Wojcik, D Knight, E Pazitka, V What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014 |
| title | What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014 |
| title_full | What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014 |
| title_fullStr | What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014 |
| title_full_unstemmed | What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014 |
| title_short | What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014 |
| title_sort | what turns cities into international financial centres analysis of cross border investment banking 2000 2014 |
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