The Dark Side of NY-LON: Financial Centres and the Global Financial Crisis.
This paper brings financial centres into the debate on the causes and consequences of the global financial crisis, by focusing on New York and London. It argues that the degree of commonality, complementarity and connectivity between the two leading global financial centres justifies the use of the...
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| Format: | Working paper |
| Language: | English |
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School of Geography and Environment (University of Oxford)
2011
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| _version_ | 1826307087744892928 |
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| author | Wójcik, D |
| author_facet | Wójcik, D |
| author_sort | Wójcik, D |
| collection | OXFORD |
| description | This paper brings financial centres into the debate on the causes and consequences of the global financial crisis, by focusing on New York and London. It argues that the degree of commonality, complementarity and connectivity between the two leading global financial centres justifies the use of the term 'the New York - London axis' (the axis). It shows that the global financial crisis 2007-9 originated to large extent in the axis rather than in an abstract space of financial markets. The dominance of the axis in global finance can be easily underestimated, and evidence suggests that contrary to expectations the axis is not in decline. Implications are drawn for the future of Asian financial centres and the global financial reform. If global finance is to change, the New York - London axis has to change. Debate on the reform has to take the reality of global financial centres seriously. |
| first_indexed | 2024-03-07T06:57:43Z |
| format | Working paper |
| id | oxford-uuid:feb2a2bb-2ed9-4163-b37b-5c47a62b1f02 |
| institution | University of Oxford |
| language | English |
| last_indexed | 2024-03-07T06:57:43Z |
| publishDate | 2011 |
| publisher | School of Geography and Environment (University of Oxford) |
| record_format | dspace |
| spelling | oxford-uuid:feb2a2bb-2ed9-4163-b37b-5c47a62b1f022022-03-27T13:38:38ZThe Dark Side of NY-LON: Financial Centres and the Global Financial Crisis.Working paperhttp://purl.org/coar/resource_type/c_8042uuid:feb2a2bb-2ed9-4163-b37b-5c47a62b1f02EnglishDepartment of Economics - ePrintsSchool of Geography and Environment (University of Oxford)2011Wójcik, DThis paper brings financial centres into the debate on the causes and consequences of the global financial crisis, by focusing on New York and London. It argues that the degree of commonality, complementarity and connectivity between the two leading global financial centres justifies the use of the term 'the New York - London axis' (the axis). It shows that the global financial crisis 2007-9 originated to large extent in the axis rather than in an abstract space of financial markets. The dominance of the axis in global finance can be easily underestimated, and evidence suggests that contrary to expectations the axis is not in decline. Implications are drawn for the future of Asian financial centres and the global financial reform. If global finance is to change, the New York - London axis has to change. Debate on the reform has to take the reality of global financial centres seriously. |
| spellingShingle | Wójcik, D The Dark Side of NY-LON: Financial Centres and the Global Financial Crisis. |
| title | The Dark Side of NY-LON: Financial Centres and the Global Financial Crisis. |
| title_full | The Dark Side of NY-LON: Financial Centres and the Global Financial Crisis. |
| title_fullStr | The Dark Side of NY-LON: Financial Centres and the Global Financial Crisis. |
| title_full_unstemmed | The Dark Side of NY-LON: Financial Centres and the Global Financial Crisis. |
| title_short | The Dark Side of NY-LON: Financial Centres and the Global Financial Crisis. |
| title_sort | dark side of ny lon financial centres and the global financial crisis |
| work_keys_str_mv | AT wojcikd thedarksideofnylonfinancialcentresandtheglobalfinancialcrisis AT wojcikd darksideofnylonfinancialcentresandtheglobalfinancialcrisis |