TY - UNPB
T1 - What turns cites into international financial centres?
AU - Wójcik, Dariusz
AU - Knight, Eric
AU - Pažitka, Vladimír
N1 - This research was made possible by a grant from the Centre for International Finance and Regulation (CIFR Project F001).
PY - 2015/11/30
Y1 - 2015/11/30
N2 - Globalisation and technology continue to fuel worldwide competition among cities for the status of an international financial centre. This study introduces novel data on revenues earned from international finance in 2000-14 by city, and investigates their determinants. It shows that IFCs develop in cities that are 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 size and prices, corporate and finance-specific taxation, English as the official language, legal family of origin, and the GMT zone do not matter.
AB - Globalisation and technology continue to fuel worldwide competition among cities for the status of an international financial centre. This study introduces novel data on revenues earned from international finance in 2000-14 by city, and investigates their determinants. It shows that IFCs develop in cities that are 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 size and prices, corporate and finance-specific taxation, English as the official language, legal family of origin, and the GMT zone do not matter.
U2 - 10.4225/50/583d406f164a1
DO - 10.4225/50/583d406f164a1
M3 - Working paper
T3 - Research Working Paper Series
BT - What turns cites into international financial centres?
PB - The Centre for International Finance and Regulation
CY - Sydney
ER -