What turns cites into international financial centres?

Dariusz Wójcik, Eric Knight, Vladimír Pažitka

Research output: Working paper

Abstract

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.
Original languageEnglish
Place of PublicationSydney
PublisherThe Centre for International Finance and Regulation
Number of pages37
DOIs
Publication statusPublished - 30 Nov 2015
Externally publishedYes

Publication series

NameResearch Working Paper Series
PublisherCentre for International Finance and Regulation
No.085/2015

Bibliographical note

This research was made possible by a grant from the Centre for International Finance and Regulation (CIFR Project F001).

Fingerprint Dive into the research topics of 'What turns cites into international financial centres?'. Together they form a unique fingerprint.

Cite this