Emergence and development of a financial cluster: the evolution of Andorra’s banking deposits in the long-term, 1931-2007

Marc Galabert Macià ()
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Marc Galabert Macià: Facultat d'Economia i Empresa; Universitat de Barcelona (UB)

No 2014/317, UB School of Economics Working Papers from University of Barcelona School of Economics

Abstract: This paper explores the origins of Andorra’s financial cluster. It shows that the free movement of currency, the protection of infant industry, and geographical concentration lie at the foundation of the cluster’s competitive advantage. Drawing on a new set of data, the paper also provides for the first time an estimate of the total deposits held by Andorra’s banks between 1931 and 2007. Based on this new information, the paper reaches the conclusion that the development of the cluster went through four distinct phases in which large companies, acting as leaders, played an important role in enhancing the cluster’s business capabilities.

Keywords: Competitive advantage; Cluster lifecycle; Financial system; Leading firms; Infant industry protection (search for similar items in EconPapers)
JEL-codes: E42 G21 L16 N84 (search for similar items in EconPapers)
Pages: 39 pages
Date: 2014
New Economics Papers: this item is included in nep-his and nep-hme
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Persistent link: https://EconPapers.repec.org/RePEc:ewp:wpaper:317web

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