The outsize role of cross-border financial centres

Pamela Pogliani, Goetz von Peter () and Philip Wooldridge

BIS Quarterly Review, 2022

Abstract: Financial centres that cater predominantly to non-residents account for an outsize share of cross-border financial activity. These so-called cross-border financial centres are typically located in small economies, in contrast to global financial centres located in large economies. Economies of scale and scope benefit global centres, but physical distance works against the tendency of financial activity to concentrate. So do regulation and taxation, which have set cross-border financial centres apart and propelled their rise. At the same time, these centres pose challenges to regulatory consistency across countries and complicate the analysis of capital flows.

JEL-codes: F21 F36 F38 G15 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (4)

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