Emerging Financial Centres, Self-Organisation and Evolution

Beate Reszat
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Beate Reszat: HWWA-Institut f³r Wirtschaftsforschung, Neuer Jungfernstieg 21,Hamburg, Germany

Homo Oeconomicus, 1999, vol. 15, 459-485

Abstract: The international landscape of financial centres is characterised by an asymmetric concentration in certain areas. Regionalism and "clustering" prevail. Today, the dominant centres in Europe, America and Asia are London, New York and Tokyo. In recent years, their position has been challenged by smaller places such as Frankfurt and Singapore. These developments raise the question of how the emergence of international financial centres can be explained. Evolutionary theories of spatial self-organisation may enhance the understanding of the underlying processes. Starting from theories of a self-organizing economy recently developed by Paul Krugman and other authors this paper studies the possibilities to draw an analogy between the international financial system and an evolving biological system and discusses the determinants of financial spatial concentration in that light.

Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:hom:homoec:v:15:y:1999:p:459-485

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