International Financial Centers After the 2008–2009 Global Financial Crisis

Mehmet Fatih Bayramoglu () and Sinan Yilmaz ()
Additional contact information
Mehmet Fatih Bayramoglu: Bulent Ecevit University
Sinan Yilmaz: Bulent Ecevit University

A chapter in Global Financial Crisis and Its Ramifications on Capital Markets, 2017, pp 27-42 from Springer

Abstract: Abstract Although the financial crisis of 2008–2009 originated in the USA, its effects reverberated throughout the globe. The crises have also had effects on the balance of power among the competing global financial centers. Although developed nations have been able to maintain their general competitive positions for investors, new financial centers began attracting attention. This chapter the post financial crises competitive positions of international financial centers are evaluated on dimensions of “financial development”, “doing business” and “quality of life and cost of living” through cost-benefit analysis using TOPSIS (Technique for Order Preference by Similarity to an Ideal Solution) method. The findings of the study where financial centers of 15 countries were evaluated show that; (1) in regards to financial development the financial centers of developed nations maintain their importance for investors, (2) in regards to doing business the financial centers of Asian nations appear more advantageous, (3) developing nations can compete with developed nations when it comes to “quality of life and cost of living”, (4) Generally, although the financial centers of developed nations can protect their competitive positions the developing nations of Asia are increasing their competitiveness. Financial centers in Europe seem to have lost some of their competitiveness as a result of the global financial crises.

Keywords: Financial Institution; Financial Development; Develop Nation; Global Financial Crisis; Intellectual Capital (search for similar items in EconPapers)
Date: 2017
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-319-47021-4_3

Ordering information: This item can be ordered from
http://www.springer.com/9783319470214

DOI: 10.1007/978-3-319-47021-4_3

Access Statistics for this chapter

More chapters in Contributions to Economics from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().