EconPapers    
Economics at your fingertips  
 

The Evolutionary Chain of International Financial Centers

Michele Fratianni

No 6, Mo.Fi.R. Working Papers from Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences

Abstract: Financial products are unstandardized and subject to a great deal of uncertainty. They tend to concentrate geographically because of the reduction in information costs resulting from close contacts. Concentration leads to economies of scale and encourages external economies. Great financial centers enjoy a high degree of persistence but are not immune from decline and eventual demise. Yet, their achievements are passed along in a an evolutionary manner. In revisiting the historical record of seven international financial centers –Florence, Venice, Genoa, Antwerp, Amsterdam, London and New Yorku' the paper finds evidence of a long evolutionary chain of banking and finance. As to the present and the future, the forces of integration are likely to give an additional boost to the persistence of international financial centers.

Keywords: Amsterdam; Antwerp; Banking; Evolution; Finance; Florence; Genoa; London; Money; New York; Venice (search for similar items in EconPapers)
JEL-codes: G15 G21 H63 N20 (search for similar items in EconPapers)
Pages: 37
Date: 2008-10
New Economics Papers: this item is included in nep-dev, nep-evo and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://docs.dises.univpm.it/web/quaderni/pdfmofir/Mofir006.pdf First version, 2008 (application/pdf)

Related works:
Chapter: The Evolutionary Chain of International Financial Centers (2009)
Working Paper: The Evolutionary Chain of International Financial Centers (2007) Downloads
Working Paper: The Evolutionary Chain of International Financial Centers (2007) Downloads
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:anc:wmofir:6

Access Statistics for this paper

More papers in Mo.Fi.R. Working Papers from Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences Contact information at EDIRC.
Bibliographic data for series maintained by Maurizio Mariotti ().

 
Page updated 2024-04-17
Handle: RePEc:anc:wmofir:6