Financial Geographies and Emerging Markets in Europe

Bas Karreman

ERIM Report Series Research in Management from Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam

Abstract: This study examines the contemporary financial geographies in Central and Eastern Europe and argues how these may affect the established European finacial centre network in the future. As the development of the financial sector in Europe’s emerging markets is largely dependent on foreign investments, explicit attention is directed to determine which emerging centres exhibit sufficient power to attract multinational financial service firms. In addition, it is empirically assessed form which locations these investments are controlled. The results show a distinct spatial order of financial centres organized around three main city clusters: a ‘south-east’ cluster controlled by Athens, a ‘central-east’ cluster around Vienna and a ‘Baltics’ cluster directed from Copenhagen and Stockholm. Based on the results it is argued that these centres of control, with Vienna in particular, may enhance their competitiveness as a financial centre due to their strategic position in the growing markets of Central and Eastern Europe.

Keywords: Central and Eastern Europe; city clusters; financial centres; multinational banks; parent-subsidiary links (search for similar items in EconPapers)
JEL-codes: M M13 O32 (search for similar items in EconPapers)
Date: 2008-09-01
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https://repub.eur.nl/pub/13222/ERS-2008-054-ORG.pdf (application/pdf)

Related works:
Journal Article: FINANCIAL GEOGRAPHIES AND EMERGING MARKETS IN EUROPE (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:ems:eureri:13222

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