Increased Capital Mobility/Liquidity and its Repercussions at Regional Level
José Corpataux and
Olivier Crevoisier ()
No 10-05, GRET Publications and Working Papers from GRET Group of Research in Territorial Economy, University of Neuchâtel
The most significant structural change undergone by the British and Swiss economies during the past 25 years (1975-2000) is indisputably the development of their financial systems. From this point of view, the two countries show a number of similarities: the presence of one or more international financial place(s), large enterprises which expanded greatly on the international front during that period, the decline of their industrial regions, a monetarist-type monetary policy that involved floating their currency on the external market, a more or less enthusiastic policy of liberalizing their financial markets, etc. In these two countries, the development of international financial centres and the decline of the industrial regions took place in parallel. The question that remains is: are these developments linked? There have been many studies dealing with the relationship between finance and industry. But this article is original in that it approaches the question principally from the spatial angle (by contrasting the evolution of the financial centres with that of the other regions) and from the sectoral angle (by making a distinction between finance and the industrial activities).
Keywords: capital mobility/liquidity; exchange rate; financial centres; industrial and tourist regions; Switzerland; United Kingdom (search for similar items in EconPapers)
JEL-codes: E0 F1 G3 L2 O16 R1 (search for similar items in EconPapers)
Pages: 20 pages
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Published in European Urban and Regional Studies, October 2005, volume 12, Issue 4, 315-334
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