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Emerging Financial Centres, Self-Organisation and Evolution

Author

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  • Beate Reszat

    (HWWA-Institut f³r Wirtschaftsforschung, Neuer Jungfernstieg 21,Hamburg, Germany)

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.

Suggested Citation

  • Beate Reszat, 1999. "Emerging Financial Centres, Self-Organisation and Evolution," Homo Oeconomicus, Institute of SocioEconomics, vol. 15, pages 459-485.
    • Handle: RePEc:hom:homoec:v:15:y:1999:p:459-485
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Europe’s imagined financial centres III – financial agglomeration in Europe as cultural phenomenon*
      by reszatonline in reszatonline on 2012-04-01 03:58:25

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    Cited by:

    1. Reszat, Beate, 2000. "Culture and finance in a globalised world – An uneasy relation," HWWA Discussion Papers 101, Hamburg Institute of International Economics (HWWA).
    2. Reszat, Beate, 2000. "Evolution, Spatial Self-Organisation and Path Dependence: Tokyo's Role as an International Financial Center," Discussion Paper Series 26371, Hamburg Institute of International Economics.
    3. Reszat, Beate, 2000. "Evolution, spatial selforganisation and path dependence: Tokyo's role as an international financial center," HWWA Discussion Papers 93, Hamburg Institute of International Economics (HWWA).
    4. Reszat, Beate, 2003. "Japan's Financial Markets: The Lost Decade," HWWA Discussion Papers 231, Hamburg Institute of International Economics (HWWA).
    5. Reszat, Beate, 2003. "Japan's Financial Markets: The Lost Decade," Discussion Paper Series 26335, Hamburg Institute of International Economics.
    6. Reszat, Beate, 2000. "Culture and Finance in a Globalised World - An Uneasy Relation," Discussion Paper Series 26268, Hamburg Institute of International Economics.

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