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The Ascent of Tokyo as an International Financial Center

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  • Howard Curtis Reed

    (The University of Texas at Austin)

Abstract

This research traces, from 1900 to 1975, the rise of Tokyo to prominence as an international financial center in Asia by examining the evolution and development of seventeen Asian international financial centers. Cluster analysis is used to show the hierarchical structure of the international centers, over time. Stepwise multiple discriminant analysis is then used to verify the cluster analysis groupings, determine what factors caused the particular groupings, and rank the centers. The findings show clearly that Tokyo became Asia's preeminent “banking” center in 1960 and the preeminent “financial” center in 1965, but these results are at odds with the commonly held view that Singapore and Hong Kong are the region's top centers; in fact, Asia's second most prominent center is Osaka. The future implication and significance of Tokyo's (and Osaka's) financial leadership in Asia is discussed.© 1980 JIBS. Journal of International Business Studies (1980) 11, 19–35

Suggested Citation

  • Howard Curtis Reed, 1980. "The Ascent of Tokyo as an International Financial Center," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 11(3), pages 19-35, September.
    • Handle: RePEc:pal:jintbs:v:11:y:1980:i:3:p:19-35
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    Cited by:

    1. Sang-Rim Choi & Adrian Tschoegl & Chwo-Ming Yu, 1986. "Banks and the world’s major financial centers, 1970–1980," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 122(1), pages 48-64, March.
    2. J.P.A. Sagaram & J. Wickramanayake, 2005. "Financial centers in the Asia-pacific region: an empirical study on australia, Hong Kong, Japan and Singapore," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 58(232), pages 21-51.
    3. Tiina Ritvala & Rebecca Piekkari, 2021. "Geopolitics of the knowledge-based economy," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 334-337, March.
    4. Du, Huibin & Xia, Qiongqiong & Ma, Xuan & Chai, Lihe, 2014. "A new statistical dynamic analysis of ecological niches for China’s financial centres," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 395(C), pages 476-486.
    5. Martin Korpi, 2008. "Does size of local labour markets affect wage inequality? a rank-size rule of income distribution," Journal of Economic Geography, Oxford University Press, vol. 8(2), pages 211-237, March.

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