IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_2007_num_90_4_4404.html
   My bibliography  Save this article

Géographie de l'industrie financière aux États-Unis

Author

Listed:
  • Éric Monnet
  • Pierre Uhel

Abstract

[fre] Cet article montre l’importance des facteurs de concentration dans la dynamique de la géographie financière des États-Unis, en dépit des forces de dispersion traditionnelles dues à l’histoire juridique et politique du pays, et de la dématérialisation constante des échanges. Si quelques fonds d’investissement ont opté pour des localisations inédites, et bien que la géographie de chaque secteur possède des caractéristiques propres, la tendance générale est bien au regroupement qui favorise les externalités positives des réseaux financiers. La qualification des emplois, le volume d’actifs gérés et l’étendue des activités ne cessent d’augmenter dans les centres financiers existants, en contraste avec un net rééquilibrage national du nombre d’emplois financiers. Par la densité de son réseau, New York domine très largement le secteur mais les centres secondaires (Chicago, Boston, quelques villes de Californie ou du centre) continuent leur expansion, souvent en profitant de leur spécialités et avantages comparatifs existants. . Classification JEL : G20, J21, O51, R12 [eng] The geography of the financial industry in the United States . This article shows that although many traditional dispersion forces - due to the political and legal history of the United States and to the growing dematerialization of exchange - still have a great influence on the geography of the financial industry, new dominant factors help agglomeration to arise. Even though some fund managers have chosen to move in new peripheries, and taking into account that the geography of each sector is very different, we show that firms still tend to concentrate in order to benefit from the positive externalities of the financial network. Jobs’ qualification, the volume of assets, and the spectrum of activities do not keep growing in existing financial centers, in spite of a rebalancing of the number of employments at the national level. With the outstanding density of its network, New York is the unchallenged leader of the sector, but some secondary centers (like Boston, Chicago, cities in California or in the center of the country) maintain their expansion, taking advantage of their specializations and strategic positions. . Classification JEL : G20, J21, O51, R12

Suggested Citation

  • Éric Monnet & Pierre Uhel, 2007. "Géographie de l'industrie financière aux États-Unis," Revue d'Économie Financière, Programme National Persée, vol. 90(4), pages 71-92.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_90_4_4404
    DOI: 10.3406/ecofi.2007.4404
    Note: DOI:10.3406/ecofi.2007.4404
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.2007.4404
    Download Restriction: no
    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2007_num_90_4_4404
    Download Restriction: no
    File URL: https://libkey.io/10.3406/ecofi.2007.4404?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Edward Ludwig Glaeser & Albert Saiz, 2003. "The rise of the skilled city," Working Papers 04-2, Federal Reserve Bank of Philadelphia.
    2. James A. Orr & Giorgio Topa, 2006. "Challenges facing the New York metropolitan area economy," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 12(Jan).
    3. Rebecca Demsetz, 1997. "Human resources needs in the evolving financial sector," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 3(Nov).
    4. François Champarnaud & Vincent Remay, 2000. "Places financières et concurrence entre marchés boursiers," Revue d'Économie Financière, Programme National Persée, vol. 57(2), pages 109-118.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Edward L. Glaeser & Giacomo A. M. Ponzetto, 2010. "Did the Death of Distance Hurt Detroit and Help New York?," NBER Chapters, in: Agglomeration Economics, pages 303-337, National Bureau of Economic Research, Inc.
    2. Kath Hulse & Judith Yates, 2017. "A private rental sector paradox: unpacking the effects of urban restructuring on housing market dynamics," Housing Studies, Taylor & Francis Journals, vol. 32(3), pages 253-270, April.
    3. Jørn Rattsø & Hildegunn E. Stokke, 2011. "Accumulation of education and regional income growth: Limited human capital effects in Norway," Working Paper Series 11211, Department of Economics, Norwegian University of Science and Technology.
    4. Niclas Berggren & Mikael Elinder, 2012. "Is tolerance good or bad for growth?," Public Choice, Springer, vol. 150(1), pages 283-308, January.
    5. Beckstead, Desmond Brown, W. Mark Gellatly, Guy, 2008. "Villes et croissance : le cerveau gauche des villes nord-américaines : scientifiques et ingénieurs et croissance urbaine," L'économie canadienne en transition 2008017f, Statistics Canada, Division de l'analyse économique.
    6. repec:spo:wpmain:info:hdl:2441/1mi8ff4o538jmp9le990rnjgb9 is not listed on IDEAS
    7. Martin Andersson & Börje Johansson, 2008. "Innovation Ideas and Regional Characteristics: Product Innovations and Export Entrepreneurship by Firms in Swedish Regions," Growth and Change, Wiley Blackwell, vol. 39(2), pages 193-224, June.
    8. Lee, Jongkwan, 2021. "The Role of a University in Cluster Formation: Evidence from a National Institute of Science and Technology in Korea," Regional Science and Urban Economics, Elsevier, vol. 86(C).
    9. Xavier Ragot, 2017. "Avant propos : évaluation du programme présidentiel pour le quinquennat 2017-2022," SciencePo Working papers Main hal-03567533, HAL.
    10. Edward L. Glaeser & Raven Saks, 2004. "Corruption in America," NBER Working Papers 10821, National Bureau of Economic Research, Inc.
    11. Timothy J. Bartik, 2009. "The Revitalization of Older Industrial Cities: A Review Essay of Retooling for Growth," Growth and Change, Wiley Blackwell, vol. 40(1), pages 1-29, March.
    12. Gilles Duranton & Matthew A. Turner, 2012. "Urban Growth and Transportation," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(4), pages 1407-1440.
    13. Amanda Weinstein & Carlianne Patrick, 2020. "Recession‐proof skills, cities, and resilience in economic downturns," Journal of Regional Science, Wiley Blackwell, vol. 60(2), pages 348-373, March.
    14. Marcus Berliant & Chia-Ming Yu, 2015. "Locational Signaling And Agglomeration," Journal of Regional Science, Wiley Blackwell, vol. 55(5), pages 757-773, November.
    15. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2006. "Urban growth and housing supply," Journal of Economic Geography, Oxford University Press, vol. 6(1), pages 71-89, January.
    16. Rafael González-Val, 2015. "Cross-sectional growth in US cities from 1990 to 2000," Journal of Geographical Systems, Springer, vol. 17(1), pages 83-106, January.
    17. Peter Mayerhofer & Oliver Fritz & Dieter Pennerstorfer, 2010. "Dritter Bericht zur internationalen Wettbewerbsfähigkeit Wiens," WIFO Studies, WIFO, number 42430.
    18. Chun-Yu Ho & Dan Li, 2009. "The nexus of income and size distribution of Chinese cities, 1984-2003," Applied Economics Letters, Taylor & Francis Journals, vol. 16(17), pages 1677-1682.
    19. repec:hal:spmain:info:hdl:2441/1mi8ff4o538jmp9le990rnjgb9 is not listed on IDEAS
    20. Guy Michaels & Ferdinand Rauch & Stephen J Redding, 2019. "Task Specialization in U.S. Cities from 1880 to 2000," Journal of the European Economic Association, European Economic Association, vol. 17(3), pages 754-798.
    21. repec:spo:wpmain:info:hdl:2441/5p3pm5qhd9mqb0j3u9m5rrhis is not listed on IDEAS
    22. Margarida Rodrigues & Cidália Oliveira & MárioFranco & Ana Daniel, 2024. "A Bibliometric Study About the Rural Creative Class: Proposal of a Conceptual Framework and Future Agenda," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(3), pages 15278-15303, September.
    23. Xavier Ragot, 2017. "Où va l’économie ?," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(4), pages 5-18.

    More about this item

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • O51 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - U.S.; Canada
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2007_num_90_4_4404. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Equipe PERSEE (email available below). General contact details of provider: https://www.persee.fr/collection/ecofi .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.