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Rank Size Distribution of International Financial Centers

Author

Listed:
  • Jessie P. H. Poon

    (Department of Geography, State University of New York at Buffalo, jesspoon@acsu.buffalo.edu)

  • Bradly Eldredge

    (Department of Geography, State University of New York at Buffalo, beldredge@state.mt.us)

  • David Yeung

    (Department of Finance and Decision Sciences, Hong Kong Baptist University, wkyeung@hkbu.edu.hk)

Abstract

The observation that global finance is concentrated in only a small number of international centers and cities has raised the question if worldwide financial integration is being achieved at the expense of increased international urban inequality. This article examines the spatial organization of stock markets for some forty-five cities. While New York, London, and Tokyo are undisputed hosts to the largest stock markets in the world, the analysis shows that inequality among international financial centers and cities has diminished between 1980 to 1999 with increased competition from regional financial centers and emerging markets.

Suggested Citation

  • Jessie P. H. Poon & Bradly Eldredge & David Yeung, 2004. "Rank Size Distribution of International Financial Centers," International Regional Science Review, , vol. 27(4), pages 411-430, October.
    • Handle: RePEc:sae:inrsre:v:27:y:2004:i:4:p:411-430
    DOI: 10.1177/0160017604267629
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    References listed on IDEAS

    as
    1. Parr, John B., 1985. "A note on the size distribution of cities over time," Journal of Urban Economics, Elsevier, vol. 18(2), pages 199-212, September.
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    4. World Bank, 2000. "World Development Indicators 2000," World Bank Publications - Books, The World Bank Group, number 13828.
    5. Krugman, Paul, 1996. "Confronting the Mystery of Urban Hierarchy," Journal of the Japanese and International Economies, Elsevier, vol. 10(4), pages 399-418, December.
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    Cited by:

    1. 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.
    2. 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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