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The research on the distinguishing features of the international financial centers

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  • Ihsan Erdem Kayral
  • Mehmet Baha Karan

Abstract

Although London appeared as the first international financial center on the world, the number of these kind of centers show a notable increase in the recent years. Those centers are regarded as magnetic places for the economic issues and they also serve as important economic centers. In the scope of this work, the definition and criteria for the international financial centers received priority in consideration. Secondly, in order to determine the distinguishing features of the international financial centers, an empirical study on 53 different financial centers, including Istanbul, is performed. The logistic regression analysis is applied for the first 20% of the distinguished group and for the analysis SPSS is used. With a rate of 83%, the locations of the centers’ are presumed successfully. A positive relation is determined between the efficency and strength of the legal rights, as well as the variability of the labor force participation rate, and the centers’ being in the first 20% group. The significant variables in the model are regarded broadly and also appraised according to Istanbul’s target to be one of the international financial centers.

Suggested Citation

  • Ihsan Erdem Kayral & Mehmet Baha Karan, 2012. "The research on the distinguishing features of the international financial centers," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 2(5), pages 1-14.
    • Handle: RePEc:spt:apfiba:v:2:y:2012:i:5:f:2_5_14
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    Cited by:

    1. Dariusz Wójcik & Vladimír Pažitka & Eric Knight & Phillip O’Neill, 2019. "Investment banking centres since the global financial crisis: New typology, ranking and trends," Environment and Planning A, , vol. 51(3), pages 687-704, May.
    2. Dariusz Wójcik & Eric Knight & Vladimír Pažitka, 2018. "What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014," Journal of Economic Geography, Oxford University Press, vol. 18(1), pages 1-33.
    3. Imad Moosa & Larry Li & Riley Jiang, 2016. "Determinants of the Status of an International Financial Centre," The World Economy, Wiley Blackwell, vol. 39(12), pages 2074-2096, December.

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