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The geography of European financial centers: 1993–2020

Author

Listed:
  • Gunther Capelle-Blancard

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, UP1 - Université Paris 1 Panthéon-Sorbonne)

  • Vincent Fromentin

    (CEREFIGE - Centre Européen de Recherche en Economie Financière et Gestion des Entreprises - UL - Université de Lorraine)

  • Jesse Grabowski

    (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper examines the dynamics of employment in the financial sector in the European Union and the United Kingdom since the early 1990s. Using the EU Labor Force Survey at the national (NUTS0), regional (NUTS1), and subregional (NUTS2) levels, we document several stylized facts about the evolution of financial centers. Despite the global financial and sovereign debt crises, the total number of workers in the financial sector has increased from less than 5 million in 1993 to more than 6.5 million in 2020. At the same time, however, the share of employees in the financial sector has decreased from 3.5% to 2.8%. We find large regional differences in the degree of financial specialization, with Luxembourg at the top end (11% of their total workforce), followed by Ireland and the United Kingdom (4%), then France, Germany or Italy (around 3%). We also explore the dynamics of concentration. The main conclusion is that the degree of concentration depends on the scale of measurement employed. We show a contrasting concentration trend: centripetal at the national level and centrifugal at lower levels (regional or sub-regional). Furthermore, newer financial centers showed faster growth. JEL codes: E44, G2, R1

Suggested Citation

  • Gunther Capelle-Blancard & Vincent Fromentin & Jesse Grabowski, 2024. "The geography of European financial centers: 1993–2020," Post-Print hal-04700853, HAL.
    • Handle: RePEc:hal:journl:hal-04700853
    DOI: 10.1177/0308518X241269363
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    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G2 - Financial Economics - - Financial Institutions and Services
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

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