EconStor >
Goethe-Universität Frankfurt am Main >
Fachbereich Wirtschaftswissenschaften, Universität Frankfurt a. M. >
Working Paper Series: Finance and Accounting, Universität Frankfurt a. M. >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/23415
  
Title:Was ist und was braucht ein bedeutender Finanzplatz? PDF Logo
Authors:Schmidt, Reinhard H.
Grote, Michael H.
Issue Date:2005
Series/Report no.:Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting 150
Abstract:In this paper, we first discuss the notion of ?important financial centres? and the socioeconomic and political conditions which need to be fulfilled for such a centre to exist. We then address the issue of the so-called ?end of geography? which has attracted a lot of attention recently. Under this suggestive title some authors have recently advances the proposition that specific locations lose their role as economic centres and are more and more replaced by so-called virtual centres. We do not suscribe to this view since, as we argue in our paper, we do not agree that proximity has lost much of its importance in the financial business. However, the provocative proposition rightly directs attention to the really important question of how competition plays out in this area. We therefore analyse which kind of competition is relevant in the case of financial centres and how it affects the position of Frankfurt in the international hierarchy of financial centres. Our proposition is that ?ho rizontal competition? such as that between Frankfurt and Paris is not really relevant, and much less relevant than ?vertical competition? between Frankfurt and London as the main centre in Europe on the one hand, and Frankfurt and different local subcentres in Germany on the other. That is, Frankfurt must fear to lose business to London and/or to the We conclude with a set of observations on how the role of Frankfurt as a financial centre can be strengthened.
Subjects:financial centres
economic geography
Frankfurt
regional competition
JEL:R11
G15
Document Type:Working Paper
Appears in Collections:Working Paper Series: Finance and Accounting, Universität Frankfurt a. M.

Files in This Item:
File Description SizeFormat
914.pdf120.24 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/23415

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.