Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/331150 
Autor:innen: 
Erscheinungsjahr: 
2024
Quellenangabe: 
[Journal:] Research in Globalization [ISSN:] 2590-051X [Volume:] 8 [Article No.:] 100216 [Year:] 2024 [Pages:] 1-23
Verlag: 
Elsevier, Amsterdam
Zusammenfassung: 
What role does polyarchy (and thus increased democracy) play in aiding the development of an international financial centre? We find support for decades of theorising, in the globalization literatures as well as in others, that some jurisdictions use autocracy (less polyarchy) to help grow out their financial centres. We look at the growth of these financial centres as the extent to which they attract more funds from abroad (cross-border bank liabilities). Polyarchy decreases as other international financial centres' centrality in the global financial centre network expands. Polyarchy increases in most jurisdictions over time because some financial centres rely on increasingly polyartic governance as a way to foster financial innovation through increased participation by non-previously powerful sectors. Namely, the growth of an international financial centre's centrality in global financial networks relies on tapping down on polyarchy. Yet, such polyarchy - when used by some very central jurisdictions to remain central - "spreads." We model such a relationship between polyarchy and centrality in the global financial network, basically as a process of the process of globalization itself. These results could impact decisions ranging from Brexit to Hong Kong's autonomy in its post-2047 period.
Schlagwörter: 
Bayesian network analysis
Dynamic polyarchy
Endogenous global city network centrality
Finance juntas
Financial competitiveness
International financial centres
JEL: 
D72
F55
F33
P48
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by-nc Logo
Dokumentart: 
Article
Erscheint in der Sammlung:

Datei(en):
Datei
Größe
26.16 MB





Publikationen in EconStor sind urheberrechtlich geschützt.