The Competition of International Financial Centres and the Role of Law
ECONOMIC LAW AS AN ECONOMIC GOOD, ITS RULE FUNCTION AND ITS TOOL FUNCTION IN THE COMPETITION OF SYSTEMS, K. Meessen, ed., ch. 16, Munich: Sellier, 2009
18 Pages Posted: 25 May 2009
Date Written: May 2009
This chapter looks briefly at some of the factors involved in financial centre development and in the competition to be one of the leading, global financial centres. Overall, the conclusion which emerges is that the development of financial centres is an evolutionary process of strategically building sophisticated human and institutional infrastructure to support the searching for economic opportunities. At the same time, with the effects of the subprime crisis emanating from the United States still being felt, there has been a questioning of whether the benefits of financialisation are perhaps now being outweighed by the costs. On balance, however, it seems likely that globalisation of finance and the role of global financial centres will continue.
Keywords: financial center competition, financial center development
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