Financial Sector in Germany and the UK in the Wake of the Crisis: Size, Structure and Spatial Concentration

24 Pages Posted: 16 Jul 2014

See all articles by Dariusz Wojcik

Dariusz Wojcik

University of Oxford, St. Peter's College

Duncan MacDonald-Korth

University of Oxford

Date Written: July 15, 2014

Abstract

We use employment data for 2008-12 to analyse the impact of the subprime and Eurozone crises on the British and German financial sector. In the UK the sector contracted and its spatial concentration increased across regions and urban hierarchy, with London as the sole winner. In Germany there has been no contraction overall, and no significant change in the spatial distribution of financial employment. We argue that while in both countries forced consolidation and financial re-regulation have acted as centripetal forces, in Germany they have been offset by strong regional and local banking, underpinned by a decentralized state.

Keywords: crisis, financial centres, UK, Germany

JEL Classification: G20, P16, R11, R38

Suggested Citation

Wojcik, Dariusz and MacDonald-Korth, Duncan, Financial Sector in Germany and the UK in the Wake of the Crisis: Size, Structure and Spatial Concentration (July 15, 2014). Available at SSRN: https://ssrn.com/abstract=2466458 or http://dx.doi.org/10.2139/ssrn.2466458

Dariusz Wojcik (Contact Author)

University of Oxford, St. Peter's College ( email )

New Inn Hall Street
Oxford, OX1 2DL
United Kingdom

Duncan MacDonald-Korth

University of Oxford ( email )

Mansfield Road
Oxford, Oxfordshire OX1 4AU
United Kingdom

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