The correlates of international financial‐center status

Eichengreen, Barry; Shah, Nachiket

doi:10.1111/roie.12441

Cited by 6 publications

(5 citation statements)

References 30 publications

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“…These fundamentals are drawn from various studies such as Kayral and Karan (2012) , Moosa et al. (2016) , and Eichengreen and Shah (2020) . It is worth noting that this procedure by conducting multiple regressions are with the purpose to update our prior expectations, meaning that identifying the fundamental determinants for a GFC.…”

Section: Methodology and Datamentioning

confidence: 99%

“…Typical empirical analyses include studies from Tey (2004) , Cheung and Yeung (2007) , Kayral and Karan (2012) , Yildirim and Mullineux (2015) , Moosa et al. (2016) and Eichengreen and Shah (2020) . Tey (2004) classify the main factors for the formation of a global financial center into five groups.…”

Section: Literature Reviewmentioning

confidence: 99%

“… Eichengreen and Shah (2020) group the determinants of financial center's status into five distinct groups. The influential determinants of financial significance include the flexibility, transactional transparency and economic stability.…”

Section: Literature Reviewmentioning

confidence: 99%

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Determinants of a global financial center: An exploratory analysis

Nguyen

2021

Borsa Istanbul Review

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Well designed and comprehensive analyses of identifying determinants for a global financial center (GFC) are limited. This study is conducted to examine and identify the fundamental determinants for the Asia-Pacific region. Current literature provides us with 14 determinants which have been used in previous academic studies. The relevance and importance of these determinants for the Asia-Pacific region are unclear. We form 16,384 models on these 14 determinants to test the appropriateness of each of these determinants. Unlike previous studies, we use both Bayesian averaging of classical estimates (BACE) and the weighted average least square (WALS) in our analyses to ensure the robustness of the findings. Two key criteria are used to select relevant models with appropriate determinants. When all criteria and techniques are jointly considered, three fundamental determinants are identified for the Asia-Pacific region: (i) freedom to trade internationally; (ii) higher education and training; and (iii) market size.

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Section: Methodology and Datamentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

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Determinants of a global financial center: An exploratory analysis

Nguyen

2021

Borsa Istanbul Review

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“…44 Maurer 1997, 256. 45 Eichengreen and Shah 2020;Genschel, Lierse, and Seelkopf 2016. masses. Like in early-modern England, representation of capital owners -not democratic participation by the general population -was decisive for the growth of investment.…”

Section: Drivers Of Tax Havenrymentioning

confidence: 99%

The Whiteness of Wealth Management: Colonial Economic Structure, Racism, and the Emergence of Tax Havens in the British Caribbean

Hakelberg,

Ahrens,

Crasnic

2024

Preprint

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The Commonwealth Caribbean is often considered an archipelago of tax havens. Despite sharing attributes conventionally associated with tax havens, however, only a few Caribbean jurisdictions with a (post-)colonial relationship to the United Kingdom have become important exporters of financial services. Why have so few jurisdictions of the Commonwealth Caribbean attracted foreign capital? We argue that tax havenry ultimately resulted from an island’s agricultural suitability. Whereas British settlers created plantation economies on islands with good soils, they created maritime economies on islands with bad soils. Plantation economies provided enough revenue potential for the imposition of income taxes by the colonial administration. In contrast, maritime economies focused on subsistence fishing and farming. Hence, colonial officials did not bother to introduce income taxes. At the same time, the horizontal mobilization of racialized laborers caused plantation economies to transition to responsible government earlier than maritime economies, which remained under the control of white oligarchies. When the decolonization of Africa created money panics among colonial elites, the maritime economies thus combined no income taxes with white supremacy, conveying political stability to asset holders fleeing newly independent states. As a result, the financial sectors of maritime economies grew faster than those of the plantation economies over the course of the 1960s. We combine event history and synthetic difference-in-difference analyses with comparative case studies to test our argument. Our results suggest that the effect of democracy on foreign investment depends on the prevalence among foreign investors of racist biases against those empowered.

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“…The literature also mentions many competitive advantages associated with financial agglomeration. Davis (1990) discussed competition between countries promoting their IFC as an inevitable outcome of the globalization process. He implied that the increasing return to scale of financial market services is emblematic of IFCs.…”

Section: Literature Reviewmentioning

confidence: 99%

Necessary conditions for establishing an international financial center in Asia

Nguyen

2020

Cogent Business & Management

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The correlates of international financial‐center status

Cited by 6 publications

References 30 publications

Determinants of a global financial center: An exploratory analysis

Determinants of a global financial center: An exploratory analysis

The Whiteness of Wealth Management: Colonial Economic Structure, Racism, and the Emergence of Tax Havens in the British Caribbean

Necessary conditions for establishing an international financial center in Asia

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