G2TT
来源类型Discussion paper
规范类型论文
来源IDDP1931
DP1931 'Social Dumping' and Relocation: Is there a Case for Imposing a Social Clause?
Tito Cordella; Isabel Grilo
发表日期1998-07-31
出版年1998
语种英语
摘要This paper surveys the literature on the geography of financial activity in order to assess the role of financial centres. While there is widespread concern that rapid technological progess especially in communication and information technologies will ultimately lead to a delocalization of financial activity, the role of financial centres depends delicately on their success in generating local externalities. On the basis of empirical evidence on recent developments in world financial markets, it is argued that the ability of financial centres to attract financial activity in information sensitive securities will be crucial for their future role. To the extent that information is localized and market access is costly, financial centres perform an important role in aggregating local information. Therefore a reduction of global market access and information costs may increase global demand for local securities, and even strengthen the role of certain financial centres. Furthermore, complementarities between informationally sensitive and less sensitive financial activities may also attract footloose activities to financial centres.
主题Financial Economics ; Industrial Organization
关键词Financial centres Information sensitivity Local information Market access costs Thick market externalities
URLhttps://cepr.org/publications/dp1931
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531064
推荐引用方式
GB/T 7714
Tito Cordella,Isabel Grilo. DP1931 'Social Dumping' and Relocation: Is there a Case for Imposing a Social Clause?. 1998.
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