| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1931 |
| 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 |
| URL | https://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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