The Changing Landscape of International Financial Centers in the Twenty-First Century: Cross-border Mergers and Acquisitions in the Global Financial Network

IF 7.2 1区经济学 Q1 ECONOMICS

Economic Geography Pub Date : 2022-03-14 DOI:10.1080/00130095.2021.2010535

D. Wójcik, Liam Keenan, Vladímir Pažitka, Michael Urban, Wei Wu

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引用次数: 9

Abstract

abstract We conduct an analysis of cross-border financial sector mergers and acquisitions (M&As) between 2000 and 2017 to explore the changing landscape of international financial centers (IFCs) and the spatial concentration of decision-making power in the Global Financial Network (GFN). Our analysis starts with time zones, showing a slow rise of IFCs in the Asia-Pacific, decline in Europe, the Middle East, and Africa, and resilience in the Americas. We then identify which IFCs are net targets and net acquirers in M&As before and after the global financial crisis as well as which IFCs switch position between net target and net acquirer. Homing in on key groups of IFCs in the GFN, we show the persistent high profile of the New York and London axis of global finance, the important roles of Singapore and Hong Kong as mid-shore IFCs in Asia, and the continued significance of Gulf and offshore IFCs. These findings not only showcase M&A data as valuable analytical tools in exploring the geographies of finance but address a persistent theoretical gap concerning how power moves, concentrates, and is exercised as part of the GFN.

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21世纪国际金融中心格局的变化:全球金融网络中的跨国并购

摘要我们对2000年至2017年间的跨境金融部门并购进行了分析，以探索国际金融中心（IFC）格局的变化和全球金融网络（GFN）决策权的空间集中。我们的分析从时区开始，显示亚太地区IFC的缓慢增长，欧洲、中东和非洲的下降，以及美洲的恢复力。然后，我们确定哪些国际金融公司是全球金融危机前后并购中的净目标和净收购方，以及哪些国际金融机构在净目标和纯收购方之间转换立场。聚焦全球金融网络中的主要国际金融机构群体，我们展示了纽约和伦敦全球金融轴心的持续高调，新加坡和香港作为亚洲中海岸国际金融机构的重要作用，以及海湾和离岸国际金融机构持续的重要意义。这些发现不仅展示了并购数据作为探索金融地理的宝贵分析工具，而且解决了关于权力如何作为全球金融网络的一部分移动、集中和行使的持续理论空白。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Economic Geography Multiple-

CiteScore

9.70

自引率

2.90%

发文量

期刊介绍： Economic Geography is a peer-reviewed journal dedicated to publishing original research that advances the field of economic geography. Their goal is to publish high-quality studies that are both theoretically robust and grounded in empirical evidence, contributing to our understanding of the geographic factors and consequences of economic processes. It welcome submissions on a wide range of topics that provide primary evidence for significant theoretical interventions, offering key insights into important economic, social, development, and environmental issues. To ensure the highest quality publications, all submissions undergo a rigorous peer-review process with at least three external referees and an editor. Economic Geography has been owned by Clark University since 1925 and plays a central role in supporting the global activities of the field, providing publications and other forms of scholarly support. The journal is published five times a year in January, March, June, August, and November.