Relocation Decisions in Uncertain Times: Brexit and Financial Services

IF 7.2 1区经济学 Q1 ECONOMICS

Economic Geography Pub Date : 2022-03-15 DOI:10.1080/00130095.2021.2009336

Robert Panitz, Johannes Glückler

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引用次数: 5

Abstract

abstract This article examines the impact of uncertainty and profound political, economic, and regulatory changes on the process of geographic reorganization of the financial industry in the course of Brexit. It draws on historic lessons of massive relocations within the financial industry in Europe to conjecture three scenarios: (1) concentrated relocation to build a new European lead financial center (FC), (2) least necessary relocation to meet regulatory requirements for operation in the EU single market, and (3) selective relocation and cumulative functional specialization of regional FCs. Drawing on official statistics, corporate and media reports, as well as on qualitative interviews and participant observation in the field, we build an original database of published plans and confirmed practices of geographic reorganization. Our analysis of the relocations of financial service firms from London to five leading FCs on the European continent supports the least necessary relocation as well as selective relocation scenarios. We conclude that Brexit-induced reorganization actually reproduces the existing geographic architecture while simultaneously deepening the divisions of labor among the established European FCs.

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不确定时期的搬迁决策：英国脱欧与金融服务

本文考察了英国脱欧过程中不确定性和深刻的政治、经济和监管变化对金融业地理重组过程的影响。根据欧洲金融业大规模搬迁的历史教训，本文推测了三种情景:(1)集中搬迁以建立新的欧洲领先金融中心(FC);(2)最小必要的搬迁以满足欧盟单一市场运营的监管要求;(3)区域性金融中心的选择性搬迁和累积功能专业化。根据官方统计数据、企业和媒体报道，以及定性访谈和实地参与观察，我们建立了一个已公布的计划和已确认的地域重组实践的原始数据库。我们对金融服务公司从伦敦搬迁到欧洲大陆五个主要金融中心的分析支持了最不必要的搬迁和选择性搬迁情景。我们的结论是，英国脱欧引发的重组实际上再现了现有的地理结构，同时加深了现有欧洲金融中心之间的分工。

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.