Financial Geographies and Emerging Markets in Europe

17 Pages Posted: 14 Sep 2008

See all articles by Bas Karreman

Bas Karreman

Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE); Erasmus Research Institute of Management (ERIM); Tinbergen Institute

Date Written: January 2008 9,

Abstract

This study examines the contemporary financial geographies in Central and Eastern Europe and argues how these may affect the established European finacial centre network in the future. As the development of the financial sector in Europe’s emerging markets is largely dependent on foreign investments, explicit attention is directed to determine which emerging centres exhibit sufficient power to attract multinational financial service firms. In addition, it is empirically assessed form which locations these investments are controlled. The results show a distinct spatial order of financial centres organized around three main city clusters: a ‘south-east’ cluster controlled by Athens, a ‘central-east’ cluster around Vienna and a ‘Baltics’ cluster directed from Copenhagen and Stockholm. Based on the results it is argued that these centres of control, with Vienna in particular, may enhance their competitiveness as a financial centre due to their strategic position in the growing markets of Central and Eastern Europe.

Keywords: multinational banks, parent-subsidiary links, financial centres, city clusters, Central and Eastern Europe

JEL Classification: M13, O32, M

Suggested Citation

Karreman, Bas and Karreman, Bas, Financial Geographies and Emerging Markets in Europe (January 2008 9,). ERIM Report Series Reference No. ERS-2008-054-ORG, Available at SSRN: https://ssrn.com/abstract=1267545

Bas Karreman (Contact Author)

Erasmus University Rotterdam (EUR) - Erasmus School of Economics (ESE) ( email )

P.O. Box 1738
3000 DR Rotterdam, NL 3062 PA
Netherlands

Erasmus Research Institute of Management (ERIM) ( email )

P.O. Box 1738
3000 DR Rotterdam
Netherlands

Tinbergen Institute ( email )

P.O. Box 1738
3000 DR Rotterdam
Netherlands

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