2020/11/10 by Catherine R. Schenk · 1 citation
Economics, Econometrics and Finance · Business, Management and Accounting · #Housing, Finance, and Neoliberalism #State Capitalism and Financial Governance #Banking stability, regulation, efficiency #Deregulation #Globalization #International banking #Financial market #Financial regulation #Competition (biology) #Financial system #Complementarity (molecular biology) #Financial integration #Financial services #Stock (firearms) #Financial innovation #Economics #Market economy #Business #Finance #Geography
paper · doi:10.1017/s0968565020000189
openalex publication_date 2020/11/10 · openalex created_date 2025/10/10 · openalex updated_date 2026/05/28
From the 1970s to the 1990s there was a revolution in international financial markets, which combined the processes of financialisation and globalisation. Deregulation and financial innovation were the two underlying forces that facilitated this transformation. At the same time, distinctive national characteristics of banking structures and cultures influenced the way that financial globalisation affected the geographic distribution of financial activity. This article addresses these seismic shifts through three perspectives: changes in regulation and the geographic pattern of international banking activity, reform of the main stock markets in New York and London and the rise of financial conglomerates. It identifies complementarity as well as competition among international financial centres.