Finan­cial cen­tres that cater pre­do­mi­nant­ly to non-resi­dents – which we refer to as cross-bor­der finan­cial cen­tres (XFCs) –are important inter­me­dia­ries of cross-bor­der finan­cial flows. For ana­ly­sing capi­tal flows and inter­na­tio­nal inter­con­nec­ted­ness, it can be useful to distin­gu­ish count­ries that are home to XFCs from other count­ries. We impro­ve on pre­vious metho­do­lo­gies for iden­ti­fy­ing such cen­tres by con­s­truc­ting a mea­su­re focus­sed on the inter­me­dia­ti­on acti­vi­ty inher­ent to XFCs and expli­cit­ly taking into account the non-nor­mal dis­tri­bu­ti­on of this mea­su­re across count­ries when detec­ting out­liers. We also mini­mi­se vola­ti­li­ty in the set of count­ries iden­ti­fied as XFCs over time by de-tren­ding the data and poo­ling years. Our metho­do­lo­gy iden­ti­fies a core set of 12 count­ries as XFCs over the 1995–2020 peri­od, but the count­ries vary with time and dif­fe­rent mea­su­res of activity.

Quel­le /​ Link: Cross-bor­der finan­cial centres

Wei­te­re Informationen:

“Metro­po­len des Kapi­tals. Die Geschich­te der inter­na­tio­na­len Finanz­zen­tren” von Yous­sef Cassis

War­um Frank­furt zur Finanz­me­tro­po­le wurde

The For­ma­ti­on of Finan­cial Cen­ters: A Stu­dy in Com­pa­ra­ti­ve Eco­no­mic Histo­ry (C. P. Kindleberger)