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)

 

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