It is a curious fact that the formation of financial centers is not studied today in economics. Partly it falls between two stools. Urban and regional economics which concern themselves with cities discuss the location of commerce, industry and housing but rarely that of finance. .. A recent United States survey of urban economics mentioned finance only once in the text, and referred to no book on the subject in a bibliography of 438 items [Goldstein and Moses]. At the same time, a vigorous new literature on money and capital markets and their role in economic development takes no interest in geographical location or the relationships among financial centers [Goldsmith, McKinnon, Sametz, Shaw]. Apart from a sentence or two, one would think that the money and capital market was spread evenly throughout a given country. Such general analytical literature as I have found goes back to World War I. In a 1912 study, Marco Fanno has a chapter on the centralization process in banking and money markets, including the geographic centralization. …
Quelle / Link: The Formation of Financial Centers: A Study in Comparative Economic History (C. P. Kindleberger)
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