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Article: Determining factors of the development of a national financial center: The case of China

TitleDetermining factors of the development of a national financial center: The case of China
Authors
KeywordsAsymmetric information
China
Financial center
Geography of finance
Information externalities
Information hinterland
MNC headquarter
Issue Date2004
PublisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/geoforum
Citation
Geoforum, 2004, v. 35 n. 5, p. 577-592 How to Cite?
Abstract
This study explores, theoretically and empirically, one of the important issues of the geography of finance, namely the location of high-level financial services. Specifically, we will try to explain why foreign financial services are spatially concentrated in a particular city so as to form a national financial center in China. By reviewing various forces behind the formation of a financial center, we argue that information problems have created the need for geographic agglomeration of financial activities based on the source of information. This is true even in an era when financial markets work through sophisticated telecommunication networks. Based on a survey of the actual location of multinational corporation (MNC) regional headquarters, and through investigation of reasons for the agglomeration of these headquarters, we anticipate that Beijing, as the prime source of policy information, is more likely than other Chinese cities to be the national pre-eminent financial center when the Chinese financial markets become more open to foreign firms in the near future. This study illustrates, using China as a case study, that geography still provides strong justification of why major financial services continue to have a high degree of spatial agglomeration in particular locations, despite the fact that the electronic transmission of information has substantially reduced the friction of distance. © 2004 Elsevier Ltd. All rights reserved.
Persistent Identifierhttp://hdl.handle.net/10722/48725
ISSN
2013 Impact Factor: 1.877
2013 SCImago Journal Rankings: 1.844
ISI Accession Number ID
References

 

Author Affiliations
  1. The University of Hong Kong
  2. Chinese University of Hong Kong
DC FieldValueLanguage
dc.contributor.authorZhao, SXBen_HK
dc.contributor.authorZhang, Len_HK
dc.contributor.authorWang, DTen_HK
dc.date.accessioned2008-05-22T04:22:31Z-
dc.date.available2008-05-22T04:22:31Z-
dc.date.issued2004en_HK
dc.identifier.citationGeoforum, 2004, v. 35 n. 5, p. 577-592en_HK
dc.identifier.issn0016-7185en_HK
dc.identifier.urihttp://hdl.handle.net/10722/48725-
dc.description.abstractThis study explores, theoretically and empirically, one of the important issues of the geography of finance, namely the location of high-level financial services. Specifically, we will try to explain why foreign financial services are spatially concentrated in a particular city so as to form a national financial center in China. By reviewing various forces behind the formation of a financial center, we argue that information problems have created the need for geographic agglomeration of financial activities based on the source of information. This is true even in an era when financial markets work through sophisticated telecommunication networks. Based on a survey of the actual location of multinational corporation (MNC) regional headquarters, and through investigation of reasons for the agglomeration of these headquarters, we anticipate that Beijing, as the prime source of policy information, is more likely than other Chinese cities to be the national pre-eminent financial center when the Chinese financial markets become more open to foreign firms in the near future. This study illustrates, using China as a case study, that geography still provides strong justification of why major financial services continue to have a high degree of spatial agglomeration in particular locations, despite the fact that the electronic transmission of information has substantially reduced the friction of distance. © 2004 Elsevier Ltd. All rights reserved.en_HK
dc.format.extent139624 bytes-
dc.format.extent29696 bytes-
dc.format.mimetypeapplication/pdf-
dc.format.mimetypeapplication/msword-
dc.languageengen_HK
dc.languagefreen_HK
dc.languagegeren_HK
dc.publisherPergamon. The Journal's web site is located at http://www.elsevier.com/locate/geoforumen_HK
dc.relation.ispartofGeoforumen_HK
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.subjectAsymmetric informationen_HK
dc.subjectChinaen_HK
dc.subjectFinancial centeren_HK
dc.subjectGeography of financeen_HK
dc.subjectInformation externalitiesen_HK
dc.subjectInformation hinterlanden_HK
dc.subjectMNC headquarteren_HK
dc.titleDetermining factors of the development of a national financial center: The case of Chinaen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0016-7185&volume=35&issue=5&spage=577&epage=592&date=2004&atitle=Determining+factors+of+the+development+of+a+national+financial+center:+the+case+of+Chinaen_HK
dc.identifier.emailZhao, SXB: sxzhao@hku.hken_HK
dc.identifier.emailWang, DT: dtwang@hkucc.hku.hken_HK
dc.identifier.authorityZhao, SXB=rp00597en_HK
dc.identifier.authorityWang, DT=rp01106en_HK
dc.description.naturepostprinten_HK
dc.identifier.doi10.1016/j.geoforum.2004.01.004en_HK
dc.identifier.scopuseid_2-s2.0-10944246480en_HK
dc.identifier.hkuros108728-
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-10944246480&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume35en_HK
dc.identifier.issue5en_HK
dc.identifier.spage577en_HK
dc.identifier.epage592en_HK
dc.identifier.isiWOS:000223797000011-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridZhao, SXB=7403577707en_HK
dc.identifier.scopusauthoridZhang, L=8061982400en_HK
dc.identifier.scopusauthoridWang, DT=16553709100en_HK

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