Financial Geography: A Banker's View (Routledge by Risto Laulajainen


By Risto Laulajainen

This really internationally-focused booklet is a readable, accomplished consultant to the commercial geography of the world's monetary centres that's as relaxing to learn because it is informative. All scholars and lecturers concerned with financial geography in addition to pros within the banking and finance industries will locate monetary Geography to be an integral e-book for his or her bookshelves.

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Extra resources for Financial Geography: A Banker's View (Routledge International Studies in Money and Banking)

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Equities, by contrast, are closely linked with decisions made at corporate headquarters, which means that the best information is available locally. This gives national intermediaries and markets a competitive advantage and protects them. The question is topical in Europe because of the monetary integration. London, Frankfurt and Paris are the main competitors, politically about taxation and the powers of the central bank, and commercially through their underlying economies, financial policies and financial skills.

A distinction is often made between securitiesoriented and banking-oriented financial cultures. The invisible hand of market forces governs the former with banks acting as moderators, while in the latter banks assume the leading role, working either directly or through securities markets. The reasons for the difference are open to speculation, while the structure of the banking system may be traced to people’s democratic traditions and their religious doctrines. Certain mores have been codified in the formal law, while others are embedded in the web of customs and are a part of good banking practice.

The island’s barriers of comparative isolation and limited human resources were too high, however, and Bermudan companies have now established subsidiaries in London, to be where the action is. A special segment of the Bermudan saga, and the internationalization of insurance at large, is that of captive insurers. They handle in-house insurance for companies and professional bodies in segments which are poorly served by commercial insurers. Most captives are located in low-tax territories with lenient regulation, although some US states, and Vermont in particular, have also succeeded in carving out a market niche.

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