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Professor Michael Mainelli Gresham Fellow. What Makes A Successful Global Financial Centre?. Outline. Financial centres Researching financial centres Evolution of financial centres Financial centre futures Whither or wither?. “Get a detailed grip on the big picture.” Chao Kli Ning. - PowerPoint PPT Presentation
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“New Learning”
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Professor Michael MainelliGresham Fellow
What Makes A Successful Global Financial Centre?
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© Gresham College2009
Outline
Financial centresResearching financial centresEvolution of financial centresFinancial centre futuresWhither or wither?
“Get a detailed grip on the big picture.”Chao Kli Ning
[Source: http://www2.chinadaily.com.cn/bizchina/2009-08/14/content_8571581.htm]
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© Gresham College2009
Ozymandias Is Ephemeral
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© Gresham College2009
Ozymandias Is Eternal
[1375 Catalan Atlas of the known world (mapamundi), drawn by Abraham Cresques of Mallorca]
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© Gresham College2009
On The Road To Nowhere?
[Source: http://www.learnnc.org/lp/multimedia/8813]
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© Gresham College2009
Cities & Centres
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Why Study Financial Centres?
Financial centres add value by directing investment toward innovation and growth
Vibrant, competitive financial centres give cities economic advantages in information, knowledge and access to capital
Being part of the global financial network ensures that cities gain from global trade and growth
Policy decisions can create successful financial centres
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Financial Centre Roles
Centre Global International Niche National Regional
London √ √ √ √ √New York √ √ √ √ √Singapore √ √ √Hong Kong √ √ √Zurich √ √ √
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Hop To It!
[68 Lombard Street - site of Sir Thomas Gresham’s goldsmith business, then Martins Bank, later absorbed into Barclays,]
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© Gresham College2009
People Who Need People Are The Luckiest People In The World
[Source: Gensler – Dubai International Financial Centre]
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© Gresham College2009
City Or State?
Vatican City
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Networks Affect
[Source: http://changemod.com/755/2007/12/30/topic-extraction-in-wikipedia/]
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Research, Research, Research
Key areas of competitiveness:PeopleBusiness EnvironmentMarket AccessInfrastructureGeneral Competitiveness
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The GFCI Process
36,497 assessments from 1,805
respondents
64 Instrumental Factors
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© Gresham College2009
GFCI World
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Reputational Advantage
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Competitive Areas
People:
Intellectual Capital, PwC
International Crime Victims Survey, UN
Human Development Index, UNDP
Quality of Living Survey, Mercer HR
Lifestyle Assets, PwC
World’s Top Tourist Destinations, World Economic Forum
Business Environment:
Administrative and Economic Regulation, OECD
Index of Economic Freedom, Heritage Foundation
Total Tax Receipts (As a Percentage of GDP), OECD
Ease of Doing Business Index, World Bank
Opacity Index, Milken Institute
Corruption Perceptions Index, Transparency International
Political Risk Index, Exclusive Analysis
Market Access:
Capital Access Index, Milken Institute
Securitisation Levels, IFSL
Capitalisation of Stock Exchanges, WFSE
Global Credit Rankings, Institutional Investor
External Position of Central Banks, BIS
Infrastructure:
Office Space Across The World, Cushman & Wakefield, Healey & Baker
Real Estate Transparency Index, Jones Lang LaSalle
E-Readiness Ranking, EIU
City Infrastructure, Mercer HR
Quality of Ground Transport, WEF
General Competitiveness:
City Brands Index, Anholt
Global Competitiveness Index, WEF
Global Intellectual Property Index, Taylor Wessing
Population Density, City Mayors Statistics
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Evolution
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© Gresham College2009
Anna Karenina Principle
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© Gresham College2009
Building On Exchange
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© Gresham College2009
Don’t Forget The Hinterland!
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Win-Win Financial Centres?
Disinform
ation
Diversity
Competition
Open
Protected
HighLow
Transitional
Resilient Robust
Economiesof
Scale
Informatio
n
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Asian Age?
[Source: Gensler – Shanghai World Financial Centre]
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© Gresham College2009
Find, Explore The Funds Offshore…
[Source: Gensler – Dubai International Financial Centre]
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© Gresham College2009
Centre or SPIN?
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© Gresham College2009
London As A Global Financial Centre
[Source: Gensler – London Stock Exchange]
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© Gresham College2009
Connectivity
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A Global Phenomenon
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© Gresham College2009
Discussion
“Get a big picture grip on the details.”Chao Kli Ning
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Thank You!
