How it happened

Article Abstract:

Government deregulation was not the only cause of the breakdown of the segmented and controlled banking system built through the 1960s. Any system based on inaccurate, regulated prices would eventually break down. Once protection from foreign competitors was gone the system globalized.

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Magnetic attractions

Article Abstract:

Several factors contribute to the formation of an international finance center, such as economies of scale in which financial services are concentrated. There are factors that offset the growth of financial centers, such as the huge costs they require to operate.

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Rise and fall

Article Abstract:

Competition between international financial centers is largely focused in the area of capital markets. Statistics show that London, New York, and Tokyo are leading centers in the areas of international bank lending and stockmarket turnover.

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