The implication of the Financial Crisis of 2008 for key competitiveness drivers of global Financial Centres: Underlying Trends and Changes in Relative Standings

Abstract

This chapter focuses on global financial centres, which played a key role in the financial crisis of 2008. The trade in derivatives, despite being limited in large part to Europe and the USA, significantly influenced the global economy and the competitiveness of financial centres. This study demonstrates, on the basis of the GFCI (The Global Financial Centres Index), that despite the relative rise of Asia’s economic significance, enhanced competitiveness of its cities and capital inflows to East Asian financial centres; that the position of London and New York, which were dominant centres before the crisis, remains unwavering.