The Map of the Global Stock Market Redrawn: Stock Market Centres and their Future
The Map of the Global Stock Market Redrawn: Stock Market Centres and their Future
Chapter 8 summarizes the argument of the book, proposing a theory of stock market centres, understood as concentrations of stock market intermediaries, investors, and issuers' headquarters, operating through a global network. The theory is supported with evidence presented in Chapters 1–7, as well as new empirical evidence on the size and evolution of stock market centres in the six largest economies of the world: the United States, China, Japan, Germany, France, and the United Kingdom. In this way, the book completes the journey from the map of stock markets focused on countries to a more complex, but also truer map on which cities play a key part. The chapter finishes with speculations about the implications of the theory of stock market centres, as well as other theoretical and empirical findings of the book, for the future of the global stock market and cities.
Keywords: stock market, globalization, global city, agglomeration, global network, financial centres, policy, future
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