Le principali determinanti del processo di localizzazione dei centri finanziari in Europa


  • Gianluca Calise
  • Giovanna Paladino




This paper examines how the driving forces in the location process of finan-cial centres have changed during the last decade. Several elements contrib-uted to enhance the level of competition between European capital markets. The outcome of this process has been an increase in the efficiency of trading mechanisms, the creation of new exchanges or quasi exchanges, a large num-ber of mergers and new links among markets. We argue that the lack of regu-latory harmonisation and common supervisory rules may prevent - in the short run at least - the emergence of a single financial centre in Europe.



JEL Codes: G150


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