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“New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0)20 7831 0575 Fax: +44 (0)20 7831 5208

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Presentation on theme: "“New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0)20 7831 0575 Fax: +44 (0)20 7831 5208"— Presentation transcript:

1 “New Learning” Barnard’s Inn Hall Holborn London EC1N 2HH Tel: +44 (0)20 7831 0575 Fax: +44 (0)20 7831 5208 Email : enquiries@gresham.ac.uk www.gresham.ac.uk © Gresham College 2009 Professor Michael Mainelli Gresham Fellow What Makes A Successful Global Financial Centre?

2 www.gresham.ac.uk © Gresham College 2009 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 [Source: http://www2.chinadaily.com.cn/bizchina/2009- 08/14/content_8571581.htm]

3 www.gresham.ac.uk © Gresham College 2009 Ozymandias Is Ephemeral

4 www.gresham.ac.uk © Gresham College 2009 Ozymandias Is Eternal [1375 Catalan Atlas of the known world (mapamundi), drawn by Abraham Cresques of Mallorca]

5 www.gresham.ac.uk © Gresham College 2009 On The Road To Nowhere? [Source: http://www.learnnc.org/lp/multimedia/8813]

6 www.gresham.ac.uk © Gresham College 2009 Cities & Centres

7 www.gresham.ac.uk © Gresham College 2009 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

8 www.gresham.ac.uk © Gresham College 2009 Financial Centre Roles Centre GlobalInternational NicheNationalRegional London √√√√√ New York √√√√√ Singapore √√√ Hong Kong √√√ Zurich √√√

9 www.gresham.ac.uk © Gresham College 2009 Hop To It! [68 Lombard Street - site of Sir Thomas Gresham’s goldsmith business, then Martins Bank, later absorbed into Barclays,]

10 www.gresham.ac.uk © Gresham College 2009 People Who Need People Are The Luckiest People In The World [Source: Gensler – Dubai International Financial Centre]

11 www.gresham.ac.uk © Gresham College 2009 City Or State? Vatican City

12 www.gresham.ac.uk © Gresham College 2009 Networks Affect [Source: http://changemod.com/755/2007/12/30/topic-extraction-in-wikipedia/]

13 www.gresham.ac.uk © Gresham College 2009 Research, Research, Research Key areas of competitiveness: People Business Environment Market Access Infrastructure General Competitiveness

14 www.gresham.ac.uk © Gresham College 2009 The GFCI Process 36,497 assessments from 1,805 respondents 64 Instrumental Factors

15 www.gresham.ac.uk © Gresham College 2009 GFCI World

16 www.gresham.ac.uk © Gresham College 2009 Reputational Advantage

17 www.gresham.ac.uk © Gresham College 2009 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

18 www.gresham.ac.uk © Gresham College 2009 Evolution

19 www.gresham.ac.uk © Gresham College 2009 Anna Karenina Principle

20 www.gresham.ac.uk © Gresham College 2009 Building On Exchange

21 www.gresham.ac.uk © Gresham College 2009 Don’t Forget The Hinterland!

22 www.gresham.ac.uk © Gresham College 2009 Win-Win Financial Centres? Disinformation Diversity Competition Open Protected High Low Transitional ResilientRobust Economies of Scale Information

23 www.gresham.ac.uk © Gresham College 2009 Asian Age? [Source: Gensler – Shanghai World Financial Centre]

24 www.gresham.ac.uk © Gresham College 2009 Find, Explore The Funds Offshore… [Source: Gensler – Dubai International Financial Centre]

25 www.gresham.ac.uk © Gresham College 2009 Centre or SPIN?

26 www.gresham.ac.uk © Gresham College 2009 London As A Global Financial Centre [Source: Gensler – London Stock Exchange]

27 www.gresham.ac.uk © Gresham College 2009 Connectivity

28 www.gresham.ac.uk © Gresham College 2009 A Global Phenomenon

29 www.gresham.ac.uk © Gresham College 2009 Discussion “Get a big picture grip on the details.” Chao Kli Ning

30 www.gresham.ac.uk © Gresham College 2009 Thank You!

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