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Journal of Economic Geography Advance Access originally published online on June 10, 2009
Journal of Economic Geography 2009 9(5):679-696; doi:10.1093/jeg/lbp027
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© The Author (2009). Published by Oxford University Press. All rights reserved. For Permissions, please email: journals.permissions@oxfordjournals.org

Stock exchange virtualisation and the decline of second-tier financial centres—the cases of Amsterdam and Frankfurt

Ewald Engelen* and Michael H. Grote**

*University of Amsterdam, AMIDSt, Nieuwe Prinsengracht 130, 1018 VZ Amsterdam, The Netherlands. email <e.r.engelen{at}uva.nl>
**Frankfurt School of Finance & Management, Finance Department, Sonnemannstraße 9-11, 60314 Frankfurt am Main, Germany. email <m.grote{at}frankfurt-school.de>

JEL classifications: R11, R12, F22

International financial centres used to be stable economic clusters held together by the centripetal forces emanating from physical exchanges. However, given near complete ‘virtualisation’, these ‘anchors’ have gradually disappeared. As this article demonstrates, this has had telling consequences for second-tier financial centres like Amsterdam and Frankfurt. Empirically, the article adds cases of financial centre decline to the existing collection of case descriptions. Theoretically, the article assesses the explanatory capacity of the combination of two complementary theoretical perspectives, New Economic Geography and Comparative Political Economy, by determining to what extent they fit the two case studies.

Keywords: international financial centres, Amsterdam, Frankfurt, virtualisation, New Economic Geography, comparative political economy, theoretical pluralism
Date submitted: 13 February 2009     Date accepted: 1 May 2009


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