1. Key Research Institute of Yellow River Civilization and Sustainable Development & Collaborative Innovation Center on Yellow River Civilization of Henan Province, Henan University, Kaifeng 475001, Henan, China 2. College of Environment and Planning, Henan University, Kaifeng 475000, Henan, China 3. College of Construction Management and Real Estate, Henan University of Economics and Law, Zhengzhou 450046, China
Evolutionary economic geography and institutional economic geography, which emerged in the late 1990s, provides the important perspective to the dynamics and spatial process of industry agglomeration. Based on the evolutionary economic geography and institutional economic geography, an analytical framework, including window of locational opportunity, financial enterprise/institution spinoff, regional branching and institutional thickness, has been proposed, and a particular perspective with respect to the key problem in economic geography of how to explain the rise and dynamics of financial industry agglomeration in inland regional central city has been explained. Accroding to financial statistics during the period 2003-2014, the relative questionnaires and qualitative interviews were conducted in Zhengdong New District. The findings can be summarized as follows: The establishment of Zhengdong New District has opened the window of locational opportunity for the financial industry in its formation stage; the spinoff of financial institution has played an important endogenous dynamic part in financial industry agglomeration in its fast development stage; regional branching laid a solid foundation for the innovation of financial formats and high-end elements agglomeration in the promotion stage; in the entire process of financial industry agglomeration, the continuous improvement of government support and institutional arrangements strengthened the institutional thickness, and the self-reinforcing mechanism made the stickiness of the institutional space continuously improving. However, some differences were found between financial industry and manufacturing industry, the agglomeration of financial industry was lack of the technology-related firms derived from university laboratory, academic institutions and existing industry, which had a stronger dependence on the stickiness of institutional thickness.
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LV Kewen et al
. The evolutionary mechanism of financial industry agglomeration in central cities of inland China: A case study of Zhengdong New District in Zhengzhou[J]. Acta Geographica Sinica,
2017, 72(8): 1392-1407.
WójcikD. Securitization and its footprint: The rise of the US securities industry centres 1998-2007. , 2011, 11(6): 925-947.http://joeg.oxfordjournals.org/content/11/6/925
This article conceptualizes securitization from an economic geographic perspective, and documents dynamic but volatile growth of the securities industry and its distribution in the USA between 1998 and 2007. The industry has spread across states and metropolitan areas, within which it has enhanced its position in central districts, crowding out credit and insurance industry. Corporate headquarters have become more concentrated and their distribution has become more similar to the location of the securities industry centres. The results have implications for a revision of the global city theory, and corroborate research on the geography of stock markets and financialization.
WrayF. Rethinking the venture capital industry: Relational geographies and impacts of venture capitalists in two UK regions. , 2012, 12(1): 297-319.http://joeg.oxfordjournals.org/content/12/1/297
This article provides new insights into the venture capital industry by tracing the relational geographies of two regional venture capital communities in the North East and East Midlands of England. To supply this account an alternative theoretical framework is developed fusing ideas from new economic geography approaches to money and finance, and facets of relational economic geography. This will provide a less spatially bounded but more socialized account of the industry than has usually been the case in economic geographical literature and demonstrate how such relational geographies have tangible impacts on local entrepreneurs.
KarremanB, KnaapB. The geography of equity listing and financial centre competition in mainland China and Hong Kong. , 2012, 12(4): 899-922.http://joeg.oxfordjournals.org/content/12/4/899
This study examines the changing competitiveness of financial centres in mainland China and Hong Kong based on the geography of equity listing of mainland Chinese firms. Pre-listing firm characteristics are used to explore firms’ motives for listing on a particular exchange and whether these motives have changed over time. The results show that Hong Kong’s prominence as an international financial centre is attracting the largest and, recently, also the best performing mainland Chinese state-owned enterprises to go public. Less differentiation exists between the competitiveness of Shanghai and Shenzhen, although the renewed strategy of the Shenzhen stock exchange to attract smaller firms appears to be successful.
LiuHui, ShenYuming, DengXiuli. Study on the spatial pattern and structure of financial service industry in Beijing. , 2013, 28(5): 61-68.
With the rapid development of finance and economic globalization, financial services become the centre of modern services economy, and play important role in economic and social development to producer services. The paper researched the spatial pattern of the financial service industry in Beijing on the basis of the Location Quotient, equitability index and buffer analysis. The results indicated that:①The financial service industry in Beijing, especially security and insurance industry, mainly happened in central area and suburban inter. It represents as the core-periphery spatial structure pattern in the whole. The central area, including the Finance Street and CBD are the core, and the other districts and counties as periphery. ②The financial service industry spatial distribution is uniform in central area. The number of the financial institution is the most between the area of Third Ring Road and Forth Ring Road in Beijing. ③The spatial distribution of the different financial institution had a large difference. ④Take the finance street as center to make buffer polygon with interval distance of 2km. It can be concluded that the greatest density of financial institution appeared in the 0-2km, the largest number of the financial institution appeared in 6-8km and 8-10km through Study and observation of these ten buffers. ⑤The layout of financial service industry in Beijing is diversification, the different kinds of banks, securities and insurance proves as different spatial structure patterns.
利用北京行政区域界限基础地理底图及相关统计年鉴,通过GIS技术及INTERNET查询、调研等途径,将北京行政区内银行、保险、证券及其他金融服务业网点机构进行矢量化。借助区位熵、均匀度指数和空间缓冲区分析,测度北京金融服务业空间分布特征,结果显示:①北京市金融服务业,特别是保险和证券服务业主要集中在中心区和郊区内沿,空间上呈现出以金融街、中央商务区所在的中心区为核心,其他区县(政府所在地)为外围的"核心-外围"结构;②中心区内金融服务业空间布局相对均匀,三环和四环之间金融机构分布较多,与国外大都市服务业的"单中心集聚,总体扩散"区位特征基本相同;③不同类型金融机构空间布局差异较大,各金融机构总部集中在金融街布局,中国人民银行集中布局在金融街-前门广场东西路上,呈线状布局,证券在北二环和北四环之间相对集中,保险服务业相对分散。④以金融街为中心作缓冲区多边形,间隔距离为2km,做10个缓冲区,发现在0-2km内服务网点机构密度最大,6-8km和8-10km内机构数量最多。⑤金融服务业空间布局模式多样化。With the rapid development of finance and economic globalization, financial services become the centre of modern services economy, and play important role in economic and social development to producer services. The paper researched the spatial pattern of the financial service industry in Beijing on the basis of the Location Quotient, equitability index and buffer analysis. The results indicated that:①The financial service industry in Beijing, especially security and insurance industry, mainly happened in central area and suburban inter. It represents as the core-periphery spatial structure pattern in the whole. The central area, including the Finance Street and CBD are the core, and the other districts and counties as periphery. ②The financial service industry spatial distribution is uniform in central area. The number of the financial institution is the most between the area of Third Ring Road and Forth Ring Road in Beijing. ③The spatial distribution of the different financial institution had a large difference. ④Take the finance street as center to make buffer polygon with interval distance of 2km. It can be concluded that the greatest density of financial institution appeared in the 0-2km, the largest number of the financial institution appeared in 6-8km and 8-10km through Study and observation of these ten buffers. ⑤The layout of financial service industry in Beijing is diversification, the different kinds of banks, securities and insurance proves as different spatial structure patterns.
JiFeifei, ChenWen, WeiYehua, et al.Changing financial flow patterns and driving mechanisms of financial flows under the integration of the Yangtze River Delta: An analysis of the financial transaction data of listed companies. , 2014, 69(6): 823-837.
DaiZhimin, ZhuLiyan. The influence of geographical distribution of commercial bank loan on the bank profit efficiency in China. , 2015, 70(6): 955-964.
The regional development research on commercial banks has always been the focus of financial geography research. At present, there is still debate on whether the geographical decentralization level of commercial bank loan can positively influence bank performance. This paper uses the loan data of 13 listed commercial banks in China releasing to each province during 2007-2013 to analyze the loan releasing geographical distribution characteristics of large-sized commercial banks and small and medium-sized commercial banks and the geographic variation trend of non-performing loans. On such basis, it uses stochastic frontier analysis (SFA) and the basic model of Battese and Collie (1995) to build the trans-log profit function model to conduct empirical analysis of the influence of geographical decentralization level of commercial bank loan on the efficiency of bank profits. Research results show that: (1) Increasing the geographical decentralization level of loan can boost the revenue and profit efficiency for commercial banks in the process of banking operation; (2) Large-sized commercial banks, due to the effect of national policies, cover broader loan releasing areas, and the loan releasing proportion in the central and western regions is significantly higher than that of the small and medium-sized commercial banks, and the average profit efficiency has always been higher than that of the small and medium-sized commercial banks. However, in recent years, with the gradually increasing geographical decentralization level of small and medium-sized commercial banks loan, the gap of profit efficiency between the two has been narrowed; (3) At present, the loan business of some small and medium-sized commercial banks in China still belongs to the relationship loan, and raising the geographical decentralization level of loan will lower their profit efficiency. Therefore, the diversified business operation should be carefully handled and cannot blindly follow it.
TaylorP. Financial Services Clustering and Its Significance for London. , 2003.http://centaur.reading.ac.uk/41724/
Financial Services Clustering and Its Significance for London - The University of Liverpool Repository
Bossone MB, Mahajan MS, Zahir MF. Financial infrastructure, group interests, and capital accumulation: Theory, evidence, and policy. , 2003.http://papers.ssrn.com/sol3/papers.cfm?abstract_id=879099
This study presents a theory of financial infrastructure - or the set of rules, institutions, and systems within which agents carry out financial transactions. It investigates the effects of financial infrastructure development on financial architecture and real capital accumulation, taking into account financial-sector special interests. It shows that a more developed infrastructure promotes financial market growth, reduces the scope of traditional banking, and helps investors make more efficient investment decisions. The theory presented explains why traditional banking predominates in the early stages of economic development and becomes relatively less important as the economy develops, and why banks may retard financial sector development. The study provides evidence in support of its predictions.
BoschmaR, WentingR. The spatial evolution of the British automobile industry: Does location matter? , 2007, 16(2): 213-238.http://icc.oxfordjournals.org/content/16/2/213
This article aims to describe and explain the spatial evolution of the automobile sector in Great Britain from an evolutionary perspective. This analysis is based on a unique database of all entries and exits in this sector during the period 1895–1968, collected by the authors. Cox regressions show that spinoff dynamics, agglomeration economies and time of entry have had a significant effect on the survival rate of automobile firms during the period 1895–1968.
KlepperS. Disagreements, spinoffs and the evolution of Detroit as the capital of the U. S. automobile industry. , 2007, 53(4): 616-631.http://www.jstor.org/stable/20110726
The agglomeration of the automobile industry around Detroit, Michigan is explained using a theory in which disagreements lead employees of incumbent firms to found spinoffs in the same industry. Predictions of the theory concerning entry and firm survival are tested using data on the origin, location, and years of production of every entrant into the industry from 1895 to 1966. The geographic concentration of the industry is attributed to four early successful entrants and the many successful spinoffs they spawned in the Detroit area and not to conventional agglomeration economies benefiting co-located firms, as featured in modern theories of agglomeration. Implications of the findings regarding firm strategy are discussed.
BuenstorfG, KlepperS. Why does entry cluster geographically? Evidence from the US tire industry. , 2010, 68(2): 103-114.http://www.sciencedirect.com/science/article/pii/S0094119010000161
We trace the geographic and intellectual heritage of the early entrants into the US tire industry in Ohio, the industry’s historical center. We test a model in which the supply of capable entrants, localized knowledge, and production externalities influence where entrants originated and located. Entry clustered around existing tire producers and in more populated regions, which we attribute mainly to the supply of capable entrants. Production externalities influenced the profitability of operating in a region, but their effect was limited by the localized knowledge of entrants. Entry fueled agglomeration mainly through an endogenous process governing the supply of capable entrants.
HeebelsB, BoschmaR. Performing in Dutch book publishing 1880-2008: The importance of entrepreneurial experience and the Amsterdam cluster. , 2011, 11(6): 1007-1029.http://joeg.oxfordjournals.org/content/11/6/1007
This paper investigates the spatial clustering of the book publishing industry. By means of a hazard model, we examine the effect of agglomeration economies and pre-entry entrepreneurial experience on the survival chances of publishing firms. Whereas such survival analyses have been conducted for manufacturing industries, they are still scarce for cultural and service industries. Based on a unique dataset of all book publishers founded between 1880 and 2008 in the Netherlands, the paper demonstrates that the clustering of book publishers in the Amsterdam region did not increase the survival of Amsterdam firms. Instead, prior experience in publishing and related industries had a positive effect on firm survival. The Amsterdam cluster was characterized by high entry and exit levels mainly. Interestingly, the Amsterdam cluster did not function as an attractor for publishing firms from other regions, but rather acted as an incubator for firms that relocated to other regions.
BroekelT, BoschmaR. Knowledge networks in the Dutch aviation industry: The proximity paradox. , 2012, 12(2), 409-433.http://joeg.oxfordjournals.org/content/12/2/409.short
The importance of geographical proximity for interaction and knowledge sharing has been discussed extensively in recent years. There is increasing consensus that geographical proximity is just one out of many types of proximities that might be relevant. We argue that proximity may be a crucial driver for agents to connect and exchange knowledge, but too much proximity between agents on any of the dimensions might harm their innovative performance at the same time. In a study on knowledge networks in the Dutch aviation industry, we test this so-called proximity paradox empirically. We found evidence that the proximity paradox holds to a considerable degree. Our study clearly showed that cognitive, social, organizational and geographical proximity were crucial for explaining the knowledge network of the Dutch aviation industry. However, we found strong evidence that too much cognitive proximity lowered firms鈥 innovative performance, and organizational proximity did not have an effect.
KrugmanP.Geography and Trade. MA: MIT Press, 1991.
Clark GL.London in the European financial services industry: Locational advantage and product complementarities. , 2002, 2(4): 433-453.http://joeg.oxfordjournals.org/content/2/4/433.abstract
If its prospects were doubted in the early 1990s, London is now the pre-eminent international financial centre. It dominates its European rivals and is joined with New York and Tokyo in a non-stop reciprocal global embrace. Whereas some analysts approach this topic concentrating on the nature and quality of market relationships in London, others emphasise the role that government regulation has played in promoting the growth of the City of London with respect to its European rivals. Here, I elaborate the logic whereby financial products and services are produced at a particular point in space even if financial trading is an increasingly ubiquitous virtual activity. I emphasise the competitive dynamics of the financial services industry, the complementary qualities of financial products, and the place of London in corporate global transactions systems. I mean to show that the production of financial products has been brought to ground (so to speak) in London for a variety of (perhaps non-replicable) reasons. In this regard, my argument is clearly at odds with those analysts of information and communication technology who proclaim the end of geography. However, my argument sits uncomfortably with those who insist upon the persistence and co-existence of different national financial systems. Implications are drawn for the role of London in the evolving integrated European market for financial services, and for the future of continental European financial centres. Copyright 2002, Oxford University Press.
PanFenghua, XuXiaohong, XiaYabo, et al.Progresses of financial geography and implications. , 2014, 33(9): 1231-1240.
HeimeriksG, BoschmaR. The path- and place-dependent nature of scientific knowledge production in biotech 1986-2008. , 2014, 14(2): 339-364.http://joeg.oxfordjournals.org/content/14/2/339
This study explores the worldwide spatial evolution of scientific knowledge production in biotechnology in the period 1986-2008. We employ new methodology that identifies new key topics in biotech on the basis of frequent use of title worlds in major biotech journals as an indication of new cognitive developments within this scientific field. Our analyses show that biotech is subject to a path- and place-dependent process of knowledge production. We observed a high degree of re-occurrences of similar key topics in biotech in consecutive years. Furthermore, slow growth cities in biotech are characterized by topics that are less technologically related to other topics, while high growth cities in biotech contribute to topics that are more related to the entire set of existing topics. Slow growth and stable growth cities in biotech introduced more new topics, while fast growth cities in biotech introduced more promising topics. Slow growth cities also showed low levels of research collaboration, as compared to stable and high growth cities.
BoschmaR, HartogM. Merger and acquisition activity as driver of spatial clustering: The spatial evolution of the Dutch banking industry, 1850-1993. , 2014, 90(3): 247-266.http://onlinelibrary.wiley.com/doi/10.1111/ecge.12054/full
This article investigates the extent to which merger and acquisition (M&A) activity contributed to the spatial clustering of the Dutch banking industry in Amsterdam. This analysis is based on a unique database of all banks in the Netherlands that existed in the period 1850鈥1993. We found that spatial clustering of the Dutch banking industry was not driven by the fact that banks performed better in the Amsterdam region: being located in Amsterdam decreased rather than increased the survival chances of banks. However, banks in Amsterdam were disproportionally active in acquiring other banks outside Amsterdam. Experience in M&As accumulated mainly in the Amsterdam region, which in turn had a positive impact on the survival chances of banks located there. Our findings suggest that M&A activity was a driving force behind the spatial clustering of the Dutch banking industry between 1850 and 1993.
WentingR. Spinoff dynamics and the spatial formation of the fashion design industry, 1858-2005. , 2008, 8(5): 593-614.http://joeg.oxfordjournals.org/content/8/5/593
Many firms start as spinoff companies having the advantage of inheriting organizational routines of the parent firm. By constructing the genealogical structure of parent-spinoff relationships, one can analyze the effects of routine replication on firm success. Based on a unique dataset on the global fashion design industry we find that spinoffs outperform other firms and that spinoffs inherit parent success. We supplement this genealogical perspective with an analysis of localization economies and migration flows, which are shown to have an insignificant effect on firm success. We conclude that the local replication of routines through spinoffs caused the clustering of fashion design in a handful of cities around the world.
YinLaisheng, FengBangyan. Review and prospect of financial agglomeration research. , 2012, 27(1): 16-21.
With the arrival of "service economy", the service industry is becoming increasingly important in the national economy. Financial is the core of modern economy, the core elements and endogenous variables in economic development. Although many cities are making great efforts to promote financial development, it always seems to appear in the form of agglomeration (eg: financial centers). Financial agglomeration not only has the common characteristics of manufacture agglomeration, but also has uniqueness. The mainly research contents of financial agglomeration include its motivations, modes, types, and effects, the construction of financial center et al. Motivation factors of financial agglomeration can be divided into two aspects of internal and external factors. There are two modes of the formation of financial agglomeration, one is drawing on the path dependence of contingency factors such as history and special events, the other is primarily dependent on the relevant industrial policy of the state, and spatial layout in accordance with the economic development strategy by the government. There have different types of financial agglomeration under different division methods. According to the geographical scope of financial centers, it can be divided into regional-based, national, regional and global type. From the characteristics of spatial layout, it can be divided into the Marshallian new industrial district, the hub-and-spoke, satellite platform, state-anchored district. As the financial agglomeration plays an important role in economic development, how to construct a financial center have become the concerns to many government departments and experts. There are two opposing arguments about the future development of financial services industry: One is that globalization is the synonym of "end of geography", the other is that globalization does not undermine the spatial entity of financial center as a node in the global financial system. Finally, some suggestions are offered for the future research. The first is the research of the functions and industrial layout of China's financial center cities; the second is the sub-sectors and micro-regional research of financial industry.
PanF, DanielB. Going global? Examining the geography of Chinese firms' overseas listings on international stock exchanges. , 2014, 52: 1-11.http://www.sciencedirect.com/science/article/pii/S0016718513002571
In a globalising world, as economies are becoming increasingly integrated the number of firms seeking to connect to global capital markets and list on international stock exchanges is rapidly rising. Up to 2011 there have been more than 1000 Chinese firms listed on overseas stock exchanges. As a dynamic and emerging economy, the connection of Chinese firms to global capital markets and flows has the potential to reshape economic geography at a variety of geographical scales. Despite this, there has been limited academic enquiry attending to these issues and exploring the internationalisation of Chinese firms through overseas listing. Using a comprehensive dataset, this paper addresses this research lacuna and provides a preliminary analysis of the geography of overseas listings. The paper describes how the trend and geography of Chinese firms listing overseas started in the late 1980s but has grown rapidly in the past decade. Hong Kong, New York, Singapore, and London are the major destinations of larger Chinese firms for overseas listing, while emerging destinations such as Germany, South Korea, Australia, and Canada are attracting more firms. We found that firms in different locations and sectors favoured different markets. Generally listing firms tend to originate from eastern China, reflecting the spatial pattern of the Chinese economy. The paper argues that there are two main factors influencing the geography of Chinese firms鈥 overseas listing activity. The first is the role of the state in influencing, and in some cases, directly determining the locational choice of overseas listing for Chinese firms. The second is the effect of proximity preferences in influencing the decision taken by some firms to list in particular overseas markets. The paper closes with a discussion on the impacts of overseas listings domestically in China and globally on international exchanges where firms list.
ScottA, StorperM. High technology industry and regional development: A theoretical critique and reconstruction., 1987(39): 215-247.http://www.researchgate.net/publication/291865897_High_Technology_Industry_and_Regional_Development_A_Theoretical_Critique_and_Reconstruction
Abstract The paper opens with a discussion of the emergence of new ensembles of relations and forces of production. A factual account of the geography of high technology industry in the United States is presented. Some prevalent current approaches to the locational analysis of high technology industry are evaluated. An attempt is then made to show theoretically (a) how new growth centres emerge, on the basis of (b) agglomeration economies rooted in (c) the organisation of industry and local labor market dynamics, in the wider context of (d) macro-regional shifts in the location of new industrial ensembles. Growth centre/periphery relations are examined. -Authors
StorperM, WalkerR. The Capitalist Imperative: Territory, Technology and Industrial Growth. , 1989.http://onlinelibrary.wiley.com/doi/10.1111/j.1467-8330.1993.tb00218.x/full
Boschma RA, Van der Knaap G A. New high-tech industries and windows of locational opportunity: The role of labour markets and knowledge institutions during the industrial era. , 1999, 81(2): 73-89.http://onlinelibrary.wiley.com/doi/10.1111/j.0435-3684.1999.00050.x/full
This paper presents a theoretical concept (the so-called"Open Windows of Locational Opportunity" concept, or OWLO concept) which provides an explanation for why it is rather uncertain and unpredictable where new high-technology industries will emerge in space. This is due to three tightly linked features of new high-tech industries. Firstly, new high-tech industries reflect a high rate of discontinuity because they place new demandson their local production environment. Secondly, due to this mismatch, new high-tech industries depend on their creative ability to generate or attract their own favourable production environment. This creative capacity compensates for the lack of specific local stimuli, as associated with their discontinuous nature. Thirdly, the OWLO concept claims that chance events may have a considerable impact on the place where new industries emerge. This is because it remains unpredictable at which place potentially favourable resources of a generic nature set in motion a creative process which brings increasing returns (that is, "localization economies") into the local production environment. As a consequence, many regions are considered to be in a more or less equal position to develop new high-tech industries during their initialstage of growth, despite their different techno-industrial histories. We have further illustrated this OWLO concept by linking it to the problem of whether regional labour markets and knowledge institutions may facilitate the ability of regions to generate new high-tech industries, despite the fact that these require new knowledge and skills. We made an attempt to specify in broad terms the extent to which local supplies of labour and institutionalized knowledge may have influenced the place where so-called new clusters of innovative industries emerged in Great Britain and Belgium during the industrial epoch. We presented some evi-dence that the three key notions of the OWLO concept described above have indeed been features of the spatial emergence of many new clusters in both countries during their initial stage of development.
第四届全球经济地理大会(Global Conference on Economic Geography, GCEG)于2015 年8 月19-23 日在英国牛津大学召开，来自世界各地近700 名经济地理学者参会。中国大陆包括中国科学院地理科学与资源研究所、北京大学、北京师范大学、华东师范大学、浙江大学、河南大学、华南师范大学、东北师范大学、中南财经政法大学、云南大学等机构数十位学者参加本会议。中国科学院地理科学与资源所刘卫东研究员和北京大学贺灿飞教授分别担任大会顾问委员会委员和组委会委员。此外，中国地理学会以及北京大学—林肯土地政策研究中心作为特别赞助方资助了本次会议。
Roberts SM. Small place, big money: The Cayman Islands and the international financial system. , 1995, 71(3): 237-256.http://www.jstor.org/stable/144310
This paper examines the offshore financial center (OFC) of the Cayman Islands in the Caribbean as part of an attempt, on the one hand, to map emerging geographies associated with rapid and far-reaching changes in the international financial system, and, on the other hand, to further a Marxian understanding of how capital increases its flexibility and averts crisis (not unproblematically) through the financial system. Thus, in this paper, the major industries of the offshore sector in the Caymans are outlined and their development presented. I then examine the Cayman Islands' development and operation as an OFC in two wider contexts: first, changes in the practice of international banking, and second, the regional competition between "entrepreneurial islands" for offshore finance. I argue that the development of new spaces in the global economy--OFCs-- cannot be understood without an understanding of changes in the international financial system (new markets, instruments, risks, and others). Furthermore, the changes in the international financial system cannot be understood except as operating through space and specifically through distinct spaces such as the OFCs. Although the Cayman Islands are a small place, they have strategically positioned themselves at the nexus of the circuits of fast and fungible financial capital and offer a window on the workings of the international financial system.
MiaoChanghong, WeiYehua, Lv Lachang. New Economic Geography.Beijing: Science Press, 2011.
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HuallachainB Ó. Foreign banking in the American urban system of financial organization. , 1994, 70(3): 206-228.http://www.tandfonline.com/doi/abs/10.2307/143991
Foreign banks in the United States are major sources of investment capital and producers of financial services. Foreign banking is localized in a few metropolises. Six major international banking centers serve as American nodes in the system of global flows of capital and financial services. The asset structure, size, type, and national origins of foreign banks in these centers reveal investment motives. New York is the primary foreign banking complex. The magnitude of its foreign banking segment together with the diversity of bank sizes, nationalities, and types contributes to its distinctiveness. Its traditional role as the focal point of interaction between the securities and the domestic banking industries has been augmented by rapid expansion of foreign banks in the 1980s. In Chicago, foreign banking has grown together with its fast-growing financial markets. Foreign banking in Los Angeles and San Francisco is dominated by Japanese banks, which are mainly engaged in traditional bank lending. They intensified oscillations in the Californian economy by financing the real estate overbuilding of the 1980s. In the Southeast, foreign banking has rapidly increased in Atlanta and Miami. Atlanta's foreign banks are mainly engaged in commercial and industrial lending rather than in production of global financial services. Miami's much larger number of small foreign banks produce services related to flows of trade and investment between the United States, South America, and Europe.
ArthurW. Ann Arbor: The University of Michigan Press, 1994
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BoschmaR. Do spinoff dynamics or agglomeration externalities drive industry clustering? A reappraisal of Steven Klepper's work. , 2015, 24(4): 859-873.http://icc.oxfordjournals.org/cgi/content/short/24/4/859
Steven Klepper’s theory of industry clustering based on organizational reproduction and inheritance through spinoffs challenged the Marshallian view on industry clustering. This article provides an assessment of Klepper’s theoretical and empirical work on industry clustering. We explore how “new” his spinoff theory on industry clustering was, and we investigate the impact of Klepper’s theory on the economic geography community. Klepper’s work has inspired especially recent literature on regional branching that argues that new industries grow out of and recombine capabilities from local related industries. Finally, the article discusses what questions on industry location are still left open or in need of more evidence in the context of Klepper’s theory.
HelfatC, LiebermanM. The birth of capabilities: Market entry and the importance of pre-history. , 2002, 11(4): 725-760.http://icc.oxfordjournals.org/content/11/4/725.short
We analyze the birth of capabilities and resources within organizations and within industries, and their historical antecedents, at the time of market entry. We find a consistent theme: the greater the similarity between pre-entry firm resources and the required resources in an industry, the greater the likelihood that a firm will enter that particular industry, and the greater the likelihood that the firm will survive and prosper. In addition, resource gaps affect the likelihood, speed and mode of entry. Copyright 2002, Oxford University Press.
FeldmanM, LendelI. Under the lens: The geography of optical science as an emerging industry. , 2010, 86(2): 147-171.http://onlinelibrary.wiley.com/doi/10.1111/j.1944-8287.2010.01068.x/full
Optical science is the study of light and the ways in which light interacts with matter. Although its origins coincide with the earliest scientific inquiry, modern optics is an enabling technology that is applied to a variety of intermediate markets elecommunication equipment, medical devices, scientific instruments, semiconductors, imaging and reproduction, defense and security, and retail logistics. One difficulty in studying emerging technology is the limitation of current industrial categories and patent classes. This article examines the geography of optical science inventions using a new methodology that can be applied to study other emerging industries. We rely on companies that self-identify as working on optics on the basis of their voluntary membership in the Optics Society of America. We investigate the inventive activity of these companies from 2004 to 2007 and identify a set of International Patent Classes that defines the emergent technology space in optical science. Using this definition, we then analyze all the organizations that are inventing in optical science. We find that inventive activity is geographically concentrated: patenting takes place in 240 urban areas, although 84 percent of the patents were invented in 30 metropolitan areas and almost 50 percent were attributed to 11 metropolitan areas. The article considers the organizations that are shaping the emerging technology and the consequences for geographic clusters. Our results reveal that the geographic distribution of inventive activity does not reflect the location of self-designated regional optics clusters in the United States but suggests a more nuanced understanding of the emergence of industries. We conclude by considering lessons about the development of clusters in emerging industries.
HeCanfei, RenYonghuan, LiYunxiong. The mechanism of cross-boundary product evolution in China: An empirical analysis based on export product of prefecture-level cities. , 2016, 36(11): 1605-1613.
New product promotes the sustainable growth of the local economy. Evolutionary economic geographers believe that the emergence of new products is based on local original products and related industries, saying that the development of new industries demands access to local capability. Local capability is the key source of technological and industrial diversification, which provides potentials for regions to diversify into new technologies and industries. Organizational routines are core concept in an evolutionary approach. Economic evolution can then be understood as the selective transmission of routines among organizational entities. However little attention has yet been paid to the role of spillovers from neighbor regions for industrial diversification. Regions are in an associative network but not absolutely isolated, especially for the neighbor regions. Knowledge spillovers may occur across regions and successful routines may be transferred to neighbor regions by the way of population mobility and spinoff. So this article discusses whether the evolutionary process can cross space and administrative boundaries based on the current evolutionary theories. To answer this question, we analyze the development of new products in Chinese prefecture-level cities during the period 2002-2013 using the HS 4-digit classification data on exports. The results show that the evolution of product can occur across administrative boundaries between neighbor cities, but only when the local has a good foundation of relevant industries. And the decentralization between provinces is a significant barrier for cross-boundary evolution. Besides, taking into account of the different knowledge attributes of products and the regional difference of economic development, there exist significant differences among regions and products in cross-boundary evolutionary mechanisms.
Tanner AN. Regional branching reconsidered: Emergence of the fuel cell industry in European regions. , 2014, 90(4): 403-427http://onlinelibrary.wiley.com/doi/10.1111/ecge.12055/full
The literature on economic geography suffers from a lack of attention to the emergence of new industries. Recent literature on “regional branching” proposes that new industries emerge in regions where preexisting economic activities are technologically related to the emerging industry. This article provides a more grounded basis for the emerging literature on regional branching by confronting the regional branching thesis with the realities of an emerging industry, namely, the fuel cell industry. The analysis is based on patent data and qualitative interviews conducted in a selection of European NUTS2 (nomenclature of territorial units for statistics) regions. The findings can be summarized as follows. First, the analysis reveals that in the case of the emerging fuel cell industry, regional diversification is dominated by firm diversification, which complements previous studies’ findings that entrepreneurial spin-offs dominate regional diversification. Second, the study corroborates the assumption that the process of regional branching relies on knowledge generated by nonindustrial actors such as universities and research institutes. Third, the findings suggest that care should be taken in ascribing the underlying logic of regional branching to the principle of technological relatedness alone. The article shows how some regional diversification processes occur in regions where preexisting economic activities are not technologically related to the emerging industry, for instance, when user industries apply new technologies to their product portfolio. The importance of further investigating and disentangling different dimensions of relatedness and their impact on regional branching is stressed.
BoschmaR, FrenkenK. Technological relatedness, related variety and economic geography // Cooke P, Asheim B, Boschma R. The Handbook of Regional Innovation and Growth. , 2011.
BoschmaR, MinondoA, NavarroM. The emergence of new industries at the regional level in Spain: A proximity approach based on product relatedness. , 2013, 89(1): 29-51.http://onlinelibrary.wiley.com/doi/10.1111/j.1944-8287.2012.01170.x/full
Top of page abstract Acknowledgments Regional Diversification Based on Relatedness Data and Methodology The Relationship Between Density and the Entry of New Products in Spanish Regions Econometric Analyses Conclusions References How do regions diversify over time? Inspired by recent studies, we argue that regions diversify into industries that make use of capabilities in which regions are specialized. Since the spread of capabilities occurs through mechanisms that have a strong regional bias, we expect that capabilities that are available at the regional level play a larger role than do capabilities that are available at the country level for the development of new industries. To test this hypothesis, we analyze the emergence of new industries in 50 Spanish regions at the NUTS 3 level in the period 1988-2008. We calculate the capability-distance between new export products and existing export products in Spanish regions and provide econometric evidence that regions tend to diversify into new industries that use similar capabilities as existing industries in these regions. We show that proximity to the regional industrial structure plays a much larger role in the emergence of new industries in regions than does proximity to the national industrial structure. This finding suggests that capabilities at the regional level enable the development of new industries.
AminA, Thrift N.Globalization, Institutions, Oxford: Oxford University Press, 1995.
ZhangYongkai, XuWei. Analysis of the industry spatial evolution mechanism and its determinants from the perspective of evolutionary economic geography: A case study of China's automobile industry. , 2014, 23(2): 1-13.
Using detailed data on California biotechnology, we find that the positive impact of research universities on nearby firms relates to identifiable market exchange between particular university star scientists and firms and not to generalized knowledge spillovers. Poisson and two-stage Heckman regressions indicate the number of star-firm collaborations powerfully predicts success: for an average firm, five articles coauthored by academic stars and the firm's scientists imply about five more products in development, 3.5 more products on the market, and 860 more employees. Stars collaborating with or employed by firms, or who patent, have significantly higher citation rates than pure academic stars.
MacKinnonD, CumbersA, PikeA. Evolution in economic geography: Institutions, political economy, and adaptation. , 2009, 85(2): 129-150.http://onlinelibrary.wiley.com/doi/10.1111/j.1944-8287.2009.01017.x/full
Economic geography has, over the past decade or so, drawn upon ideas from evolutionary economics in trying to understand processes of regional growth and change. Recently, some researchers have sought to delimit and develop an “evolutionary economic geography” (EEG), aiming to create a more systematic theoretical framework for research. This article provides a sympathetic critique and elaboration of this emergent EEG but takes issue with some aspects of its characterization in recent programmatic statements. While acknowledging that EEG is an evolving and pluralist project, we are concerned that the reliance on certain theoretical frameworks that are imported from evolutionary economics and complexity science threatens to isolate it from other approaches in economic geography, limiting the opportunities for cross-fertilization. In response, the article seeks to develop a social and pluralist conception of institutions and social agency in EEG, drawing upon the writings of leading institutional economists, and to link evolutionary concepts to political economy approaches, arguing that the evolution of the economic landscape must be related to processes of capital accumulation and uneven development. As such, we favor the use of evolutionary and institutional concepts within a geographical political economy approach, rather than the construction of some kind of theoretically separate EEG—evolution in economic geography, not an evolutionary economic geography.