Development of international financial centres in Central and Eastern Europe during transition period and crisis: The case of Budapest

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dc.author.affiliationDTOhu
dc.author.mtmtid10001296
dc.contributor.authorGál, Zoltán
dc.coverage.mtmtmtmthu
dc.date.accessioned2015-08-04T07:45:34Z
dc.date.available2016-07-02T01:10:04Z
dc.date.issued2015
dc.description.abstractThis paper examines the development of international financial centres (IFC) in Central and Eastern Europe (CEE). The study argues that the development of the financial services in CEE is characterized by external dependency, which is manifested in the form of hierarchical command and control functions over CEE financial subsidiaries within the West European IFC network. The paper quantitatively compares the factors of IFC functions of Budapest in comparison to those of Warsaw and Prague. It argues that despite the lack of market evidence showing signs of a regional-centre focus during the transition period, there are some signs of IFC formation. The paper assesses the uneven impact of the global economic crisis upon CEE financial centres and confirms that their development trajectories became more differentiated as a result of the crisis. The steady decline of Budapest during the second half of the 2000s was accompanied by the rise of Warsaw. Our analysis concluded that Budapest, despite its earlier endeavours, most likely lost the competition to become an international financial centre.hu
dc.description.sponsorshipOTKAhu
dc.embargo.lift2016.09.01
dc.format.extentfirstpage53hu
dc.format.extentlastpage80hu
dc.format.extentvolume60hu
dc.identifier.citationStudia Regionalne I Lokale 2015:(2 (60)) pp. 53-80. (2015)hu
dc.identifier.doihttp://dx.doi.org/10.7366/1509499526003hu
dc.identifier.mtmt-recordid2923544
dc.identifier.sponsor-idOTKA NK 104985hu
dc.identifier.urihttp://dx.doi.org/10.7366/1509499526003
dc.identifier.urihttp://hdl.handle.net/11155/949
dc.identifier.urihttp://www.studreg.uw.edu.pl/pdf/2015_2_gal.pdf
dc.languageangolhu
dc.relation.ispartofjournalStudia Regionalne I Lokalehu
dc.relation.ispartofjournalissue2hu
dc.rightsCreative Commons Attribution Non-Commercial No Derivatives (CC-BY-NC-ND-4.0) Nevezd meg!-Ne add el!-Ne változtasd!hu
dc.subjectBudapesthu
dc.subjectKelet-Európahu
dc.subjectKözép-Európahu
dc.subjectpénzügyi központhu
dc.subjectkülföldi tőkebefektetésekhu
dc.titleDevelopment of international financial centres in Central and Eastern Europe during transition period and crisis: The case of Budapesten
dc.typejournalArticleen
dc.type.descriptionfolyóiratcikkhu
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