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Centripetal and centrifugal forces in the wake of external shocks: A case of financial and business services in the Visegrád Four
Applied Geography ( IF 4.0 ) Pub Date : 2021-07-26 , DOI: 10.1016/j.apgeog.2021.102522
Tom Hashimoto 1, 2 , Dariusz Wójcik 3
Affiliation  

This paper investigates the spatial distribution of employment in financial and business services (FABS) across major metropolitan areas in the Visegrád Four (V4). It addresses a gap in research on financial centres by illustrating overlapping institutional arrangements as an interplay between centripetal and centrifugal forces with the Global City as a theoretical backbone. The interplay is contextualised in two external shocks – EU accession and the Global Financial Crisis (GFC). The regulatory harmonisation and the general trend of capital movement create an opportunity for the capital cities to function as the national gateways to investments. However, the increasing capacity to produce larger and more complex FABS in secondary cities incentivises foreign firms to rearrange their regional office networks. Similarly, while the GFC directly impacted the financial sector, demand for the majority of services was maintained, sustaining the growth trajectories of national financial centres. The empirical analysis reveals that FABS growth in the V4 did not really accelerate in the wake of the accession, nor decelerate in the wake of the GFC. While significant differences between countries remain, the configuration of financial centres within Poland has not changed significantly, suggesting a resilient concentration and hierarchy of financial centres.



中文翻译:

外部冲击后的向心力和离心力:维谢格拉德四世的金融和商业服务案例

本文调查了维谢格拉德四 (V4) 主要大都市区的金融和商业服务 (FABS) 就业空间分布。它通过将重叠的制度安排说明为向心力和离心力之间的相互作用,以全球城市为理论支柱,解决了金融中心研究中的空白。这种相互作用以两种外部冲击为背景——加入欧盟和全球金融危机 (GFC)。监管协调和资本流动的总体趋势为首都城市作为国家投资门户创造了机会。然而,在二线城市生产更大、更复杂的 FABS 的能力不断提高,促使外国公司重新安排其区域办事处网络。相似地,虽然全球金融危机直接影响了金融部门,但对大部分服务的需求得以维持,维持了国家金融中心的增长轨迹。实证分析表明,V4 中的 FABS 增长并没有在加入后真正加速,也没有在全球金融危机后减速。尽管各国之间仍然存在显着差异,但波兰境内金融中心的配置并未发生显着变化,这表明金融中心的集中度和层次结构具有弹性。

更新日期:2021-07-26
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