The Formation of Financial Centers in the Global Age from a Comparative-historical Viewpoint

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The aim of this study is, from a general viewpoint, to compare the formation of international financial centers in the global age of the world economy and to understand the process in which international capital markets enhanced their position to the world's largest financial center. We intend to pay much attention to the following international financial centers which once played a hegemonic role in the world economy, and to compare them each other :(1)London under the international gold standard prior to the First World War,(2)New York under the rebuilt gold standard during the interwar period, and(3)London as an off-shore market for euro-dollars following the Second World War. We also take into consideration the influence of' financial capitalism' to the macro economy, which appeared as the outcome of the enlargement of financial sector.