If you are looking for larger and more complex financial and business services, such as M&A advisory, you may look global advisors afar in London or New York. If you are interested in IPO, the largest securities market in the region (i.e. Warsaw) may be at the top of your list. Of course, you may arrange simple loan contracts at the nearby cities. Thus, the hierarchy of financial centres are linked to the market areas of various capital market services.
ISM’s Financial Economics programme director dr Tom Hashimoto, together with dr Vladimir Pazitka and prof Dariusz Wojcik of Oxford, looked at the spatial dynamics of capital market services trade in the recently published article (Urban Studies). The article was supported by the European Research Council’s Horizon 2020 grant, and it is available at https://journals.sagepub.com/doi/full/10.1177/0042098021999992 with open access.
Hashimoto, T., Pažitka, V., & Wojcik, D. (2021). The spatial reach of financial centres: An empirical investigation of interurban trade in capital market services. Urban Studies, 1-20.