Přednáška Zoltána Gála

22 Říjen 2013 14:00

Přednáška Zoltána Gála

"Geography is still important: Globalisation has not diminished the economic significance of location;
(John Kay, Financial Times, 2001.10 January)

„Locations still exist, even though electronic markets make that location more difficult to identify in traditional geographical ways. Firms, individuals, markets, even products have to have a sense of place."
(Richard O'Brien, 1992; Author of the „Global Financial Integration: The End of Geography")

„Financial system is inherently spatial. Within geography, too, recent years have seen increasing recognition of the theoretical and empirical importance of finance and money for understanding the forces that shaping the economic landscape."
(Ron Martin, 1999)



GÁL, Zoltán (PHD, Dr habil.)
Research Centre for Economic & Regional Studies,
Hungarian Academy of Sciences
University of Kaposvár, Faculty of Economics, department of Regional Economics & Statistics
Doctoral School in Regional Economics & Policy, University of Pécs

The lecture provides a short introductory to what is Financial Geography all about. It analyses the geographical organisation and worldwide operation of financial markets and flows. Specific emphasis is placed on the geographical contents of global financial transactions, market segments and international financial centres (IFCs). The lecture proves the strong geographical bonds of the financial sector in the age of electronic markets. It refutes the theories that argue the virtualization and the decreasing significance of the market space. It aims to resolve the contradiction between the electronic financial space, which is eliminating the significance of geographical distances and the growing importance for spatiality in financial market operations. The lecture argues that the spatial processes of the financial globalization question the previous prophecies, myths and expectations on several areas and introduces the spatial & informational constraints of financial globalization. It examines the geographical spread and concentration information as one of the most important spatially determined factors shaping the financial markets and deals with the role of information in the operation of financial centres. The first part of the lecture closes with the presentation of the geographical dimension of the recent financial crisis.

The second part of the lecture gives a special emphasis on the Central & Eastern European financial markets in the context of European financial market integration. It investigates the significant role of financial FDI in the transition economies in the context of the dependent market economy model and examines what extent foreign capital inflows to CEECs contributed to the regional imbalances within the European Union and the Eurozone.

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