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Understanding Successful Global Financial Centres: Insights from Professor Michael Mainelli

Explore the dynamics of global financial centres with Professor Michael Mainelli, a Gresham Fellow. This insightful analysis covers the evolution, roles, and future of financial centres, emphasizing their significance in driving innovation and growth. By researching competitive factors and the Global Financial Centre Index (GFCI), we can glean valuable insights into how cities can enhance their economic landscapes. The presentation addresses the pivotal question: What does it take for a global financial centre to thrive in a competitive environment?

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Understanding Successful Global Financial Centres: Insights from Professor Michael Mainelli

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  1. Professor Michael MainelliGresham Fellow What Makes A Successful Global Financial Centre?

  2. Outline • Financial centres • Researching financial centres • Evolution of financial centres • Financial centre futures • Whither or wither? “Get a detailed grip on the big picture.”Chao Kli Ning [Source: http://www2.chinadaily.com.cn/bizchina/2009-08/14/content_8571581.htm]

  3. Ozymandias Is Ephemeral

  4. Ozymandias Is Eternal [1375 Catalan Atlas of the known world (mapamundi), drawn by Abraham Cresques of Mallorca]

  5. On The Road To Nowhere? [Source: http://www.learnnc.org/lp/multimedia/8813]

  6. Cities & Centres

  7. Why Study Financial Centres? • Financial centres add value by directing investment toward innovation and growth • Vibrant, competitive financial centres give cities economic advantages in information, knowledge and access to capital • Being part of the global financial network ensures that cities gain from global trade and growth • Policy decisions can create successful financial centres

  8. Financial Centre Roles

  9. Hop To It! [68 Lombard Street - site of Sir Thomas Gresham’s goldsmith business, then Martins Bank, later absorbed into Barclays,]

  10. People Who Need People Are The Luckiest People In The World [Source: Gensler – Dubai International Financial Centre]

  11. City Or State? Vatican City

  12. Networks Affect [Source: http://changemod.com/755/2007/12/30/topic-extraction-in-wikipedia/]

  13. Research, Research, Research Key areas of competitiveness: People Business Environment Market Access Infrastructure General Competitiveness

  14. The GFCI Process 64 Instrumental Factors 36,497 assessments from 1,805 respondents

  15. GFCI World

  16. Reputational Advantage

  17. Competitive Areas People: Intellectual Capital, PwC International Crime Victims Survey, UN Human Development Index, UNDP Quality of Living Survey, Mercer HR Lifestyle Assets, PwC World’s Top Tourist Destinations, World Economic Forum Market Access: Capital Access Index, Milken Institute Securitisation Levels, IFSL Capitalisation of Stock Exchanges, WFSE Global Credit Rankings, Institutional Investor External Position of Central Banks, BIS Infrastructure: Office Space Across The World, Cushman & Wakefield, Healey & Baker Real Estate Transparency Index, Jones Lang LaSalle E-Readiness Ranking, EIU City Infrastructure, Mercer HR Quality of Ground Transport, WEF Business Environment: Administrative and Economic Regulation, OECD Index of Economic Freedom, Heritage Foundation Total Tax Receipts (As a Percentage of GDP), OECD Ease of Doing Business Index, World Bank Opacity Index, Milken Institute Corruption Perceptions Index, Transparency International Political Risk Index, Exclusive Analysis General Competitiveness: City Brands Index, Anholt Global Competitiveness Index, WEF Global Intellectual Property Index, Taylor Wessing Population Density, City Mayors Statistics

  18. Evolution

  19. Anna Karenina Principle

  20. Building On Exchange

  21. Don’t Forget The Hinterland!

  22. Win-Win Financial Centres? Open Resilient Robust Competition Economies of Scale Transitional Protected High Low Information Diversity Disinformation

  23. Asian Age? [Source: Gensler – Shanghai World Financial Centre]

  24. Find, Explore The Funds Offshore… [Source: Gensler – Dubai International Financial Centre]

  25. Centre or SPIN?

  26. London As A Global Financial Centre [Source: Gensler – London Stock Exchange]

  27. Connectivity

  28. A Global Phenomenon

  29. Discussion “Get a big picture grip on the details.”Chao Kli Ning

  30. Thank You!

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