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COVID-19 and Finance: Market Developments So Far and Potential Impacts on the
Financial Sector and Centres
#MMPMID32836484
Wójcik D
; Ioannou S
Tijdschr Econ Soc Geogr
2020[Jul]; 111
(3
): 387-400
PMID32836484
show ga
This paper offers an informed commentary on the actual and potential impacts of
the pandemic on financial markets, sector and centres, grounded in literature on
financial centres, the state-finance nexus, and trends affecting the landscape of
finance since the global financial crisis. We expect a slowdown in new financial
regulation, continued firm-level consolidation, and a continued rise of business
services related to finance. The application of new financial technologies is
likely to accelerate, affecting retail banking in particular, but will not
necessarily be led by FinTech firms. Local and regional financial centres are
likely to face larger challenges than leading international centres. As the panic
and partial recovery in financial markets in March and April 2020 highlighted the
significance of the international monetary hierarchy, with the US$ in the lead, a
radical shift of financial power to Asia seems unlikely.
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