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The New York-London Financial Nexus in the Shadow of Brexit

Martine Azuelos
p. 119-140

Résumé

While concern has been widespread that Brexit will endanger Londons status as a global financial hub, a relatedalthough far less publicizedissue is that it may also weaken London’s interconnectedness with New York, which this paper refers to as the ‘NY-LON nexus. To address this issue this paper brings it into the wider debates on the ’special’ UK-US economic relationship and on the role of financial centres in the process of globalisation. Part one focuses on the centrality of Foreign Direct Investment (FDI) and finance in the UK-US economic relationship and on the role of NY-LON as a key driver of globalisation. Part two outlines the ‘space of flows between the ‘global twin-cities and the institutional foundations underlying those flows, making the case for the locational and institutional embeddedness of globalisation in NY-LON. Keeping that framework in mind, Part three provides a few insights into the potential effects of Brexit on NY-LON and globalisation.

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Extrait du texte

Ce document sera publié en ligne en texte intégral en mai 2020.

Plan

Introduction
The special UK-US economic relationship, financial globalization, and the NY-LON nexus
The special UK-US economic relationship since the 1980s
The NY-LON nexus as a key driver of globalisation
Locational and institutional embeddedness of globalisation in the NY-LON nexus
Defining the NY-LON nexus as a space of flows
The institutional foundations of the NY-LON nexus
Brexit’s actual and potential impact on NY-LON
Brexit’s impact on the anticipations of representatives of the financial industry
The state they’re in… and what to expect next
Conclusion

Aperçu du texte

Introduction

Since January 23, 2013 when David Cameron announced his plan to hold a referendum on British membership of the European Union if the Conservatives won the following general election, concern has been widespread that Brexit would endanger Londons status as a global financial hub. Given the importance of the United Kingdoms EU membership to the dynamism of its financial services industry, this concern was perfectly understandable. A related, although far less publicized, issue is that Brexit might also weaken London’s interconnectedness with New York—which a variety of authors have referred to as the NY-LON axis, dyad, or transatlantic core, and which this paper refers to as the NY-LON nexus. This weakening of NY-LON may well, in turn, lead to a shift of the global financial industry’s centre of gravity. Although at the time of writing (January 2019) whether Brexit will actually take place, and if so, under what circumstances, is still largely undetermined, thi...

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Référence papier

Martine Azuelos, « The New York-London Financial Nexus in the Shadow of Brexit », Observatoire de la société britannique, 24 | 2019, 119-140.

Référence électronique

Martine Azuelos, « The New York-London Financial Nexus in the Shadow of Brexit », Observatoire de la société britannique [En ligne], 24 | 2019, mis en ligne le 01 mai 2020, consulté le 19 février 2020. URL : http://journals.openedition.org/osb/3311 ; DOI : https://doi.org/10.4000/osb.3311

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Auteur

Martine Azuelos

Professeur émérite à l'Université de la Sorbonne Nouvelle Paris 3

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Droits d’auteur

Observatoire de la société britannique

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