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Cities in Global Financial Networks: Financial and Business Services and Developmentin the 21st Century

Total Cost €


EC-Contrib. €






Project "CityNet" data sheet

The following table provides information about the project.


Organization address
city: OXFORD
postcode: OX1 2JD

contact info
title: n.a.
name: n.a.
surname: n.a.
function: n.a.
email: n.a.
telephone: n.a.
fax: n.a.

 Coordinator Country United Kingdom [UK]
 Project website
 Total cost 1˙929˙306 €
 EC max contribution 1˙929˙306 € (100%)
 Programme 1. H2020-EU.1.1. (EXCELLENT SCIENCE - European Research Council (ERC))
 Code Call ERC-2015-CoG
 Funding Scheme ERC-COG
 Starting year 2016
 Duration (year-month-day) from 2016-08-01   to  2021-07-31


Take a look of project's partnership.

# participants  country  role  EC contrib. [€] 


 Project objective

Financial and business services (FABS), including law, accounting, and business consulting, have been one of the most dynamic sectors of the world economy, with a fivefold rise in real value added since 1980. Although FABS are central to the processes of globalisation, financialisation, urbanisation and development, our understanding of the sector in the context of tumultuous changes of the early 21st century is partial. How have the FABS firms and centres been affected by the global financial crisis and the Eurozone crisis? How are they changing in response to new financial regulation, the expected shift of economic activity to the Asia-Pacific region, and the digital revolution? What are the impacts of FABS on urban, regional, and global development? We urgently need groundbreaking frontier research to better understand the nature and dynamics of FABS, and their implications. This project is designed to address this challenge by focusing on three objectives: mapping the FABS sector and its transactional networks worldwide; analysing strategies of FABS firms, as well as policies towards FABS and their institutional environments in cities; explaining the impacts of FABS, their strategies, and place-specific factors on growth, stability, and inequality at urban, regional, national and global level. In doing so, we will develop a new theoretical framework, called the Global Financial Networks, which positions FABS and their networks in the broader economy. Using a mixed-methods approach, we will document the development of FABS and their consequences, cutting through the hype of financial centre indices, and through the fog of ideologically charged debates on the virtues and vices of the financial sector. One of the outcomes of the project will be the world’s first ever atlas of finance. The project will provide a robust evidence base crucial in shaping future rounds of investment by and in FABS, and policies towards FABS by governments and other organisations.


year authors and title journal last update
List of publications.
2019 Vladimír Pažitka, Dariusz Wójcik, Eric Knight
Critiquing Construct Validity in World City Network Research: Moving from Office Location Networks to Inter‐Organizational Projects in the Modeling of Intercity Business Flows
published pages: , ISSN: 0016-7363, DOI: 10.1111/gean.12226
Geographical Analysis 2020-01-29
2020 Dariusz Wójcik, Stefanos Ioannou
Finance and growth nexus: An international analysis across cities
published pages: , ISSN: 0042-0980, DOI:
Urban studies 2020-01-29
2019 Stefanos Ioannou, Dariusz Wójcik, Gary Dymski
Too-Big-To-Fail: Why Megabanks Have Not Become Smaller Since the Global Financial Crisis?
published pages: 1-26, ISSN: 0953-8259, DOI: 10.1080/09538259.2019.1674001
Review of Political Economy 2020-01-29
2019 Daniel Haberly, Duncan MacDonald-Korth, Michael Urban, Dariusz Wójcik
Asset Management as a Digital Platform Industry: A Global Financial Network Perspective
published pages: 167-181, ISSN: 0016-7185, DOI: 10.1016/j.geoforum.2019.08.009
Geoforum 106 2019-10-15
2019 Michael Urban, Dariusz Wójcik
Dirty Banking: Probing the Gap in Sustainable Finance
published pages: 1745, ISSN: 2071-1050, DOI: 10.3390/su11061745
Sustainability 11/6 2019-08-05
2019 Fenghua Pan, Chun Yang, He Wang, Dariusz Wójcik
Linking global financial networks with regional development: a case study of Linyi, China
published pages: 1-11, ISSN: 0034-3404, DOI: 10.1080/00343404.2019.1599844
Regional Studies 2019-08-05
2017 Phillip O’Neill, Eric Knight, Dariusz Wójcik
Australia’s shifting global engagement: the stuttering rise of financial services and city-based competitiveness
published pages: 349-364, ISSN: 0004-9182, DOI: 10.1080/00049182.2017.1410314
Australian Geographer 49/3 2019-06-18
2018 Dariusz Wójcik, Eric Knight, Phillip O’Neill, Vladimír Pažitka
Economic Geography of Investment Banking Since 2008: The Geography of Shrinkage and Shift
published pages: 376-399, ISSN: 0013-0095, DOI: 10.1080/00130095.2018.1448264
Economic Geography 94/4 2019-06-18
2018 Sarah Hall, Dariusz Wójcik
‘Ground Zero’ of Brexit: London as an international financial centre
published pages: , ISSN: 0016-7185, DOI:
Geoforum 2019-06-18
2017 Eric Knight, Dariusz Wójcik
Geographical linkages in the financial services industry: a dialogue with organizational studies
published pages: 116-127, ISSN: 0034-3404, DOI: 10.1080/00343404.2016.1254768
Regional Studies 51/1 2019-06-18
2018 Dariusz Wójcik, Theodor Cojoianu
Resilience of the US securities industry to the global financial crisis
published pages: 182-194, ISSN: 0016-7185, DOI:
Geoforum 91 2019-06-18
2017 Dariusz Wójcik, Eric Knight, Vladimír Pažitka
What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014
published pages: 1-33, ISSN: 1468-2702, DOI: 10.1093/jeg/lbx008
Journal of Economic Geography 18/1 2019-06-18
2017 Daniel Haberly, Dariusz Wójcik
Culprits or Bystanders? Offshore Jurisdictions and the Global Financial Crisis
published pages: 233-261, ISSN: 2053-4841, DOI: 10.1093/jfr/fjx005
Journal of Financial Regulation 3/2 2019-06-18
2019 Fabio Betioli Contel and Dariusz Wójcik
Brazil’s Financial Centers in the Twenty-first Century: Hierarchy, Specialization, and Concentration
published pages: , ISSN: 1467-9272, DOI: 10.1080/00330124.2019.1578980
The Professional Geographer 2019-06-06
2018 Michael A. Urban
Producing investment returns at the margin of finance: A frontier talent proposition
published pages: 102-111, ISSN: 0016-7185, DOI: 10.1016/j.geoforum.2018.06.021
Geoforum 95 2019-04-18
2018 Michael A. Urban
Six Key Influences on the Efficiency of Insourcing in State and Local Plans
published pages: 57-72, ISSN: 2326-6899, DOI: 10.3905/jor.2018.5.4.057
The Journal of Retirement 5/4 2019-04-18
2019 Michael A. Urban
Rescaling of American public pension finance: are state and local plans running away from Wall Street?
published pages: 1-20, ISSN: 2162-2671, DOI: 10.1080/21622671.2019.1568292
Territory, Politics, Governance 2019-04-18
2018 Dariusz Wójcik
Rethinking global financial networks
published pages: 272-275, ISSN: 2043-8206, DOI: 10.1177/2043820618797743
Dialogues in Human Geography 8/3 2019-04-18
2018 Vladimír Pažitka, Dariusz Wójcik
Cluster dynamics of financial centres in the UK: do connected firms grow faster?
published pages: 1-12, ISSN: 0034-3404, DOI: 10.1080/00343404.2018.1531116
Regional Studies 2019-04-18
2018 Stefanos Ioannou, Olivia Bullio Mattos
Taking a leap towards a real world macroeconomics teaching
published pages: 391, ISSN: 1757-5648, DOI: 10.1504/ijpee.2018.096395
International Journal of Pluralism and Economics Education 9/4 2019-04-18
2017 Stefanos Ioannou
Credit Rating Downgrades and Sudden Stops of Capital Flows in the Eurozone
published pages: 1750016, ISSN: 1793-9933, DOI: 10.1142/s1793993317500168
Journal of International Commerce, Economics and Policy 08/03 2019-04-18
2018 Dariusz Wójcik, Vladimír Pažitka, Eric Knight, Phillip O’Neill
Investment banking centres since the global financial crisis: New typology, ranking and trends
published pages: 0308518X1879770, ISSN: 0308-518X, DOI: 10.1177/0308518x18797702
Environment and Planning A: Economy and Space 2019-04-18
2019 Stefanos Ioannou, Dariusz Wójcik
On financialization and its future
published pages: 263-271, ISSN: 0308-518X, DOI: 10.1177/0308518x18820912
Environment and Planning A: Economy and Space 51/1 2019-04-18
2019 Michael Urban
Placing the Production of Investment Returns: An Economic Geography of Asset Management in Public Pension Plans
published pages: , ISSN: 0013-0095, DOI:
Economic Geography 2019-08-29

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