Sustaining Global Financial Leadership in the U.S. and New York City

$162.00

Paul E. Bellio (Editor)

Series: Financial Institutions and Services

Given the importance of the United States’ financial markets to the national economy, their competitiveness has become a critical issue that merits a prominent place in the national policy agenda. With financial services representing 8 percent of U.S. GDP and more than 5 percent of all U.S. jobs, the sector is too big and important to take for granted. The most pressing issues affecting New York’s leadership as a global financial hub, including regulation, enforcement, and litigation are national issues that affect other U.S. financial centers as well. This book explores the sustainability of global and financial leadership in the U.S., including New York City.

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Table of Contents

Table of Contents

Preface

Executive Summary, pp. 1-25

Global Financial Services Leadership: A National Priority, pp. 27-33

External Forces Undermining the Nation’s and New York’s Financial Services Preeminence, pp. 35-58

Domestic Drivers of Competitiveness that Policymakers can Influence, pp. 59-95

Recommendations to Sustain the Nation’s and New York’s Global Financial Services Leadership, pp. 97-132

Section I Global Financial Services Leadership: A National Priority

A. The United States: A Dominant Force in Global Financial Services

B. A Vital Sector at the Heart of the Economy

Section II

External Forces Undermining the Nation’s and New York’s Financial Services Preeminence

A. Strong Dynamics Outside the US Driving International Growth

B. Global IPO Activity Migrating Away from New York

C. Competition Intensifying in Two Key Markets: Derivatives and Debt

Section III Domestic Drivers of Competitiveness that Policymakers Can Influence

A. Financial Services Leaders Perceive New York City as Weakening

B. New York Still Winning the War for Talent

C. A Legal Environment seen as Expensive and Unpredictable

D. Recent US Regulatory Trends Damaging Competitiveness

Section IV Recommendations to Sustain the Nation’s and New York’s Global Financial Services Leadership

A. Critically Important, Near-Term National Priorities

B. Initiatives to Level the Playing Field

C. Important Longer-Term National Issues

D. New York Agenda to Promote Financial Services Competitiveness Conclusions

Endnotes

Index

Additional information

Binding

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