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Flows & networks (WP2.3.1 / 2.3.2). Kathy Pain, Sandra Vinciguerra University of Reading. 2.3.1 objectives . To answer the question globalization or “continentalization”. Requires assessing at different scales, openness to globalization and the geography of this openness to the outside world;
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Flows & networks (WP2.3.1 / 2.3.2) Kathy Pain, Sandra Vinciguerra University of Reading
2.3.1 objectives • To answer the question globalization or “continentalization”. Requires assessing at different scales, openness to globalization and the geography of this openness to the outside world; • To assess the national/regional/cities position in the international division of labour; • To assess the territorial impacts of globalization inside Europe.
The GaWC data to analyse the 2008 position ofEuropean cities in global advanced service networks • Europe in the world – top APS gateways (all sectors), financial services + each other sector individually. • Dyads – global connections versus European connections – all sectors, financial services + each other sector individually. • HQs – analysis of strategic network locations, in the world and within Europe. • Comparison between GaWC APS data and real estate financial flows.
The GaWC data to analyse the fluid position ofEuropean cities in global advanced service networks • Time series data can be used to examine different changes, e.g. changing dyadic relations within Europe and between European cities and other world APS nodes + IFCs, also changing HQ strategic locations. • Identification of the key agents (firms) producing changing dyadic APS connections, and changing financial services connections, for different European cities.
2.3.2 objectives • To assess the position of Europe and its cities in global financial flows. • To explain the spatial consequences of the crisis. • To analyse data on real estate investment flows in Europe that create the ‘spaces of places’ in which the global service economy operates.
The data to map & measure European financial flows through global RE city markets/infrastructure 1. Using RCA data on major deals to look at where deals have taken place • Possible to build a matrix of flows to/from cities. • Potential difficulty is that smaller European cities will only be represented by a small number of deals. • Possible to produce rankings of target cities.
Preliminary 2006 RCA data analysis by Lizieri (International Handbook of Globalization, forthcoming) “As a further indicator of the globalization of property investment, the top thousand deals (which in total represent over 80% of all the sales in the data by value) were analysed and the head office of the acquiring investor were identified. Of these large deals, 44% of all property trades ($189billion) and 38% of office sales ($74billion) were cross-border. Nearly a quarter of all office sales were cross-border and took place in a top-ranked IFC. 50% of buyers were based in top ten international financial centres, a further 10% of buyers were in IFCs ranked 11-20, with less than a third of buyers not having a headquarters in a global financial centre.” *Untraceable private funds + local subsidiaries of non-domestic parent investors. Make these figures underestimates.
2. Data on rents & yields in European cities • Provide a benchmark and show rises and falls in rents and (hypothetical) capital values for different cities . • These can be mapped onto the capital flows and onto GaWC connectivity measures etc. analytically. • Lizieri has done work on the relationships between rent levels and global financial city status and GaWC ranking – they overlap, but both are statistically significant predictors of rent per square metre.
