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E14-317_Galabert.pdf (2.19 MB)

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Working paper

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2014

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cc-by-nc-nd, (c) Galabert, 2014
Please use this identifier to cite or link to this item: https://hdl.handle.net/2445/61268

Emergence and development of a financial cluster: the evolution of Andorra’s banking deposits in the long-term, 1931-2007

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Abstract

This paper explores the origins of Andorra’s financial cluster. It shows that the free movement of currency, the protection of infant industry, and geographical concentration lie at the foundation of the cluster’s competitive advantage. Drawing on a new set of data, the paper also provides for the first time an estimate of the total deposits held by Andorra’s banks between 1931 and 2007. Based on this new information, the paper reaches the conclusion that the development of the cluster went through four distinct phases in which large companies, acting as leaders, played an important role in enhancing the cluster’s business capabilities.

Subject

Mercat financer, Lliure comerç, Política monetària, Bancs, Societats, Andorra

Subject (English)

Financial market, Free trade, Monetary policy, Banks, Corporations, Andorra

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UB Economics – Working Papers [ERE]
Documents de treball / Informes (Econometria, Estadística i Economia Aplicada)

Citation

GALABERT MACIÀ, Marc. Emergence and development of a financial cluster: the evolution of Andorra’s banking deposits in the long-term, 1931-2007. UB Economics – Working Papers. 2014. Vol.  E14/317. ISSN 1136-8365. [consulted: 16 of August of 2026]. Available at: https://hdl.handle.net/2445/61268

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